Following its best year yet, Enea will continue its “transformation into a major platform provider,” offering customers “more Linux and open source options,” CEO Johan Wall told boardmembers at its annual general meeting (AGM) yesterday. Additionally, the board was authorized, “for the purposes of acquisition,” to issue significant new shares during the year ahead.

The major points in Wall's AGM presentation included:

• Enea had profits of $70M Swedish Kroner (SEK) on sales of $712M SEK, or about $9.6M on sales of $96M.
• The strong result gives Enea “flexibility to grow the company to its next level.”
• Enea has succeeded in repositioning itself as a “global software company providing integrated solutions, in-house developed applications, third party products, and world class consulting services.”
• Enea's future “depends on us being able to continue refining, expanding, and packaging our offering so that we can move up the value chain and capture a bigger share of our customers' software investments.”
• Many Enea customers are “reducing the number of suppliers. This trend increases the demand on us to deliver more integrated systems and solutions, instead of single components, as we once did.”
• Professional Services remain import. “As we move from a company with a single software offer, to a multi-solutions company offering both our own products complemented with third party products, services will remain an important part of our business.”
• Enea “will continue to migrate 'up the stack' and provide our customers — some of the largest technology companies in the world — more ready-to-deploy run time applications, Linux and open source options, and new world class solutions.”

Wall also touted Enea's launch of the Element application development framework, and LINX and the Network Application Services Platform (NASP), “a so-called Telecom-in-a-Box solution.”

Acquisitions?

Perhaps the most intriguing news from Enea's AGM was that the Board of Directors was authorized to, “for the purpose of acquisitions, decide on new share issues of a maximum of 18,215,686 shares, each share with a par value of 5 ore, on one or more occasions during the period until the next Annual General Meeting.”

In short, Enea appears to be adding around $60 million to its purchasing power, based on its current share price of $3.29.

The increased number of shares could potentially be used to turn the company's partnership with MontaVista into something more substantial. MontaVista's background as a Linux provider appears to fit well with Enea's emerging strategic direction, as described by Wall.

 
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