Blancco Management Buys Back Shares from Canelco Capital

Blancco Oy Ltd announced that the management team has bought back remaining shares from Canelco Capital Oy, which held roughly 25% of Blancco shares. Blancco has enjoyed significant growth over the past few years.

The buy back of shares will allow Blancco to better execute its long term development goals and help the company move forward as the world leader in its field. During 2004-2008, Blancco experienced phenomenal total growth of 180% according to Deloitte. In December 2009, Deloitte ranked Blancco one of the fastest growing technology companies in Finland.

"Our shareholder return is going to be determined by our operating performance and our execution of strategies," says Michael Röchner, Chairman of the Board. "This move to buy back remaining shares from Canelco Capital will enhance shareholder value and further position Blancco for efficient long-term growth through product development, technological advancement and global expansion in new market areas," he added.

After the transaction, Blancco’s Managing Director and Chairman of the Board will own roughly 75% of shares. The Operational team is committed to the long term development goals of Blancco and this move paves the way for greater success. The terms of the agreement remain confidential.

"We have been an investor in Blancco since its start-up. Blancco has achieved a good performance level and growth over the recent years and is ready to move on to the next growth-phase. We have accomplished the goals set in our original investment plan and now it’s a good time to leave Blancco in the competent hands of its operational management team," says Mikko Kuparinen, Managing Director of Canelco Capital.