BUSINESS

Flurry of M&As in IT market

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Greece’s digital transition, which is set to absorb resources of 2.7 billion euros over the next five years, is leading to a flurry of mergers and acquisitions in the local industry comparable with a similar situation in Denmark some 10 years ago. This was illustrated at a presentation held recently regarding the 225-million-euro acquisition of Greek firm Intrasoft by Denmark’s Netcompany.

Amid growing competition, small and medium-sized players know that M&As are necessary for them to grow and strengthen their comparative advantage as the volume of projects expands. This explains the high mobility in the information technology market, as this sector is key to the growth of corporate productivity and competitiveness.

In the case of the Intrasoft deal, the Danes took into account that the Greek company ranks third in Europe in software supply to European organizations, with signed contracts totaling €900 million.

Another transaction last week revealed the concentration trend among IT players, when Markos Veremis and an international investment company under Franck Cohen announced the acquisition of 45% of Greek firm SoftOne.