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SOFIA (Bulgaria), April 15 (SeeNews) - Switzerland-based provider of ICT solutions and services provider Also Holding will acquire Bulgarian IT distributor Solytron in line with its aim to expand in Eastern Europe, Also Holding said on Monday.
"As a solution distributor, the company provides not only hardware and software but also first-rate service competence. Solytron thereby underpins at the same time our claim to become the leading full-service provider to the channel across Europe," Gustavo Moller-Hergt, CEO of Also Holding, said in a statement.
The acquisition is subject to the usual regulatory approval.
Solyton has steadily grown for the past six years and its market share of over 30% is a good starting position from which to continue to benefit from Bulgaria's economic development, Also Holding said. Solytron posted revenue of 172.3 million levs ($99.7 million/88.1 million euro) in 2017, according to the company most recent financial statement available.
Also Holding, majority-owned by Germany-based investment company Droege Group, connects over 100,000 clients with more than 550 providers of ICT services in 18 European countries. The company's portfolio includes logistics, financial and supply services as well.
On completion of the acquisition Also Holding will be represented in almost all East European markets, except Russia, with total market volume of about 30 billion euro, it said.
Solytron, founded in Sofia in 1991, trebled its sales revenue between 2011 and 2018 and sells solutions and products of over 50 leading manufacturers.
(1 euro = 1.95583 levs)