Epsilon Net acquired the 'retail and fuel' software sales and support activity from Space Hellas for the amount of €3 million.
Space Hellas decided to separate the retail and fuels sector, with the affiliated companies SingularLogic (a subsidiary of Space Hellas) and Epsilon SingularLogic (a subsidiary of Epsilon Net) determining that transferring the entire R&F Business Unit's activity to the latter would enhance overall customer service and significantly expand the already excellent results.
THE DEAL
The specific segment acquired by Epsilon Net aims to offer integrated solutions in the following areas, which the acquiring company will fully leverage:
• Specialized software applications
• Specialized application & integration services
• Specialized equipment systems
Based on this agreement, the personnel of both operational teams will merge and continue to provide comprehensive software & integration solutions under the management and ownership of Epsilon SingularLogic.
THE PROCESS
The completion plan for the technical process of transferring the Retail & Fuel sector from SingularLogic to Epsilon SingularLogic includes the following steps:
• Separation of the Retail & Fuel sector of SingularLogic with a demerger balance sheet date of 31/10/2023 and its contribution to the benefiting Epsilon SingularLogic.
• Capital increase in Epsilon SingularLogic, through the issuance of new shares for the benefit of the contributor of the Retail & Fuel sector, SingularLogic.
• Transfer of shares of Epsilon SingularLogic from SingularLogic to Epsilon Net, at an agreed price of €3 million.
NEW ACQUISITIONS
Information from BnB Daily suggests that Epsilon Net is expected to proceed with new acquisitions, targeting new small to medium-sized companies with the aim of strengthening its presence in new markets. Towards this direction, the next quarter is expected to see announcements of the upcoming agreements.
SHARE INCREASE
At the same time, the company is expanding its client base. Specifically, it is growing its network of partners to over 500 in Greece, with more than 132,000 businesses using its products.
Simultaneously, it collaborates with over 600,000 freelancers and maintains an extensive network of 16,000 accounting offices. The enrichment of the aforementioned portfolio is high on the company's agenda.
