EPSILON NET: Acquisition of 100% minority shares in its subsidiary Epsilon HR

EPSILON NET S.A. announces the acquisition of all minority shares of the subsidiary company Epsilon HR S.A. Following this acquisition, the parent company of EPSILON NET Group becomes the sole shareholder of Epsilon HR.

In particular, EPSILON NET purchased from the minority shareholders, Savvas Protopapas and Stella Protopapa, a total of 8,750 shares corresponding to 35% of the total shares of Epsilon HR SA, for the amount of 4,000,000.

Epsilon HR is the leading IT company in the Greek market in the field of developing Integrated Payroll and Human Resource Management Solutions. The company's turnover for the year 2022 amounted to 10.48 million with EBITDA of 1.46 million.

The company serves more than 6,000 customers, including the majority of medium and large enterprises in the Greek market. The complete product lines of the company fully meet the requirements of the complex Greek legislation and include:

  • Payroll Systems
  • HRM Systems
  • Integrated Time Attendance Solutions
  • Digital Work Card Applications
  • Web Employee Self-Service Solutions (ESS)

A significant impact on the company's revenues is expected from the gradual implementation, in all Greek businesses employing staff, of the Digital Work Card system and the mandatory interconnection with the ERGANI II information system.
It is worth mentioning that the majority of companies that joined the mandatory implementation of the legislation in Phase A & B chose the integrated solutions and services of Epsilon HR and EPSILON NET Group.

It should also be noted that the company recently launched Epsilon Talent, a new all-in-one cloud solution for Personnel Selection & CV Management, which aims to simplify and digitize the processes of finding and hiring Human Resources through integrated management, in a single modern and responsive environment with dynamic content.

The management of EPSILON NET Group, firmly committed to creating value for its shareholders, partners and staff, following the strategic partnership with National Bank of Greece, consistently implements its business plan for the three-year period 2023 - 2025 with the goal of doubling the Group's total sales (compared to 2022 sales) reaching €150 million by the end of 2025, while achieving high profitability, with EBITDA margin moving annually at a level above 30%.

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