Finnish electronics group Elektrobit has signed an agreement with Anite, a British Information technology group, to sell its network test business for EUR 85 million. The deal comprises the entire issued share capital of both Nemo Technologies Ltd and Elektrobit Group Pte Ltd. An additional amount, capped at EUR 12 million, is payable in cash upon the achievement of certain financial performance targets next year.

Headquartered in Oulunsalo, Finland Elektrobit employs some 2,000 professionals in 15 countries. Its Network test business unit, Nemo Technologies, also based in Oulunsalo, was established as a joint venture with Nokia Telecommunications in 1996. Currently it employs sixty-one people: thirty-nine in Finland, seven in the USA, eight in Singapore, five in China, and one each in France and United Kingdom. Nemo has over 150 customers across the globe that include mobile operators, service providers, distributors, and network equipment vendors.

www.elektrobit.com