Norway's Mamut acquires Danish software minnow  

2007.06.06
Norway's Mamut, a leading European provider of software solutions and internet services for SMEs, has acquired Denmark's Stellar Business Software at a price of DKK 11 m
Norway's Mamut, a leading European provider of software solutions and internet services for SMEs, has acquired Denmark's Stellar Business Software from Allerup EDB at a price of DKK 11 m (USD 2 m) and the subscription rights to 400,000 shares in Mamut at a rate of NOK 1 (USD 0.17). Stellar Business Software develops, distributes and sells business software solutions to SMEs in Denmark.
 
Eilert Hanoa, CEO of Mamut says: "The acquisition of Stellar positions Mamut as the second largest provider of administrative software solutions to Danish SMEs. We also gain access to technology for e-government solutions for SMEs, including integration based on the Danish OIOXML and UBL 2.0 standards. This technology will be further developed and deployed so that our customers in other European countries can benefit from these solutions."
 
Stellar Business Solutions has supplied administrative solutions for more than 10,000 SMEs. In 2006, the company generated revenues of DKK 10 m (USD 1.8 m) and a profit of DKK 1 m (USD 180,000). Mamut was founded in 1994, is headquartered in Oslo and employs 395 people. The company has more than 300,000 customers in 16 countries. The news was reported by ComOn and on Mamut's website.
 
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