Ideal Holdings announced the acquisition of a majority stake in the IT company Blue Stream for €12.2 million, strengthening its presence in the IT sector. With the addition of BlueStream, the turnover of its portfolio of IT companies in 2024 will exceed 130 million euros, and EBITDA will exceed 17 million euros.

As stated in a related announcement, IDEAL Holdings announces that on July 19, 2024, it signed an agreement with the sole shareholder of the company named "BLUESTREAM SOLUTIONS PROVIDING COMPLETE INFORMATION TECHNOLOGY SOLUTIONS UNIVERSAL COMPANY" (hereinafter referred to as "BlueStream") for the acquisition of 75% of its share capital.

BlueStream was founded in 2008, offering mainly HW support, operating systems, and data availability. Today, BlueStream is an established, fast-growing service provider offering infrastructure services in both on-premises and multi-cloud environments, as well as cloud migration, data availability, and outsourcing services. Its 2023 revenue amounted to €11 million with an EBITDA of €2 million, an increase of 54% and 78%, respectively, compared to the previous year. For 2024, it is estimated that the company will continue its upward trend.

The unallocated funds of the Common Bond Loan that IDEAL Holdings issued on December 15, 2023, fully funded the transaction, which had a value of €12.2 million and involved the acquisition of 75% of BlueStream's share capital.

Following the above transaction, Mr. George Vassdekis will continue to serve as CEO of BlueStream.

BlueStream's Chief Executive Officer, Mr. George Vassdekis, said: In recent years, BlueStream has emerged as one of the leading companies in the field of service delivery and cloud migration in our country. Our agreement with IDEAL Holdings will strengthen the expansion of our business both in terms of technology and geography. We will leverage the synergies offered by the group's existing portfolio of IT companies, as well as easier access to capital through IDEAL Holdings.

IDEAL Holdings' CEO, Panagiotis Vassiliadis, said: We welcome the executives and employees of BlueStream to the IDEAL Holdings family. The addition of BlueStream strengthens our portfolio in the IT industry, while our companies form one of the most complete portfolios of services and solutions, essentially making IDH's IT sector a one-stop shop in the technology space in our country. Through the synergies created by this transaction, we will offer even more comprehensive and innovative solutions to our customers while adding value to our shareholders and employees.