Iceland Telecom on acquisition trail in Denmark  

2008.03.10
Iceland Telecom has in quick succession acquired Webpartner, Ventelo Danmark, Businessphone, CTI Billing and Prime Networks, representing a total value of DKK 500m
Iceland Telecom has in quick succession acquired Webpartner, Ventelo Danmark, Businessphone, CTI Billing and Prime Networks, representing a total value of DKK 500m (USD 100m). The companies have been consolidated into Siminn Danmark (Siminn is the Icelandic name for Iceland Telecom) and is now ready for a major launch of telesolutions for the business market in Denmark, writes financial daily newspaper Børsen.
 
"We are going directly for the mid-market in Denmark with companies employing between 50 and 250 people. This is where we have the greatest potential," said Rasmus Helmich, director of Siminn Danmark.
 
Chairman of Siminn Danmark, Hreinn Jakobsson, who headed the acquisitions, says he is ready to invest more money: "We have a clear strategy to go directly for the business market outside Iceland, and with this palette of companies, we have good coverage. It is our objective to achieve organic growth, but we are ready to make new acquisitions to add volume in revenues and customer base to the company."
 
Siminn Danmark offers a number of telecom and internet solutions for business customers including telephony, internet connections, hosting and server parking. "We especially regard TDC and Global Connect as our competitors on the business market," said Helmich, adding that 2008 will not be a growth year, but a merger year.
 
"We reckon we will close 2008 with total revenues of DKK 200m (USD 40m) and black figures on the bottom line. All companies in Siminn Danmark are profitable today," the MD commented.
 
By the end of 2006, Webpartner alone generated DKK 74m (USD 14.8m) in revenue and a profit of DKK 5m (USD 1m).

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