Sweden's Knowit buys Cybercom in digital consultancy merger

STOCKHOLM (Reuters) – Swedish IT consultancy Knowit AB said on Wednesday it had acquired consultancy Cybercom for 2.2 billion Swedish crowns($259.60 million) as it seeks to gain share of growing market for cyber security and cloud services.

The new company is expected to have sales worth 5.5 billion crowns, based on combined full year figures from 2020, Knowit said.

“We are strengthening our market position in areas that are developing rapidly – cyber security, cloud services and digital solutions to society’s sustainability challenges,” said Knowit’s CEO Per Wallentin.

442 million crowns will be paid in cash and 5.7 million new shares will be issued, corresponding to a dilution of 22.5%, Knowit said.

($1 = 8.4745 Swedish crowns)

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