Asseco buys 60% interest in Hungarian healthcare IT company GlobeNet
2011-09-22 12:13:53
Asseco Slovakai, the Bratislava-based subsidiary of the world’s fifth-largest software company, has acquired a 60% interest in GlobeNet Zrt., a dominant player on Hungary’s healthcare IT market.
GlobeNet claims to have the largest portfolio among Hungarian companies that offer IT solutions for the healthcare sector, providing services for over 60 local healthcare institutions, primarily via its MedWorks integrated IT system. GlobeNet posted HUF 854.6 million revenues in 2009 and currently employs 51 people.
Multinational Asseco Group is among the largest software developer and IT solutions companies in Europe. It revenues totalled EUR 430 m in 2008 and has a staff of over 8,500. Group members provide integrated and innovative IT solutions for the banking, financial, public and healthcare sectors, as well as for small and medium-sized enterprises.
Zsolt Temesfõi, GlobeNet CEO will retain his position and 40% of the company’s shares remain in the hands of the CEO and his business partner.
He said they have decided to join the Asseco Group "to grow from a medium-sized Hungarian firm into a large regional corporation."
The EUR 7.8 million (cc. HUF 2.1 bn) transaction is pending approval by Slovakia’s competition authority. (The acquisition value will depend on GlobeNet’s results in 2010-2012, although the maximum cost will not exceed EUR 7.8 m.)
Asseco has been aggressively expanding via takeovers in the region. It bought 70% of Hungary’s Statlogics software developer last December.
Healthcare IT is regarded as a hot sector in Hungary. Magyar Telekom bought hospital information technology service provider International System House Kft. (ISH), GlobeNet’s largest rival, a year ago. According to press reports, ISH’s HUF 2.8 bn turnover and 30-40% market share makes it the largest player in its line of business, with GlobeNet and Medicom on its tail with 20% each.
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"Asseco Slovakia has not disclosed Globnet’s operating or net income which makes it difficult to assess the value creation of the acquisition. The potential acquisition of a Hungarian IT company providing solutions for the healthcare sector was announced in March 2010 and we therefore expect a neutral market reaction to the news today," commented Piotr Janik, research analyst at KBC Securities in Warsaw.