The acquisition of INNOBYTE has been completed
4iG Plc. has entered into a final share purchase agreement to acquire the majority stake in INNObyte Zrt. (Ltd.), the IT company announced on the Budapest Stock Exchange (BSE). 4iG, as announced previously by the company, acquired a 70 percent controlling interest in INNObyte Ltd. The transaction was closed on October 27 with the approval of the Hungarian Competition Authority.
On September 24, 4iG Plc. announced that it had made a mandatory takeover bid for the acquisition of a majority controlling stake in INNObyte Ltd. and its subsidiary, Innoware Kft. (Ltd.). Following the technical, financial and legal due diligence of the company, the owners of 4iG Plc. and INNObyte entered into a final share purchase agreement on 14 October. The transaction ended with the approval of the Hungarian Competition Authority and the financial execution of the transaction on 27 October.
With the acquisition, the goal of 4iG Plc. is to synergistically expand its development resources and competencies. The acquisition of a majority stake in INNObyte could help the capital market company further strengthen its market presence in the areas of fintech, Industry 4.0, artificial intelligence development, and blockchain.
INNObyte IT Ltd.
Innobyte IT Ltd., founded in 2014 with its headquarters in Budapest and Pécs, and its subsidiary, Innoware Ltd., are an innovative software development group of companies directly and indirectly employing nearly 200 people. Innobyte specialises in business intelligence, test automation, artificial intelligence development, and database solutions. The group’s orders come primarily from the telecommunications, automotive, healthcare, agricultural informatics, public administration, financial and banking informatics segments, as well as church digitisation. Last year, the combined sales of the companies of the Innobyte group exceeded HUF 3.3 billion, and the EBITDA of the group was slightly more than HUF 447 million. One of the most important partners of Innobyte’s small and large corporate customers is T-Systems Hungary Ltd.