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ICT signs agreement to acquire Strypes Bulgaria

Acquisition significantly expands ICT’s nearshoring offering

ICT (ICT) announces that today it has signed an agreement to acquire 100% of the shares of Strypes Bulgaria, a specialist in embedded software development. The acquisition marks a next step in the growth strategy of ICT. The takeover sum consists of a EUR 4.3 million upfront payment and an earn-out agreement based on the results to be achieved in 2015. The acquisition will have a direct positive impact on ICT’s earnings per share as of January 2015. Strypes Bulgaria is a specialist in embedded software development based on modern agile methodologies. Strypes Bulgaria is founded in 2008 and employs over 50 highly educated and experienced professionals. For the full year 2014 Strypes Bulgaria expects a profitable turnover of EUR 4.0 million. ICT expects to finalize the acquisition before year end 2014. As part of the transaction ICT acquires a minority stake through Strypes Bulgaria in Strypes Nederland, a technical consultancy company, with around 30 professionals, specialised in Traffic, Transport and Infrastructure. Jos Blejie, CEO of ICT: “With this acquisition ICT responds to the shortage of highly skilled technical staff in the Netherlands and the growing customer demand towards outsourcing using modern development techniques. I am delighted that we can welcome this professional and passionate development team. Strypes Bulgaria offers nearshoring solutions for the manufacturing industry in addition to our facility in Poland, which focuses merely on the automotive industry.” About Strypes Bulgaria Strypes Bulgaria, founded in 2008, is a reputable near-shore company which delivers IT services (consultancy, project-management, development and engineering) through an effective  near-shoring model.  The combination of market knowledge, skilled professionals and technology specialization enables Strypes Bulgaria to provide best in class solutions for complex technology challenges of its clients ( www.strypes.eu).

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