Press bulletin March 21, 2007
Pretax continues international expansion
Pretax acquires majority holding in PBK Outsourcing in Sweden
Pretax, the leading financial management and payroll accounting services company in the Nordic countries, continues its international expansion by acquiring a majority holding in the Swedish company PBK Outsourcing from the management of the company. PBK Outsourcing is one of Sweden's leading providers of financial management and payroll accounting outsourcing services and debt recovery services. The company has subsidiaries in Norway and the Netherlands. Under the agreement signed on March 21, 2007, Pretax has acquired 51% of its shares and has made an offer for the rest.
After this acquisition, Pretax has subsidiaries in Norway, Sweden, Denmark, the Netherlands, Russia and Estonia. These foreign units have a total of well over 400 employees.
"We believe that financial management outsourcing is a growth industry, and we aim to help our customers by providing outsourcing services in as many countries as possible," says Asko Schrey, CEO of the Pretax Group.
PBK Outsourcing was founded in 1992. It is a company well known in its sector, and it achieved organic growth of 18% in the past year. PBK is one of the largest providers of financial management outsourcing services in Sweden and has some 2,000 customer companies of varying sizes in its home country. PBK will continue its operations under its own name as a member of Pretax's international Accountor Group. The employees and management of the company will be retained, and the individuals who sold their shares in PBK will become Pretax shareholders too.
"We have seen a clear need for international expansion, and we already have experience in that area. Joining Pretax makes five new geographical areas available to our customers at a stroke, which I believe will strengthen our position on the Swedish market," says Johan Brandrup-Wognsen, President of PBK.
Further information:
Pretax Group
CEO Asko Schrey
asko.schrey[a]pretax.net
Tel. +358 40 500 1655
PBK Outsourcing
President Johan Brandrup-Wognsen
johan.brandrup-wognsen[a]pbk.se
Tel. +46 570 980 0710
Pretax Group
Pretax is the leading financial management and payroll accounting services company in the Nordic countries. Pretax was founded in 1944 and has more than 1,200 employees. Its customers range from small enterprises to large international corporations. Pretax operates in the Nordic countries, Baltic states and Russia. In international operations, Pretax uses the marketing name Accountor Group.
www.pretax.net
PBK Outsourcing
Founded in 1992, PBK Outsourcing is the leading provider of financial management outsourcing services in Sweden. The range of services it offers its customers covers all aspects of financial management. The company has 90 employees and its turnover in 2007 will be EUR 11 million. PBK Outsourcing has some 2,000 customer companies of varying sizes in all areas of business.
www.pbk.se