T-Systems Hungary acquired software developer ITgen Kft

T-Systems HungaryMagyar Telekom’s subsidiary, T-Systems Hungary, acquired Hungarian software developer ITgen Kft. According to the agreement, the maximum value of the total purchase price is 1.2 billion HUF (4.6 million USD), which includes the transaction fee and the possible payment due to the financial performance of the next three years. The transaction is expected to end by the end of 2017.

Thanks to the acquisition of the software developer, T-Systems Hungary will improve its SAP services division, which is closely related to the current service portfolio. T-Systems Hungary will receive additional competencies and improving its competitiveness.

ITgen Kft is Hungarian IT company, specializing in technology and security services related to SAP. The company delivered revenues of around 800 million HUF and EBITDA of 300 million HUF in fiscal year 2016.

Magyar Telekom Nyrt is the largest Hungarian telecommunications company. The former monopolist is now a subsidiary of Deutsche Telekom (in 59.21% of shares). Magyar Telekom Group covers three business areas: wireline services, mobile communications, services provided to business customers.