March 15 (SeeNews) - Croatian software developer Span said on Tuesday it has taken over its local peer Ekobit for 37.4 million kuna ($5.4 million/4.9 million euro).
Part of the sale price which would depend on the company's business performance for 2022 is subject to adjustments, Span said in a statement.
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According to a decision by the previous owners of Ekobit, 3.3 million kuna of the sale price will be paid for with Span shares.
"By buying Ekobit, we additionally strengthened our market position less than six months after the listing of Span's shares on the Zagreb Stock Exchange," Span said.
One of the main aims of the Span IPO was to provide further enlargement and growth and the acquisition of Ekobit is a strong step in that direction, Span added.
Span's share price surged 6.77% to 205 kuna on Tuesday morning on the Zagreb bourse.
(1 euro=7.576 Croatian kuna)