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4iG signs agreement to buy INNObyte majority stake

Listed IT company 4iG on Wednesday said it signed an agreement to buy a majority stake in INNObyte and its subsidiary Innoware Kft., according to a report by state news wire MTI.

The transaction must still be cleared by Hungaryʼs Competition Office (GVH), which is expected to take place at the end of October, 4iGʼs PR agent said.

4iG said in September that it made a binding offer for 70% of the INNObyte group which was accepted by the companyʼs shareholders.

INNObyte specializes in contact center services, business intelligence, test automation, AI development, and database solutions. It is active in telecommunications, the automotive industry, healthcare, agro-informatics, public administration, financial and banking sector IT, and church digitization.

Last year, INNObyte had consolidated revenue of more than HUF 3.3 billion.