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Munich, August 13, 2018 – Allgeier SE, Munich (ISIN DE000A2GS633, WKN A2GS63), is accelerating its development into an internationally operating software development company with a further acquisition. Today Allgeier SE signed a purchase agreement to acquire a majority stake in the software development company iQuest.
iQuest is an international software company with around 700 highly qualified employees working in the development centers in Cluj, Bucharest, Sibiu, Brasov and Craiova in Romania and at other locations in Germany, Switzerland and Poland. iQuest was founded in 1998 and generated sales of more than EUR 30 million and an adjusted operating EBITDA margin of around 15 percent in the past fiscal year. The company develops individual software solutions for major international customers, particularly in the life sciences, telecommunications, financial services, transportation and energy sectors. With this investment, Allgeier is further expanding its competence in the development of complex software solutions for business-critical processes and is continuing the internationalization of the Group. With the significant expansion of its nearshoring resources within the EU, Allgeier will in future offer even greater scalability through a flexible service and delivery model tailored to the needs of customers. In addition to its German locations, Allgeier already runs European development sites in Prague (Czech Republic) and Timisoara (Romania) as well as international development centers in India, Vietnam and China with a total of over 5,000 software experts.
The acquisition is subject to approval by the cartel authorities in Germany and other closing conditions. The purchase agreement is expected to be concluded within the next four to six weeks. Allgeier will then acquire approximately 67 percent of the shares for a purchase price in the double-digit million Euro range. Cornelius Brody, the founder of iQuest, will retain a 21 percent stake in the company for the next few years. The operating management holds a total stake of approximately 12 percent.
Driven by global digitization and rapid technological development, there is a high demand for highly agile software and application development on the global markets. Topics such as the Internet of Things (IoT), Industry 4.0 and the targeted use of large amounts of data up to the inclusion of artificial intelligence result in rapid changes for business models and IT systems across all industries. Against the background of these global market opportunities, the acquisition of iQuest is the next step for Allgeier for the further significant expansion of its software development and services business. Following the integration of approximately 400 SAP specialists from Ciber in 2017, Allgeier strengthened its global high-end software development business at the beginning of this year with the acquisition of the Austrian software development specialist ANECON Software Design und Beratung G.m.b.H., Vienna. The acquisition of Objectiva Software Solutions, Inc. in San Diego, California, USA followed in June with around 450 highly qualified software developers at the Chinese development centers in Beijing and Xi’an.