In a statement released to the Finnish stock exchange, Helsinki-based SysOpen said its goal is to achieve above industry-average growth of 15% to 20% a year. Ultimately, the company aims to position itself as one of the most profitable IT services companies, and to distribute half of its annual profit in dividends.
SysOpen made a profit of E180,000 ($235,500) in the third quarter of 2004, down from E796,000 ($1.04 million) in the same period last year. Third-quarter revenue rose 6.7% compared to the year-ago quarter.
SysOpen had planned to expand through an E155 million ($202.8 million) merger with Novo Group, but the company’s bid was rejected in favor of a rival offer from WM-Data. SysOpen then opted to acquire the software solutions business of Finnish IT services company Done Information Oy for E790,000 ($1.03 million). The purchase is expected to add E1.7 million ($2.2 million) to SysOpen’s revenue over 2004.
