Synergon gets Ft 180 mln order from NHH
Friday, July 21, 2006, 13:23
Synergon Nyrt, a Hungarian computer services company, won an order to supply and install software worth Ft 180 million for the National Comunications Authority (NHH).
The company will completely install the software by SAP AG, the world's largest maker of business-management software, at NHH by year-end, it said today in an e-mailed statement. Synergon makes the version-change of NHH’s SAP/R3as well as its reorganization and development. Within the development they plan to include new company management elements, as budget and company management modules, special document management and workflow protecting business life. A drop in orders from governments’ aim to reduce their budget deficits has hurt Synergon, which installs computer networks and sells technology products in Croatia, the Czech Republic and Hungary.
Synergon has turned to corporate orders and tenders funded with European Union sources to help lift profit. On July 19 Synergon said it would build broadband access for 86 Hungarian high schools and supply hardware and software for a primary school for a total of Ft 100 million of EU funds. The company in May won three orders with a combined value of about Ft 500 million to build Internet networks for municipalities. Synergon also won a contract worth more than Ft 200 million in March to set up a broadband network in four central Hungarian towns.
Several investors, including Raiffeisen International Bank AG, an Austrian bank that does most of its business in eastern Europe, recently bought stakes in the company, whose shares are the second-best performers in Hungary's benchmark BUX Index this year. They have risen 65%, giving Synergon a market value of Ft 7.9 billion. (Bloomberg, Synergon.hu)