Hungarian state purchase EU funding software company

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The Hungarian state closed a deal to buy privately owned software company Welt 2000 Kft., which developed and owns the software that manages the EU tendering processes and distribution of funds, which amount to approximately HUF 1 trillion per year, Hungarian news portal 444.hu reported yesterday.

The lesser-known Welt 2000 was awarded a beneficial contract that made the organizations managing EU funding applications and money distribution through this platform, highly dependent on the software company. After several failed attempts by the state and repeated pressure on the owners to buy the source code or the entire company, a deal was finally reached this week, 444.hu said. Both the management and the employees will continue to work for Welt 2000, which is now 100% state-owned.

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