The Brno-based IT holding Solitea can buy the Slovenian software company Vasco, which developed a program for accounting and human resources. Their merger was authorized by the Office for the Protection of Economic Competition, which announced this in a press release today.
“The acquired company Vasco operates in Slovenia mainly in the area of sales of software products for accounting, human resources management, retail and wholesale support, document archiving or for web and mobile applications. The Office found in the administrative proceedings that the merger will not result in a substantial distortion of economic competition,” the Office for the Protection of Economic Competition stated in the report.
As with previous acquisitions, when Solitea was bought, for example, by the consulting company Mainstream or the company Prytanis, Vasco is jointly bought by Brno-based CSW Holding and Cyprus-based Ligelta Holdings. Both companies together, according to the annual reports, the Solitea holding company, the managing director of which is the founder and head of Solitea, Martin Cígler.
The owner of Ligelta Holdings is the Malta-based Sandberg fund managed by the Slovakian company Sandberg Capital of former J&T partner Martin Fedor.
Solitea is one of the largest suppliers of accounting and business information systems for the commercial segment as well as for state and non-profit organizations in Central and Eastern Europe. In the Czech Republic, it is the market leader in cash register systems and its cloud services for petty cash, such as iDoklad, used by hundreds of thousands of customers.
The IT holding delivers to thirty-five countries, has 1,400 employees and has made dozens of similar acquisitions in recent years. This year, revenues should amount to 130 million euros.
The Slovenian company Vasco was founded in 1991 and has thirty employees. It develops software for private individuals, small and medium-sized companies.