Q&R announced its entry into the cybersecurity sector with the acquisition of 60% of Systecom. The IT and technology company has signed a legally binding agreement with Eftichia Filipakis, the sole shareholder of Systecom.
The value of the transaction, which amounts to €1.5 million, will be financed entirely from the funds of the Common Bond Loan, the issuance of which was decided by the General Meeting of Q&A on 03.07.2024.
According to the legally binding agreement, "SYSTECOM S.A.", which operates in the IT market, will become a 100% subsidiary of Q&R, over a period of three years and, in particular, the company will immediately acquire 60% of "SYSTECOM S.A." and within three years the remaining 40%.
"SYSTECOM S.A." was founded in January 2013, offering digital IT infrastructure implementation and cybersecurity solutions and services. Today, SysteCom is a well-established, fast-growing service provider, offering Cybersecurity services to Enterprise customers such as Banks, Telecom Services, governments, etc.
Specifically, the cybersecurity solutions it provides are in the areas of cybersecurity rating & risk management, vendor risk management, automatic security validation (Pentest), security asset management (OT/IT), data loss prevention, data classification, networking/cloud security, ransomware containment, security awareness training, phishing simulation, vulnerability management, information rights management, security operations Centre (SOC), and security monitoring and analytics for vessels.
TURNOVER OF Q&R
Its turnover in 2023 amounted to €2.7 million. For 2024, the company has continued its upward trend and its turnover is expected to exceed €3 million.
With the acquisition of SYSTECOM S.A., Q&R is evolving into a dynamically growing group of IT and technology companies with a significant market presence. Institutional investors have recently increased their participation in the company's shareholding to 11%, demonstrating their confidence and credibility.
With its contract backlog exceeding the $40 million (2024-2026) mark in addition to its organic growth, QnR Group of Companies, through acquisitions, aims to expand its presence in the private sector and abroad, continuing the group's growth, extroversion and total repositioning plan in the wider technology and IT market.
Dr. Panagiotis Paschalakis, CEO of QnR, commented: "The acquisition of SysteCom S.E. represents an excellent opportunity to expand in the field of cybersecurity, which is of paramount importance in today's digital landscape. This investment confirms the commitment of our group and shareholders to expand our services and strengthen our presence in the cybersecurity market, at a time when cyber threats are becoming increasingly sophisticated. The awards that SysteCom has received over the years are the result of market recognition and demonstrate its dedication to safeguarding sensitive information and systems and its expertise in effectively controlling evolving cyber risks. They build trust with our network of customers and partners, highlighting QUALITY&RELIABILITY as a reliable and competent entity also in the field of data protection."
As part of the company's new growth strategy, the position of Chief Operations Director in the Cybersecurity division of SysteCom will be assumed by Mr. Nikolaos Niskopoulos, with responsibilities for corporate customer service, as of February 1, 2025. An executive with many years of experience in leadership positions in leading cybersecurity companies, he has deep knowledge and skills that will enhance efficiency and innovation in SysteCom's business operations. His joining the company's leadership team confirms SysteCom's strategic commitment to provide reliable and innovative cybersecurity solutions, as well as to continuously support and protect its customers while enhancing its competitiveness and growth trajectory.
