Acquisition of Spanish group Necomplus
Asseco South Western Europe SA, subsidiary of Asseco Poland acquired 65% of shares in Necomplus Group, POS market leader in Spain, for the maximum amount of 8.3 million euro.
Payment for the transaction shall be effected in three portions. The first instalment of EUR 4.7 million shall be paid on the agreement execution date. The second instalment of EUR 1.5 million shall be paid after the sellers deliver documents confirming that the court has registered the transfer of ownership of shares.The third instalment will depend on the financial results achieved by the Necomplus Group for the year 2010.
Asseco South Western Europe became a major shareholder of three Spanish and one Portugiese Necomplus companies.
The Necomplus Group employs 287 persons. The main areas of Group's business include installation and maintenance of POS terminals, development and implementation of relevant software as well as provision of Call Center services. The Necomplus Group is one of the three leading players in the Spanish market for POS terminals. The Group's products and services are dedicated primarily to the banking and financial sector (88% of sales revenues) with the key clients including Sermepa (ServiRed), Ingenico, Caja Mediterrano, and Banco Sabadell. In 2009 the Necomplus Group generated EUR 11.0 million in sales revenues, while net profit amounted to EUR 1.2 million. Net profit for the year 2010 is forecast to reach EUR 1.7 million.
Acquisition of the Necomplus Group is a continuation of the Asseco Group strategy to build a strong regional company operating in the territories of Spain, Portugal, Italy, and France. The Necomplus Group competence within electronic payments will serve to expand the existing offering of the entire Asseco Group.