2007-11-21 08:35:49 CET

2007-11-21 08:35:49 CET


REGULATED INFORMATION

Finnish English
Proha - Company Announcement

PROHA ACQUIRES CANADIAN PROJECT RESOURCE SOLUTIONS INC


Proha's Dovre Consulting and Services division continues Proha's series of      
strategic acquisitions by acquiring the full ownership of Project Resource      
Solutions Inc (PRS). PRS is a project management resource company focusing on   
services to Canadian Oil Sand Projects, a market that Dovre's subsidiary Fabcon 
entered in 2006. PRS will become a subsidiary to Fabcon Canada Limited and thus 
a part of Proha's Dovre Consulting and Services division.                       

The purchase price is paid in cash and totals CAD 1,200,000 (approx. EUR 0.9    
million). In addition, the agreement contains an earnout model which will pay   
the Sellers 30% of PRS gross profits over the next 36 months.                   

PRS's estimate for pro forma net sales in 2007 is EUR 5.3 million with an       
operating profit of EUR 0.3 million.                                            

Established in 2005, PRS is a project resource management company in Calgary.   
PRS currently engages 36 consultants within project management in various       
projects in the province of Alberta.                                            

After the acquisition, the Dovre Consulting and Services division with its 320  
employees will altogether have approximately 55 consultants in Oil Sand Projects
and more than 80 in Canada. There are currently approx 35 different projects in 
Oil Sands in Alberta, and the projected investment levels are increasing. As a  
result, the market for a larger globally capable consulting and services company
with a large international resource base is expected to be promising. Mike      
Critch, CEO of Fabcon Canada Limited will become CEO of PRS, thus ensuring a    
smooth transition and maximum synergy in operation between the two companies.   

This acquisition strengthens Proha's Dovre Consulting and Services division     
considerably in Canada. Since Proha acquired Dovre in 2001, Dovre has expanded  
from its headquarter in Norway to become a globally recognized partner with more
than 40% of sales from international clients.                                   
- PRS's experienced team along with their vast networks will form a solid base  
for further expansion into the Canadian Western Oil Sands frontier. We also see 
clear synergies with our operations in North America and international clients  
globally, says Dovre`s CEO Arve Jensen.                                         

Proha's Canadian management team led by Mike Critch considers the transaction a 
great success for both parties.                                                 
- Proha acquires a good company. PRS has accomplished a tremendous amount in a  
relatively short time and we see great growth potential in Alberta region in the
forthcoming years. To speed up our growth there, we decided to partner with a   
locally strong player who has strong business relationships to companies        
operating in the region.                                                        

Dovre Consulting and Services division in brief                                 

Dovre Consulting and Services division focuses on project management and supply 
chain                                                                           
management services. Dovre's net sales were EUR 38.1 million in 2006. Dovre's   
main business is within oil and gas investment projects, but during the last few
years the company has also developed services for managing projects and         
procurement in public sector, and energy, health, IT, telecommunication and     
civil projects. After the acquisition Dovre Consulting and Services division    
will employ over 320 people worldwide.                                          
www.dovre.biz                                                                   

Proha in brief                                                                  

Proha is one of the leading providers of enterprise level project management    
software and services. We support customers executing projects and managing     
project business by providing a comprehensive set of tools and services with the
best project management practices. In 2006, the net sales for the continuing    
operations of Proha Group were EUR 41.0 million (EUR 26.4 million in 2005).     
After the acquisition Proha Group will employ over 380 people worldwide.        
www.proha.com                                                                   

For more information:                                                           
Pekka Pere, CEO, Proha Plc                                                      
pekka.pere@proha.com                                                            
Tel. +358-20-4362-000                                                           

Distribution: Helsinki Stock Exchange,                                          
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