EPSILON NET S.A., announces the agreement for the acquisition of (majority) stake 88% in the company under the name «PROFESSIONAL COMPUTER SERVICES S.A.» (PCS), which operates in the provision of specialized IT solutions to companies in the financial sector (www.pcs.gr).
PCS has a long-term experience in the development of innovative software applications for financial institutions & insurance organizations, combining specialized knowledge of financial data with a high level of technological skills.
The company has complete solutions for:
- Wealth Management
- Fund Management & Distribution
- Pension Administration
- Custody & Corporate Actions
The offer of integrated solutions for the particularly demanding financial sector, and the professionalism of the company's executives have helped PCS to implement projects in more than ten (10) countries in Europe and Africa such as Luxembourg, Cyprus, Malta, Romania, Bulgaria, Serbia, Turkey, Poland, Kenya and of course in Greece
PCS solutions utilize and implement the most reliable data and technology platforms, achieving the digital transformation of the organization by reducing labor costs and increasing the quality and value of its services.
Revenues of PCS for the financial year 2020 amounted to EUR 2.35 million. For the period 1/1 till 30/9/2021 revenues amounted to EUR 2.08 million increased by 22% compared to the same period last year and EBT for the nine months of 2021 rose to EUR 367 thousand. Company's cash reserves at 30/09/2021 amounted to EUR 1.43 million and borrowing was EUR 0.04 million.
EPSILON NET under the condition of the provision of the special permissions of law 4548/2018 (see from 11/11/2021 relevant announcement) will acquire a percentage of 25.25% from SINGULARLOGIC S.A. and also a percentage of 25.25% from EPSILON SINGULARLOGIC S.A. and in total from both (2) above companies will acquire, a percentage of 50.50% of PCS. In addition, EPSILON NET completed the acquisition of 37.50% of PCS from NANOPHASE LIMITED. The total amount for the acquisition of 88% of PCS will rise to EUR 2.23 million.
It should be noted that CEO and Founder of the company, Mr. George Xenofos, will continue to perform his duties, maintaining 11.5% of PCS, while the remaining 0.5% belongs to other shareholders.
This acquisition, on the one hand, implements the plan of EPSILON NET to enter special vertical markets, providing innovative products and services with the aim of expanding its customer base and on the other hand constitutes the first step towards the Group's gradual entry into fintech's dynamic sector in Greece and abroad. The management of the Group, aims to contribute comprehensively to the transformation of PCS into an Innovation Hub for the development of solutions in the Digital Services sector with emphasis at the initial stage, on Asset and Investment Management.
At the same time, Group examines the development of added solutions in the fields of financial products and transactions in order to provide complete provision of specialized services in the specific sector.
EPSILON NET, continues the implementation of its business plan in the level of continuous organic growth and proceeds to acquisitions and technological partnerships with the goal to increase market shares and the total financial figures of the Group.
The strategic goal of the management remains the continuous production of value for the staff, partners and shareholders, as the largest Business Software Group in Greece.