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Another Asseco subsidiary to go public


2007-06-28

Asseco Systems, an IT systems integrator (formerly Softbank Serwis), is going to enter the Warsaw Stock Exchange (GPW) at the end of 2007 or the beginning of 2008. The IPO is expected to bring in PLN 60-70m (€15.8-18.4m), and the company wants to spend most of this on acquisitions.
The issue prospectus should be ready by the end of the third quarter of the year. Asseco Systems intends to acquire three or four companies which offer systems integration services and plans to spend up to PLN 50m (€13.2m). The remaining funds will be invested in an upgrade of the technical support centre and in the concentration of systems integration activities within the Asseco international group.
Asseco Systems has stated that there are no negotiations on acquisitions underway but that the company is looking for opportunities to buy other firms. The company intends to focus on integration, maintenance and the design and implementation of “intelligent building” systems. Such a system was supplied by Asseco Systems for the Zlote Tarasy shopping centre in Warsaw. At the moment the company is taking part in several tenders for similar contracts for other shopping centres.
In 2007 the company’s revenues are expected to reach PLN 265m (€69.7m), and net profit of PLN 16m (€4.2m) is predicted. The figures are expected to rise to PLN 385m (€101.3m) and PLN 21m (€5.5m) respectively in 2010, although these predictions do not take the acquisitions into account.


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