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Italy's DHH acquires Serbian cloud computing provider mCloud

Author Radomir Ralev
Italy's DHH acquires Serbian cloud computing provider mCloud Author: Rachel Johnson.

BELGRADE (Serbia), October 18 (SeeNews) - Italian tech group Dominion Hosting Holding (DHH) has said it completed the acquisition of a 62% stake in the capital of Serbian cloud computing provider mCloud for 195,000 euro ($224,600). 

DHH holds the option to buy the remaining 38% in mCloud in two years, after the approval of the financial statements for 2020, the company said in a statement on Wednesday. 

In parallel, DHH sold its fully owned Serbian company DHH SRB to mCloud at book value, with the goal of consolidating its presence in Serbia under a single company, it said.

"Even if it can be considered as a startup, mCloud has solid traction in place, with a double-digit growth rate on bookings. Furthermore, it is led by a great entrepreneur, Bosko Radivojevic," DHH president Giandomenico Sica said in the statement.

mCloud started its operation in March 2018 and it does not have official historical data. The valuation has been made on the historical data shared by the management team of mCloud and verified by DHH during the due diligence process.

($ = 0.868157 euro)