Asseco SEE invests in Turkish IT companies
On 30 July 2010, Asseco South Eastern Europe SA concluded an agreement under which it acquired 99.6620% shares ("ITD Shares") in ITD İletişim Teknoloji Danışmanlık Ticaret A.Ş. seated in Istanbul ("ITD") and 99.9970% shares ("EST Shares") in EST Elektronik Sanal Ticaret ve Bilisim Hizmetleri A.Ş. seated in Istanbul ("EST").
70.6191% of ITD Shares were purchased in a cash transaction for the total amount not exceeding EUR 6.1 million. Whereas the remaining 29.0429% of ITD Shares were acquired in exchange for the newly issued 837,472 shares in ASEE. Therefore, some ITD shareholders will become shareholders in ASEE.
99.9970% of EST Shares were purchased in a cash transaction for the total amount not exceeding EUR 2.5 million. Furthermore, in the future ASEE will be obliged to make additional payments to EST shareholders, either in the form of cash and/or issuance of ASEE shares, provided the specific levels of net profit are achieved for the years 2010 and 2011 as defined in the Shares Acquisition Agreement.
The acquisition has been commented as follows:
Piotr Jeleński, President of Asseco SEE: - "These transactions are part of our international development strategy. The Turkish companies IDT and EST were chosen following a long and intensive search. The ITD and EST business successes, both in Turkey and abroad, close customer relations, corporate structure and efficient management team are all a good rationale for the choice we have made. We believe the competence represented by ITD and EST will contribute considerably to overall development of Asseco SEE."
Coşkun Ural, President of ITD and EST: - "Since 2002 the Turkish economy has faced a lot of challenges. Despite that we managed to reinforce our position in the Turkish IT market by launching innovative value-added solutions. Owing to that our sales increased four times. We are happy to become a partner with Asseco SEE, a company of excellent reputation in Europe. This partnership will help us at ITD and EST to realize our vision to market our solutions internationally."
About ITD - İletişim Teknoloji Danışmanlık ve Tic. A.Ş.:
Founded in Istanbul in 1991, ITD – İletişim Teknoloji Danışmanlık (Information, Technology, Consulting) is engaged in the provision of solutions for voice automation, payment automation, and solutions for improving the efficiency of operations performed by clients. Bearing in mind the company founders' experience in the financial industry as well as importance of that sector for the Turkish economy, financial market has become the starting point for all business activities at ITD.
Among the ITD's key clients are the largest organizations of the Turkish banking sector (including 57% of all the banks in Turkey accounting for 95% of the market, measured by assets), insurance companies, telecommunication companies as well as retailers.
ITD employs 68 persons. In 2009 the company generated sales revenues of EUR 7.9 million and a net profit of EUR 0.7 million (calculated at the average exchange rates during 2009).
Within its voice automation business line, ITD offers Call / Contact Center solutions, interactive voice response systems (IVR), interactive voice notification systems (IVN), speech recognition, real-time performance management systems – wallboard displays, Avatar technologies, and business communications on IP infrastructure. In response to the market needs, based on its know-how and experience, ITD developed MagiContact® product family in order to complement its existing voice system solutions.
Within its payment automation business line, ITD provides end-to-end payment solutions ranging from risk management / fraud detection solutions, through anti-money laundering systems, central transaction centers, InACT (Internal Audit Control Technology) solutions, to "PointPlus" loyalty solution and complete card management solutions.
Within its infrastructural performance solutions, ITD provides high availability and real-time transaction systems, SMS gateways as well as SMS technologies to its customers.
ITD continues to expand its operations in the area of voice and payment automation solutions and its services are offered internationally. With this focus, ITD took the initiative to open a representative office in Poland.
Established in 1999, Elektronik Sanal Ticaret A.Ş. (EST) provides secure payment solutions as well as other e-commerce services. The firm enjoys much trust from Turkish financial institutions and it has become a synonym of e-commerce in Turkey as the main supplier of the system for settlement of internet payments made by credit cards (independent payment gateway). Majority of Turkish banks which offer e-commerce services utilize the solutions, systems and services provided by EST.
EST employs 27 persons. In 2009 the company generated sales revenues of EUR 1.9 million and a net profit of EUR 0.2 million (calculated at the average exchange rates during 2009).
Within its "Payment Gateway Services and Products" line, EST cooperates with 16 banks in Turkey, Romania, Northern Cyprus, and Poland providing them with services support (Helpdesk 7x24). Furthermore, EST provides its client banks with security solutions (3D Secure ePayments Infrastructure) through the Turkish Interbank Card Center (BKM).
EST also renders consulting and software development services dedicated for financial organizations as well as for companies from other sectors.