Qurius and Watermark Prepare Merger

Creating Europe’s largest Microsoft Dynamics partner

Qurius and Watermark today announced that they are preparing to merge. The merger will create Europe’s largest Microsoft Dynamics partner. Together, Qurius and Watermark can provide their customers with a more complete set of solutions and services. The merger also allows them to accelerate their European growth.

The combined company will have around 700 employees and 1,700 customers. The joint projected pro forma 2006 revenue will near 100 million euro, depending on December’s software license sales. The merger is subject to customary conditions such as works council consultation and approval of Qurius’ shareholders. Both parties aim to close the transaction before the end of the year. The merger will immediately have a positive impact on Qurius’ earnings per share.

Watermark is Europe’s leading specialist in the sales and implementation of Microsoft Dynamics solutions. Watermark’s 2005 revenue of 53.5 million euro is projected to increase by 10% in 2006. The foreseen 2006 EBITDA margin is around 7%.
“In order to grow outside our home market and create shareholder value, building scale and strengthening our solutions/services portfolio are top priorities. Watermark offers a sound base for European expansion in nine European countries. Also, the merger provides significant customer benefits and career opportunities for our employees”, says Fred Hermans, CEO of Qurius.

“The combination of Qurius and Watermark creates the largest Microsoft Dynamics partner in Europe, and one of our most committed partners across the entire Microsoft platform,” says Allison Watson, Corporate Vice President, Microsoft Worldwide Partner Group. “Together, they are well-positioned to deliver a wide array of customized, industry-focused solutions that improve the business performance and profitability of our mutual customers. Microsoft Dynamics is about connecting people to business processes, and it is through the expertise and methodology of partners like Qurius and Watermark that we are able to make that happen.”

Read more at Watermark.