Gloster Acquires 51% Stake in G-plus Consulting

Deals

Photo by Korrektor10/Wikimedia Commons

Listed IT company Gloster said it acquired a 51% stake in German peer G-plus Consulting, a Tier 1 supplier to the automotive industry, in a share swap, according to an announcement on the website of the Budapest Stock Exchange.

An evaluation by Mazars put the value of the 51% stake at EUR 1.3 million-1.5 mln.

Gloster's first acquisition abroad paves the way for it to set up its own software development office in Germany in 2023 to serve markets there and in Austria and Switzerland.

G-plus Consulting will be renamed Gloster GmbH. Gloster noted that it earlier won a EUR 700,000 contract to upgrade German car maker Audi's reporting system through G-plus Consulting.

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