Greek tech group Intracom accepts sale of IT co Intrasoft

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SOFIA (Bulgaria), Oct.12 (SeeNews) – Danish IT consultancy firm Netcompany has unveiled an agreement to acquire European IT solutions and services provider Intrasoft International SA from a unit of Greek technology group Intracom Holdings in the part of an enterprise value agreement of 235 million euros ($ 271.7 million) debt-free.

“By acquiring Intrasoft, we are better positioned and empowered to play a vital role in helping European governments, businesses and institutions in their efforts to take full advantage of digitization,” said Netcompany CEO Andre Rogaczewski in a press release issued earlier in October. .

Founded in 1996, Intrasoft has more than 2,800 employees in 13 countries, including Belgium, Bulgaria, Cyprus, Denmark, Greece, Jordan, Kenya, Luxembourg, Romania, RSA, United Kingdom, the United Arab Emirates and the United States. The Luxembourg company recorded 197 million euros in revenue and 18 million euros in EBITDA in 2020.

The sale is carried out through the subsidiary of the Greek group Intracom Technologies. The total amount of the transaction includes 217 million euros in cash and 18 million euros in Netcompany shares.

The transaction is based on certain separation activities between Intrasoft and Intracom Technologies. Completion is expected in the fourth quarter of 2021.

Intracom Holdings is the parent company of a group specializing in high-tech IT solutions and services, advanced defense electronics, construction, real estate and renewable energy. Apart from Intrasoft International, the main companies of the group are: IDE (Intracom Defense), construction company Intrakat and real estate company Intradevelopment. The company’s shares last closed at 2.14 euros in Athens, implying a market cap of around 162.6 million euros.

($ = 0.8648 euros)


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