Blue-chip IT firm Asseco Poland close to taking over Nasdaq-listed company.

By bne IntelliNews August 31, 2010
CEE's biggest IT company Asseco Poland is close to take over an IT company listed on the Nasdaq stock exchange, the company's CEO Adam Goral has said. The transaction, which is to be finalised in September, would significantly increase the group's value. The transaction's basic parameters have already been set among the companies' respective management boards, but there seems to be no final decision on the ownership level. The transaction is to be connected with purchasing equities in cash by Asseco, rather than shares exchange. If the transaction is not be completed, Asseco will continue the strategy of the group's building through minor acquisitions. Asseco is to look after a big company, fitting to the group, as Goral stressed. Asseco Poland posted consolidated net profit of PLN 109.93mn (EUR 26.52mn) in Q2/2010 vs. PLN 101.40mn profit a year earlier . The result was in line with market expectations of a PLN 109.0mn profit on the average. Consolidated revenue in this period was PLN 761.75mn (EUR 183.74mn) compared with PLN 707.33mn a year earlier. In Q1-2/2010, the company posted net profit of PLN 205.42mn (EUR 51.30mn) compared with PLN 176.45mn (EUR 39.05mn) profit a year earlier, on sales of PLN 1452.36mn (EUR 362.71mn) vs. PLN 1417.35mn (EUR 313.68mn), respectively. Asseco Poland has a backlog (portfolio comprising conducted orders and ready to be performed by end-year) for 2010, worth of PLN 2537mn (EUR 636mn) , which stands for 83% of its last year's revenue, Goral also said. On the unit level, the backlog of Asseco Poland has a value of 106% of last year's revenue. ISB, tom

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