2nd Feb 2015 12:00
LONDON (Alliance News) - SQS Software Quality Systems AG said Monday it has acquired a 90% stake in Italy's Bit Media SpA for EUR6.07 million, funded from its existing cash reserves.
SQS said Bit Media Managing Director Livio Nariotti will retain the remaining 10%.
Bit Media provides testing services and systems analysis for the financial services and public sectors. SQS said the acquisition gives it an entry into the Italian market. It cited operational synergies between the two companies that may lead to cost savings and improved efficiencies.
The company posted a pretax profit of EUR1.1 million on revenue of EUR11.5 million for 2013, SQS said.
"As well as giving us a considerable presence and solid platform for further growth in Italy, the acquisition provides opportunities for us to market our services to Bit Media's existing client base and to provide local testing services to our existing clients in the region," said Chief Executive Officer Diederik Vos in a statement.
Shares in SQS Software are trading down 1.7% at 558.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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