4IG ACQUIRES MAJORITY OWNERSHIP IN INNOBYTE GROUP
In line with today’s announcement of 4iG Plc., the company has made a mandatory takeover bid for the acquisition of the majority ownership of INNObyte Zrt. (Private Company Limited by Shares) and its subsidiary, Innoware Kft. (Limited Company). The offer was accepted by the owners of INNObyte. The preparatory phase of the transaction has been completed, in the course of which 4iG and EY experts screened the companies. The sale and purchase agreement will be concluded by the parties until mid-October, after which 4iG will acquire a 70% majority controlling interest in INNObyte Zrt.
INNObyte Informatikai Zrt. founded in 2014 with its headquarters in Budapest and a branch in Pécs, and its subsidiary, Innoware Kft., is an innovative software development group of companies directly and indirectly employing nearly 200 people. INNObyte is a specialist in contact center services, business intelligence, test automation, artificial intelligence development, and database solutions. The company’s orders come primarily from the telecommunications, automotive, healthcare, agro-informatics, public administration, financial and banking IT segments, and church digitalization. The company primarily serves the needs of market customers – small and medium-sized companies and large companies. Last year, the combined sales of INNObyte’s companies exceeded HUF 3.3 billion, and their EBITDA was just over HUF 447 million.
With the acquisition, 4iG aims to synergistically expand its development resources and competencies. The acquisition of a majority stake in INNObyte could greatly contribute to the capital market company gaining market leadership in Fintech, Industry 4.0, Artificial Intelligence Development and Blockchain.
The sale and purchase agreement for the acquisition of a 70% stake in INNObyte may be signed by the parties until mid-October, of which the companies will inform their shareholders and the public at a later date.
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