RealTime IT News

Framfab Buys Majority Share of Bulgarian Net Consultancy

[London, ENGLAND] Swedish Internet agency Framfab announced Monday the acquisition of Arexus, described as "one of the most promising Internet consultancies" in Bulgaria.

The acquisition is a new chapter in Framfab's rapid expansion. It follows last week's purchase of Swedish advertising agency Stenström & Co. and brings Framfab's total number of employees to 2,570 in 59 different offices, mostly around Europe but also in the U.S.

Jonas Birgersson, chief executive of Framfab, said that Framfab today is working with larger and more complex multinational projects than ever before and has a growing need for highly qualified programming professionals.

"Therefore Arexus, with its strong technical knowledge and advanced systems development competence, is a perfect acquisition," said Birgersson, pictured here.

Founded in 1998, Arexus -- which now becomes Framfab Bulgaria -- has 26 employees and a string of clients that includes IBM Austria, First Financial Brokerage House, Gamebookers.com, Intime and Eurofootball.

Framfab will pay for its latest acquisition in newly issued shares. It will take a majority stake in the Bulgarian company with an option to acquire the remaining shares at a later date. Further details were not disclosed.

In August this year Framfab bought the Norwegian consultancy NettX Consult AS, a company of similar size to Arexus with several blue-chip Norwegian clients.

Now Framfab has operations in Bulgaria, Denmark, France, Germany, Italy, the Netherlands, Norway, Sweden, the U.K. and U.S.

Striving hard to be different, Framfab has recently changed its corporate identity, adopting a Fast Forward symbol and even going so far as to print the name of the company upside down.

"We have to think differently and be able to turn things upside down to find the right new way," explains Framfab.

With so many acquisitions being made, there seems to be little danger that anyone at Framfab will turn the Fast Forward symbol back to front.