Investor News
T-Systems Magyarország Zrt. to acquire Hungarian IT company to strengthen its SAP competencies
Budapest, November 27, 2017 16:00
Budapest – November 27, 2017 – Magyar Telekom (Reuters: MTEL.BU and Bloomberg: MTELEKOM HB, hereinafter the “Company”), the leading Hungarian telecommunications service provider, hereby announces that T-Systems Magyarország Zrt. has today signed an agreement to buy 100% ITgen Kft.. The company specialises in SAP services.
T-Systems Magyarország Zrt. has signed a Share Purchase Agreement to acquire a 100% stake in ITgen Kft., an SAP technology and security specialist, for a purchase price plus a potential earnout payment totalling to a maximum of HUF 1.2 billion, dependent on 2018, 2019 and 2020 financial performance. In 2016, ITgen delivered revenues of around HUF 0.8 billion and EBITDA of HUF 0.3 billion.
The acquisition of ITgen Kft. allows T-Systems Magyarország Zrt. to provide more comprehensive and therefore more competitive SAP services through acquiring competencies that are highly complementary to its existing portfolio. ITgen Kft. possesses unique competencies in SAP technology consulting, SAP GRC and SAP security.
Closing of the transaction is expected end of year 2017.
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