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4iG on course with T-Systems acquisition, says CEO

IT firm 4iG has completed the first phase of due diligence at T-Systems Hungary in a period of three months and is in the process of finalizing terms of the acquisition of the company with Magyar Telekom, 4iG Chairman-CEO Gellért Jászai said at a conference organized by the IT For Society Association in Balatonfüred.

In July, 4iG agreed to acquire T-Systems Hungary, a much bigger peer, for an undisclosed price, state news wire MTI recalled. At the time, Jászai said 4iG could finance the acquisition by involving institutional investors and issuing bonds, in addition to taking out credit.

Jászai told the Infotér conference on Wednesday that 4iGʼs annual revenue could reach HUF 200-250 billion in two-three years after the acquisition is closed.

The business strategy of 4iG rests on two pillars: developing its own technologies by undertaking research in areas such as fintech and blockchain, and expanding abroad, Jászai noted. The company is in talks with a number of foreign companies "from both the East and the West" on cooperation, he added.