Acquisition, Computer Software, Hungary

26 Apr 2010

Asseco Slovakia AS, the listed Slovakia based system integrator and supplier of IT solutions, technologies and services, has agreed to acquire a 60% stake in GLOBENET Zrt, the Hungary based software company from Gadaron Limited, the Cyprus based company, for a maximum consideration of EUR 7.8 million.

Under the terms of the agreement, the deal value will depend on GLOBENET financial performance for the years 2010, 2011 and 2012. Asseco will finance the transaction by capital raised through a 3.56 million share issue held in 2008. With a workforce of 51 people, GLOBENET generated an annual turnover of HUF 854.6 million (EUR 3.23 million) in 2009. Post acquisition, GLOBENET current CEO Zsolt Temesfoi will continue his position as CEO and will retain a share of 40% along with his business partners. The deal is subject to approval from the Slovakian anti-monopoly office and competition authority.
Euro-Phoenix assisted Asseco with due diligence.

~ mergermarket