Competition Authority approves merger of Nýherji hf. and TM Software hf.

The Competition Authority in Iceland has approved the merger of Nýherji hf. and TM Software hf. An agreement regarding Nýherji's acquisition of all TM Software shares was finalised on 25 January 2008 with the approval of the Authority. The objective of this purchase is to strengthen the Nýherji Group's position in operating services and in hosting and developing specialist corporate software solutions. TM Software is the parent company of Skyggnir, Origo, Vigor, eMR and ITP.

“With TM Software on board, Nýherji will become one of Iceland's leading IT companies, and be even better placed to provide clients with comprehensive IT solutions. This acquisition is an important step in our development, as it consolidates the group's position in the IT market,” said Thórdur Sverrisson, Nýherji's Managing Director.

After the merger Nýherji group has over 730 employees in 20 subsidiaries in Iceland, Denmark, Sweden and Great Britain. Among the subsidiaries are Applicon Holding ehf., Dansupport S/A and ParX ehf. Nýherji and TM Software recorded a combined turnover of ISK 13.7bn in 2007. Nýherji shares are listed on the OMX Nordic Exchange.

For further information, please contact:
Thórður Sverrisson, Managing Director, Nýherji. Tel. 893-3630 or 569-7700.