NEC to Acquire Danish IT Firm KMD
Tokyo, Dec. 27 (Jiji Press)--NEC Corp. <6701> said Thursday it has agreed to acquire Danish information technology company KMD for about 136 billion yen.
The Japanese company expects the deal to reinforce its IT business in Europe. The acquisition is expected to be completed by the end of February next year, NEC said.
KMD has a strong customer base among central and local governments and has a wide variety of software for supporting the digitization of Denmark, NEC said. The Danish company had annual sales equivalent to 95.8 billion yen last year.
The acquisition will "bring NEC closer to achieving its goal of lifting annual sales in its safety business overseas to 200 billion yen in the year ending in March 2021," President and Chief Executive Officer Takashi Niino said at a press conference in Tokyo.
The safety business, which the Japanese company positions as a growth engine, uses biometrics and other advanced digital technologies to provide services aimed at realizing a safe and secure society.
[Copyright The Jiji Press, Ltd.]