Enea acquires Romanian services company

The acquisition of IP Devel provides Enea with a base on which to expand its European business and it also secures development capacity for its own products. IP Devel is profitable and has grown quickly since 2000. Net sales for 2007 were approximately €4 million. Enea is, since 2006, one of IP Devel’s largest customers and partners. IP Devel has about 120 employees and is based in Bucharest. Enea acquires 100 percent of the shares in IP Devel for €3.2 million in cash at closing, with an additional payment after four years based on the financial performance of IP Devel. Sellers are Adecco, the world leader in HR Services (76%) and founders and CEO (24%). The deal is foreseen to be closed by end of May.