Croatian software developer KING ICT has merged local peer Alter Info, data from the country’s court registry showed.
The commercial court in Zagreb registered the merger on December 11, it said in a notice published on Tuesday.
The transaction was concluded on November 20. The founder and previous owner of Alter Info was Dalibor Uremovic.
King ICT said earlier this month that the takeover of Alter Info follows the acquisition of local company Omega Software, and thanks to these transactions, KING ICT has widened the range of its services and products in the field of information security.
Alter Info contributes new competences and new clients that currently use Alter Info’s products and services, and software solution AlterRisk, KING ICT said, adding that it expects to achieve revenue growth of some 10% this year, maintain its profitability and end the year with 770 employees.
According to news portal Poslovna.hr, KING ICT reported a revenue of 105.1 million euro ($115.2 million) in 2022, compared to 95.9 million euro in 2021. It booked a net profit of 5.97 million euro last year, with a net margin of 5.68%.
Earlier this month, local daily Jutarnji List reported that the company is looking to acquire an IT company next year and plans to raise funds through a stock exchange in the next couple of years. It did not elaborate whether the company plans to issue bonds or shares and which stock exchange it is targeting.
By the time this story was published, KING ICT has not responded to a SeeNews request for financial details of the deal for Alter Info and its business plans.
At the beginning of 2023, KING ICT said that the NATO Communications and Information Agency (NCI Agency) has selected it as one of two key cyber security partners, along with IBM Belgium, for the provision of cyber security deployment and configuration services across the alliance.
Currently, King ICT is working on IT projects for food and pharmaceuticals company Podravka, electrical concern Koncar, state forestry company Hrvatske Sume, retailer Studenac as well as a project for an intelligent transport solution for the city of Split.
($ = 0.913 euro)
Source : SeeNews
