Hungarian IT company Synergon said its 99%-owned Czech unit Infinity a.s. has made a mandatory offer to buy out fellow Czech company IT Systems a.s.
Synergon did not reveal the value of the offer.
IT Systems generated sales revenue of 60 million Czech koruna (HUF 666 million) in 2010, employing 60 people at the company’s base in Ceske Budejovice and offices in Prague and Brno.
Infinity doubled its operating income to HUF 44 million in the first quarter of 2011 year on year, posting after-tax profit of HUF 33 million.
Synergon is an A-category issuer at the Budapest Stock Exchange.
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