March 31 (SeeNews) - Croatian IT company Span Group [ZSE:SPAN] said on Friday it has signed an agreement with Estonian company Fairway as seller to take over 100% of the shares of Estonian peer GT Tarkvara.
“The estimated value of the transaction is 11.377 million euro ($12.4 million), with a part of the purchase price subject to adjustment, depending on the business results of GT Tarkvara in 2023 and 2024,” Span said in a filing to the Zagreb Stock Exchange (ZSE).
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Span said GT Tarkvara is a leading Estonian licensing and software asset management company with more than 25 years of experience. The latest Span acquisition is finalised only a year after the acquisition of Croatian software company Ekobit.
“Span’s new acquisition confirms its strategic course to further growth and expansion to new markets. The Baltic and Scandinavian countries are extremely digitally advanced and show a growing need for additional expertise in the area of cloud and cyber security where Span is internationally recognized,” the buyer added.
The Span Group is made of six domestic associated companies: Span d.d., Bonsai, Trilix, Ekobit, Fintech Digital Services, Span Cyber Security Center, and nine foreign ones based in Slovenia, the UK, the USA, Germany, Ukraine, Azerbaijan, Switzerland, Moldova and Estonia. Span is an expert for Microsoft technologies and a leading regional Microsoft partner.
The shares of Span traded 1.03% higher at 49.20 euro intraday on Friday, Zagreb bourse data showed. They are part of both main equity indices of the ZSE.
($ = 0.918 euro)