Gloster Closes P92 IT Solutions Acquisition
Photo by Korrektor10/Wikimedia Commons
Listed IT company Gloster announced the close of the acquisition of a controlling stake in Hungarian software developer P92 IT Solutions on Thursday, according to a report by state news wire MTI.
Gloster has acquired 51% of P92 in the transaction, initially announced in June, and will raise that stake to 94% in 2025. The deal is expected to boost Gloster's consolidated revenue by around one-third to HUF 8.4 billion.
P92, with offices in Palo Alto and London, in addition to Budapest, has business partners in media, telecommunications, financial services, and the automotive industry. It counts Sony Music, Blackhawk Network, and Valuenet among its clients.
P92 had net sales revenue of HUF 2.1 bln last year, public records show. Gloster's consolidated net sales came to HUF 6.3 bln in 2022.
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