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Polish group Asseco acquires Hungarian software firm

The Polish Asseco group has acquired a 70.04% stake for €8 million through its Slovak subsidiary in a medium-sized Hungarian software company Statlogics, the business daily Világgazdaság reported.

The final value of the transaction depends on the Hungarian company's 2009 results. Statlogics, which develops financial applications, had sales revenue of €3.8 million and operating profit of €730,000 last year.

Econews earlier reported that the Asseco group, which is listed on the Warsaw stock exchange, is planning to spend $400 million on a series of acquisitions in Europe over 2-3 years.

Asseco made its first acquisition in 2004, buying the Slovak AssetSoft, which now operates as Asseco Slovakia. This was followed by acquisitions in Romania, Croatia and Serbia, and more recently an offer made for 55% of the Spanish Raxon Informatica.

Világgazdaság noted that Teta, another listed Polish IT company, acquired a 86% stake in Hungarian peer VT-Soft last year. (MTI-Econews)