Oct, 2003 : EuroTrust NetVaulting Sold to Danish IT Company

📅 October 28, 2003 - Information security provider EuroTrust A/S (eurotrust.dk) said today that it has completed and finalized the sale of its subsidiary EuroTrust NetVaulting A/S, a provider of remote backup solutions, to Munk IT A/S (munk-it.dk), an IT services company based in Denmark. Under the terms of the agreement, Munk IT will acquire all exiting customers, various hardware facilities and members of the staff EuroTrust NetVaulting staff.

Terms of the deal were not disclosed. The companies, however, did disclose that the deal will be settled through a seven-year earn out arrangement.
"EuroTrust NetVaulting is one the longest existing remote back up businesses in Denmark and has many high profile costumers in a market that is set to boom", said Brian Mertz Pedersen, chief operating officer of EuroTrust. "This potential is recognized by Munk IT and I am very pleased that our sales agreement reflects this."
The company said its intends to operate out of its head office in Odense, Denmark.
"Entering the market of remote backup has been a long term priority of Munk IT," said Kenneth Drud, managing director of Munk IT. "EuroTrust NetVaulting is an excellent match of our requirements and competencies as we already have comprehensive experience with the sort of customers held by NetVaulting."
The deal is the second transaction for EuroTrust in recent weeks. On October 22, EuroTrust's hosting subsidiary EuroTrust Secure Hosting was sold to Mondo, a Danish IT company.

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