The IGE+XAO Group announces that it has taken over the software distribution company IGE+XAO Danmark A/S formerly CADdy Danmark A/S. The Group, which has held 49% of the company since 2001, has now purchased the remaining 51% of the share capital. Thanks to the IGE+XAO's strong self-financing capacity, this transaction took place without recourse to debt.
Like the Group, IGE+XAO Danmark A/S has both solid fundamentals and a 1st rate position in its territory with over 5,000 installed licenses, 1.2 million euros in turnover, net cash flow of 1.4 million euros and an operating profitability of more than 25%.
This acquisition allows the Group to strengthen its position in Europe, in particular in Northern Europe, which represents a market that is dynamic and that has a high potential. IGE+XAO as such intends to extend its leadership to Denmark and accelerate penetration into the Swedish and Norwegian markets.
Over the year 2014, IGE+XAO will continue its proactive strategy internationally with the opening of a distribution subsidiary in Mexico and a sales office in Russia.