Electronics Production | October 30, 2007
Flextronics sells embedded unit to Prevas
Prevas, a Sweden based specialist within intelligence in products and industrial systems, has signed an agreement with Flextronics for the acquisition of a business with about 50 embedded systems specialists.
The specialists are based in Göteborg and strengthen Prevas´ existing center of excellence and development for intelligent products aimed at the automotive industry. The acquired consulting operation has its origin in BlueLabs, one of Sweden´s first development enterprises for intelligent products. Its employees provide over 25 years of experience of product development in the Göteborg market. The acquisition also includes a complete development laboratory, as well as well-established customer relationships in biomedical engineering, telecommunications and vehicle electronics. An asset purchase and assumption of liabilities agreement was signed, with an effective date of November 1, 2007. The fixed purchase sum for intangible assets of SEK 5.6 million will be paid in cash. The value of other acquired assets and liabilities will be added. “Prevas is a Nordic development house with the world as its market. This acquisition continues our strong expansion in the Göteborg market while strengthening our ability to offer development of intelligent products on the global market," says Anders Englund, CEO at Prevas. Prevas carries out product development in six “centers of excellence" that focus on different customer groups and industries, enabling Prevas to meet the unique growing needs of each industry. In general the trend is moving toward greater demands for design, quality, connection options and shorter development times for both industrial and consumer products. The Nordic embedded systems market is valued at SEK 12 billion and is growing at an annual rate of about 15 percent, according to BCC Consulting. The market is undergoing heavy consolidation. In 2005 Prevas captured the position of leader in the Nordic countries. Today Prevas has operations in Sweden, Denmark, and Norway, with plans to open offices and a development center in Finland. Marketing operations outside the Nordic countries are carried out by Prevas´ own sales representatives or through local partners. Prevas expects the acquired business to produce revenues of about SEK 50 million in 2008, with an operating margin of 10 percent during the second half of 2008. The acquired division will be fully integrated in Prevas´ consolidated accounts as of November 1, 2007.
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