The ups and downs in the business landscape are brought by the new deal in the IT industry.
Epsilon Net, which operates in the business software industry, was targeted following General Atlantic’s public offer to acquire the remaining 37.08% of the shares.
Yesterday the main shareholder of Epsilon Net, the founder and CEO,. Yiannis Michos, reached an agreement with the General Atlantic fund, and together with National Bank they will buy the remaining percentage of the company.
Epsilon Net: Change page – Public proposal to exit from AX
Mr. Yiannis Michos who owns 55.42%, National Bank, which owns 7.5%, (62.92% in total) and the equity fund GA, which will now enter the company and is controlled by GASC Delaware-based MGP, LLC, will proceed to acquire the remaining 37.08% in order to then submit a public offer to acquire 100% of Epsilon Net.
Specifically, a public proposal will follow through which the exit of the listed company from the Stock Exchange will be sought. The intention of the main shareholder Ioannis Michos is to maintain his percentage in the company.
The offered price of 12 euros of the public proposal for each share for the 37.08% of the 54,200,000 shares not owned by Mr. Michos (55.42%) and NGE (7.5%), total for the two 62.92%, essentially means that in order to acquire 20,097,360 shares, an amount of 241.17 million euros is practically required.
The company’s share, before being suspended on Thursday due to the announcement of the public offer, had closed at 10.10 euros, at the same time as its capitalization moved to 547.42 million euros.
Michos is present the next day
The above movement is attributed to the great prospects that are opening up internationally for the IT sector. For their utilization, the scheme relies on EpsilonNet’s potential and General Atlantic’s ability to access funds from international markets.
According to information, Mr. Michos does not appear willing to sell and is putting in the fund so that they can jointly run the future of the company. The equity fund GA is expected for the remaining 37.08% of the company, to pay an amount that exceeds 241 million euros.
After the completion of the process, the group is expected to exit the Greek stock market, essentially being the second IT company within a few months, which chooses to exit the stock market (it was preceded by Entersoft, which is also active in business software) .
As far as the company’s prospects are concerned, the continuous expansion of market share and the achievement of high final profitability performances are the strategic goals of the management of the Epsilon Net group, which in 2023 saw a significant increase in its financial sizes.
The hot IT industry
The latest developments in the industry, however, are another mosaic in the big changes that have been happening lately. And it is a continuation of the intense activity that has existed since 2021, with acquisitions so far reaching 42, according to a recent study by Optima Bank.
The report did not include the large acquisition agreement of Entersoft by the group of P. Germanos, but also the case of EpsiloNnet, which also reflect the prospects of the industry. After all, both Epsilon Net and Entersoft were the two most active companies in the 2022-2023 period, making 11 and 7 deals respectively.
Willingnesses for acquisitions have also been expressed by Uni Systems of the Quest group, Ideal Holdings, Profile, Real Consulting and Performance Technologies, given the support of public and private digital transformation projects with huge inflows of funds in the coming years from the Fund Recovery.
