An agreement signed on the acquisition of Venture Consulting, an Italian consulting firm

July 26th, 2007. TEFEN LIMITED, the UK subsidiary of TEFEN LTD, fully owned by the company (100%) signed an agreement on acquiring the overwhelming majority of the equity of the Italian company Venture Consulting S.p.A (hereinafter referred to as VC). VC is mostly active in the strategic consulting practice, which is part of the management consulting activities of the company.
The activities of VC are mostly located in Western Europe, mainly Germany and Italy, and are related to clients across a diversity of sectors. The acquisition will enable TEFEN LTD to penetrate the geographic areas it has not been active in until now, such as Germany and Italy, as well as expand its scope of services to the business and marketing strategies practice.
The annual revenues of VC amount to approximately € 5.6 M. The transaction volume is projected to reach approximately € 3.1 M in the course of 3 years, subject to the results of its activities.
The company expects the transaction to be completed at the beginning of the fourth quarter of 2007.