Fast Search & Transfer eyes 70-80 mln usd worth of bolt-on acquisitions |
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Fri, 09 Mar 2007 09:37
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OSLO (AFX) - Fast Search & Transfer said it could make a number of bolt-on acquisitions, worth 70 mln to 80 mln usd, and that it could also buy back a 'meaningful number of shares' should the right conditions present themselves.In an mid-quarter trading update, the Norwegian software company said there are some 'significant M&A opportunities' in the pipeline, and that it is likely to make 'smaller, bolt-on acquisitions'.Fast did not name any potential targets though, or suggest a possible timeframe.The firm also said is plans to maintain between 75-100 mln usd in cash on its balance sheet as a minimum, giving it the ability to buy-back shares, should it so wish.In terms of first quarter trading, Fast said it remains confident of the prospects, with a healthy sales pipeline.The firm did warn however that the current quarter is 'seasonally the most challenging quarter'.Despite this, Fast said it is continuing to invest in 'new business models, new solution launches, and in new market-space development'.In the last week, Fast has announced two contract wins, with Hong Kong's Cathay Pacific airline, and US library technology firm SirsiDynix.alastair.reed@thomson.comar/rfwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Fast Search & Transfer wins deal with Hong Kong's Cathay Pacific 