4iG makes binding offer for INNObyte Group

Telco

4iG

Listed IT company 4iG said it made a binding offer for the acquisition of majority ownership in the INNObyte Group and its subsidiary Innoware, according to an announcement on the website of the Budapest Stock Exchange.

4iG and its advisors have completed due diligence of the target group, and the offer has been accepted by the shareholders of INNObyte.

The sale and purchase agreement will be concluded by mid-October, after which 4iG will acquire 70% ownership and control of INNObyte.

Founded in 2014 and headquartered in Budapest, INNObyte is a software development company directly and indirectly employing nearly 200 people. The business had a turnover of more than HUF 3.3 billion last year with an EBITDA of HUF 447 million.

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