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Itella Information acquires the Edda Media company Service Senter Media (SSM)

30.06.2011

Oslo, 29 June 2011 – Itella Information, Europe's leading provider of solutions for electronic and physical invoice management, today acquires the Edda Media company Service Senter Media (SSM) in Tønsberg. SSM is Edda Media's service centre, responsible for all wage, accounting and invoice management services for companies within the Edda Media Group, for example, Drammens Tidende, Moss Avis, Tønsbergs Blad and Varden. SSM also provides services to other individual customers.

Service Senter Media has around 30 employees who will continue to provide the same services as before the acquisition.

The acquisition makes Itella Information Norway's only full-service provider of business process outsourcing (BPO) services in the field of financial transaction processes. Financial transaction processes include all accounting tasks linked to accounts receivable, provider invoicing, travel expenses, wages, payments, asset management, ledgers and reporting. Itella Information's core operations today include all services relating to the printing of invoices, e-invoices, invoices received by e-mail, scanning of incoming invoices, incoming e-invoices and invoices received via PDF.

Per Olov Sjøgren, Managing Director, Itella Information Norway, is excited by the challenge. - This acquisition underlines our ambitions for growth and a stronger, broader market position. Our customers can now outsource the entire value chain of financial transactions to us, and we can make everyday life for many Norwegian businesses much simpler at a lower price. The acquisition completes Itella's portfolio in Norway and gives customers the opportunity to make savings.

Andreas Norvik, CFO at Edda Media concurs. - Edda Media is concerned with providing high-quality services and ensuring that our media centre and other operations receive a professional service. Itella's purchase of SSM means that the centre we have been building up over many years will now operate within an even larger environment. At the same time we can use Itella's skill-base and take advantage of the major operational benefits which these types of services provide. Edda Media is very satisfied with the agreement which has now been signed.

Itella Norway is a company experiencing healthy growth. After the acquisition the Norwegian operation will comprise 130 employees. Last year, the company had a turnover of NOK 157 million, with an operating profit of NOK 11 million. Itella Information has operations in 15 European countries, with 2100 employees and a turnover in 2010 of NOK 2.1 billion. Itella Norway provides services to companies such as Gjensidige, NorgesGruppen, Norwegian, Posten, Hafslund, Skatteetaten (Norwegian Tax Administration) and NAV.

For further information please contact

Per Olov Sjøgren, Managing Director, Itella Information Norway  
Telephone: 908 483 40, E-mail: firstname.lastname@itella.com
www.itella.no

Andreas Norvik, CFO Edda Media
Telephone: 92436835, E-mail: firstname.lastname@eddamedia.no 
www.eddamedia.no