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Bricsnet Merges Constructeo and Strengthens European Operations
Partners with Vinci. Acquisition results in positive cash inflow.
GENT Belgium and PORTSMOUTH, NH, USA July 23, 2001 Bricsnet NV (Nasdaq Europe: BSNT), the global provider of owner-oriented, integrated software technology solutions, services and information for the process of engineering, construction and operations of commercial buildings, today announced it has signed a definitive agreement under which all shares of Constructeo, the Vinci-backed e-construction venture, will be exchanged for new Bricsnet shares. In addition, Bricsnet has raised 10 million in the form of equity and convertible bonds from Vinci and a group of investors including Chrysalead and Mitiska Net Fund Europe.
The merger and concurrent financing will enable the two companies to mutually enrich their services and to accelerate commercial deployment in Europe, while expanding on activities initiated by Constructeo.
Since inception, backed by Vinci, the world's leading company in construction and associated services, Constructeo has emerged as a leading European e-business company serving the commercial building industry. Its focus on construction collaboration and management and e-commerce, combined with a strong commitment to customer service, has led to the company's project management software deployment on major domestic and European construction projects valued at over 1.5 billion euros.
"We respect what Constructeo has been able to accomplish as a company," said Erik De Keyser, CEO of Bricsnet." They are a natural fit for us since they perfectly complement both our geographic reach and our product and services offering. Further, the deal is structured so that we can reiterate Bricsnets commitment to return to profitability this year."
Vinci has also recently selected the combined entity as its technology provider for project management, facilities management and e-commerce. Vinci spokesperson, Pierre Coppey, stated: We are very pleased to be part of both starting up Constructeo and this new chapter in their corporate development. This is a natural evolution for Constructeo and Bricsnet since their offerings and market success complement each other so well. Our selection of the company as our technology provider and our additional investment further underscores our prospects for the merged company.
The Constructeo team will now be merged into the Bricsnet team and will be operating from Paris, France as the companys new commercial hub for Europe, Middle East and Africa. The key developers and account managers will join Bricsnets R&D and Sales organizations, respectively. Mr. Bertrand Dumazy, Constructeo CEO, has assumed the role of Bricsnets COO for Europe, Middle East and Africa. Before founding Constructeo, Dumazy was at Bain & Company High Tech consulting groups in Paris and Los Angeles, and Goldman Sachss Mergers and Acquisitions group in London. He is a graduate of the Paris Management School (ESCP) and holds an MBA degree with distinction from Harvard University.
Dumazy states, "I am very delighted with this merger as Bricsnet is not only going to result in continuing what we started here at Constructeo, but further presents new exciting opportunities for the merged companies. Bricsnet is an ideal company to join with from a technical, financial and management perspective. The acquisition allows us to continue to serve our customer base well, while taking our joint business to the next level."
The acquisition brings Vinci, a major shareholder of Constructeo, as a shareholder of Bricsnet. Currently, the Bricsnet Board includes six Board Members. There is one open position for an Independent Director. Two additional positions will be offered to representatives of the selling shareholders of Constructeo.
With a presence in more than one hundred countries, Vinci is the world's leading company in construction and associated services, operating through its 2,500 local business units, for the most part in Europe, where it does more than 90% of its business. Vinci has a workforce of 115,000. Sales in 2000 are in excess of 17 billion euros, with net income of 400 million euros. Vinci, which has recently merged with GTM, is the world's largest international contractor.
Based in Paris, Constructeo is a leading provider of project management and e-commerce tools for the construction industry. Its current shareholders are Vinci, the worlds leading company in construction and associated services, the founding managers, Masaï, a French procurement consultancy, and Coteba, a leading French design office. Key clients include Vinci Group, Caisse des Dépôts (Tertial), SARI Développement and Renault.
Bricsnet (Nasdaq Europe: BSNT) is the global provider of owner-oriented, integrated software technology, services and information for the process of engineering, construction and operations of commercial buildings. Bricsnet's offerings provide its customers with an integrated platform to manage existing buildings, design new buildings or upgrade existing ones, manage geographically dispersed property and project teams, access building product specifications from manufacturers and bid on and procure building materials and services. Bricsnet maintains corporate headquarters in Portsmouth, N.H. and Gent, Belgium. The BricsnetWire automatically delivers via e-mail news releases such as this as they are being issued. To subscribe to the BricsnetWire, visit http://www.bricsnet.com.
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