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Asseco Poland becomes 100% shareholder of the OTAGO company (from Gdansk)

Asseco Poland increased up to 100% their commitment to OTAGO by the purchase  of 5% of gdansk company. The shares were sold by a natural person. The total transaction costs do not exceed 800 thousand PLN. The acquisition was funded from its own resources. A few weeks earlier, on 26 November 2009, Asseco Poland bought 95% stake in OTAGO.

On January 8 Asseco Poland has signed the agreement to purchase 200 shares representing 5% of the capital OTAGO, while the November’s transaction concerned the purchase of 3800 shares (total cost of the transaction does not exceed PLN 26 million), representing 95% of the capital.  

OTAGO involved in the creation and implementation of software to support the work of local government. It is the creator and owner of a computer system known as Integrated City Management Support System OTAGO. OTAGO company has a proven methodology for the production, implementation and maintenance of information systems in accordance with the requirements of ISO 9001: 2000 certified in 2003 by ISO. 

In 2008 OTAGO achieved sales revenue of about 8 million PLN, and the operating profitability of the company amounted to over 40%.