Four investors from the Faroe Islands acquire Danish IT firm  

2007.03.26
Four investors from the Faroe Islands, an insurance company, a bank, a telecompany and an IT firm, have acquired Munk IT, one of Denmark's largest Microsoft dealers, for an undisclosed sum
Four investors from the Faroe Islands, an insurance company, a bank, a telecompany and an IT firm, have acquired Munk IT, one of Denmark's largest Microsoft dealers, for an undisclosed sum. The plan is to use Munk IT as a spearhead for expansion into Europe. Bo Martinsen, newly appointed head of North 1, the holding company which has acquired Munk IT, says:
 
"With Munk IT as the core of the new company [North 1] we will consolidate the market, and we will grow into Europe based on working methods which have created Munk IT." The aim is to create a large European supplier of Microsoft-based business systems to SMEs.
 
Klaus Holse Andersen of Microsoft, who was recently promoted to corporate vice president with responsibility for worldwide sales and operations for Microsoft Dynamics says: "I believe there is space on the market for a partner with European expansion plans, focusing on SMEs."
 
The new Faroese-owned IT group's objective is to gain 12,000 customers during the first 12 months of its operation. The investors have guaranteed plenty of financial support for strategic acquisitions. The news was reported by financial daily newspaper Børsen.
 
Link > Munk IT 

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