Danish IT consultancy Netcompany unveiled a deal to acquire European IT solutions and services provider Intrasoft International SA from a unit of Greek technology group Intracom Holdings in a deal with an enterprise value of 235 million euros ($271.7 million) on a debt-free basis.
“By acquiring Intrasoft, we become better positioned and strengthened to play a vital role in helping European governments, businesses, and institutions in their efforts to take the full advantage of digitalisation,” Netcompany CEO Andre Rogaczewski said in a press release published earlier in October.
Established in 1996, Intrasoft has more than 2,800 employees in 13 countries, including Belgium, Bulgaria, Cyprus, Denmark, Greece, Jordan, Kenya, Luxembourg, Romania, RSA, UK, UAE and the U.S. The Luxembourg-headquartered firm booked 197 million euros in revenue and 18 million euros in EBITDA in 2020.
The sale is being carried out through the Greek group’s subsidiary Intracom Technologies. The total transaction consideration comprises 217 million euros in cash and 18 million euros in Netcompany shares.
The transaction hinges 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 specialising in high-tech IT solutions and services, advanced defence electronics systems, constructions, real estate and renewable energy. Apart from Intrasoft International, the major companies within the group are; IDE (Intracom Defense), construction firm Intrakat and real estate company Intradevelopment. Shares in the company last closed at 2.14 euros in Athens, implying a market capitalisation of about 162.6 million euros.