adesso and BOV are about to take over the IT consultancy company SITGATE AG

Essen, 02 July 2007 – Shortly before the merger with adesso AG, BOV AG intends to take over the established IT consultancy company SITGATE AG located in Hamburg. With this important step the consultancy section of the new adesso AG is strengthened further. SITGATE AG has operated at a profit since its foundation 7 years ago and achieved with a turnover of 7m € a pre-tax result of 1m €. The company employs 40 members of staff. SITGATE AG is to be brought into the BOV AG by issuing new shares to raise capital and by a compensation in cash.

The service offer of SITGATE comprises consultancy in the 3 fields IT processes, IT sourcing and IT technology. A further focus in addition to the range offered by BOV and adesso are IT controlling and help desk optimisation, outsourcing as well as rollout organisation and consolidation of data centres. At the locations Hamburg, Cologne, Aachen, Frankfurt and Munich mainly large companies such as Allianz, ERGO, Deutsche Bank, T-Systems or DWS are being offered consultancy service.

adesso chief executive Michael Kenfenheuer comments on the takeover as follows: “SITGATE AG is well-positioned as a consultancy house in the sectors banking and insurances and therefore fits ideally the strategic alignment and the target markets of the newly developing adesso. Since the consultancy business is extremely important for attracting and binding customers, we expect the takeover to be a positive stimulus for the development of business.” Moreover, SITGATE is increasingly active in further sectors such as, for example, the telecommunication branch as well as for trading firms.

Currently the valuation is prepared. The signing of the respective contracts is expected within the next four weeks. Due to the takeover of SITGATE AG the turnover of the newly established adesso AG will increase by approximately 15 percent, the pre-tax result by 25 to 30 percent.