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February 15, 1999

NAVISON HOPES TO RAISE PROFILE THROUGH STOCK LISTING

By CBR Staff Writer

Navison Software AS, the low-profile Vedbaenk, Denmark-based mid- range financial systems software house, has filed for its shares to be listed on the Copenhagen stock exchange in the Spring. Privately-owned Navison, which sells around 80% of its software to international markets, issued some details of its financial performance yesterday in preparation for the move. It says its net income rose 97% for the six month period ending in December 1998, compared with the previous quarter, putting it among the fastest growing European companies in its sector. Net revenues have been growing at a compound annual growth rate of 62% during the last five years, it says, up from the equivalent of $5.7m in 1993-4 up to $39.1m in 1997-8. Net income reached $5.4m for the financial year ending in June 1998. Navison’s flagship product is Navison Financials, for Windows and NT-based systems. Its customers include Danish speaker maker Bang & Olufsen. Navison, which has had a US office in Norcross, Georgia for a number of years, now has wholly and partly-owned companies in 15 countries, and says it is planning further global expansion. It says a listing will up its profile and provided an organized market for its shares that will make its stock option program more attractive to its employees. The offer is being managed by a bank syndicate consisting of Alfred Berg, Aros Securities and BT Alex Brown.

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