3 Step IT to be the largest independent IT leasing company in Nordic

03/02/2010

 

Finnish company 3 Step IT is to acquire BNP Paribas Lease Group’s subsidiaries in Sweden and Norway, and business operations in Denmark (ex Fortis Lease Group). Through the acquisition, 3 Step IT will greatly increase its market share in Scandinavia, becoming the leading independent company providing IT leasing and management services in the Nordic countries.

3 Step IT and BNP Paribas Lease Group have signed the agreement on the acquisition on 27 January 2010. The transaction will be completed during the first quarter of 2010. The parties have agreed not to disclose the value of the transaction.

BNP Paribas Lease Group has become, after the acquisition of Fortis Lease Group in 2009, the leading leasing company in Europe with a presence in more than 20 countries and more than €33 billion of outstandings. The BNP Paribas Lease Group’s Scandinavian subsidiaries achieved more than EUR 100 million in turnover  in 2008 and employ 38 people, all being transferred to 3 Step IT. Currently 3 Step IT has one employee in Denmark, one in Norway and seven in Sweden.

“The acquisition strongly supports our strategic growth and internationalisation process and elevates our business operations to a whole new level. The business acquisition directs significant positive cash flow into 3 Step IT and presents significant growth potential in the Scandinavian market. We will obtain valuable local competence, an extensive customer base and a valuable network of partners. A stronger position in Scandinavia will turn 3 Step IT into a significant European operator, which supports our growth strategy in other market areas, such as Great Britain and France,” says Artti Aurasmaa, CEO of 3 Step IT Group (pictured).

According to Jarkko Veijalainen, Chairman of the Board of Directors of 3 Step IT Group, BNP Paribas Lease Group’s Scandinavian operations represent the perfect acquisition for 3 Step IT.

“In addition to organic growth, we have examined other possible acquisitions but, with the  BNP Paribas Lease Group entities in Scandinavia, all the pieces fit together regarding the operations, business culture and business attitude,” says Veijalainen, providing reasons for the acquisition.

3 Step IT Group’s turnover in 2009 stood at EUR 220.8 million. Through the business acquisition, 3 Step IT Group estimates its total turnover in 2010 will increase to EUR 350 million. Number of customers of joined entity will exceed 2,500.

 

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