Extraordinary announcement - Gloster successfully completes its tenth acquisition

SPECIAL ANNOUNCEMENT
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Gloster Infocommunications Public Limited Company (company registration number: 13-10-042012; registered office: 2142 Nagytarcsa, Csonka János utca 1/A A/2; hereinafter: the Company, Gloster, the Issuer) hereby informs its esteemed investors of the following in accordance with the General Terms and Conditions of the Budapest Stock Exchange Xtend and applicable laws and regulations.

Gloster Has Successfully Completed Its Tenth Acquisition With the acquisition of a majority stake in P92 IT Solutions Kft., the Group’s share of export revenue will increase significantly

Nagytarcsa, August 3, 2023 – Gloster Infokommunikációs Nyrt. has successfully completed its largest acquisition to date within the set deadline. The newly acquired IT development company will continue to operate under the name Gloster-P92, while the company’s management will remain unchanged. With this acquisition, the Gloster Group gains a direct presence in Silicon Valley as well as in London, while its revenue is expected to grow by one-third; thanks to the completion of the deal, the export ratio may already exceed the expectations set out in management’s 2025 strategy by the end of the year.

Gloster Infokommunikációs Nyrt., listed on the Budapest Stock Exchange’s Xtend market and set to move to the Standard category this fall, has acquired a 51% stake in P92 IT Solutions Kft. through this tenth acquisition; this stake is set to increase to 94% in 2025. Following the transaction, P92 will operate as a subsidiary of Gloster, Gloster – P92 IT Solutions Kft. , while Gusztáv Turschl will continue to serve as the company’s managing director.

With the acquisition of P92, the Gloster Group has expanded to include a company with a 30-year history, whose client base includes global giants such as Sony Music and Blackhawk Network, as well as medium-sized German companies such as Valuenet[1]. The company has built its success primarily on software developed for the media, telecommunications, financial services, and automotive industries. P92 offers its services in the United Kingdom, Germany, and the United States, and in addition to Budapest, it has offices in London and Palo Alto in Silicon Valley.

Significant Export Growth on the Horizon

This latest, tenth acquisition aligns closely with the Gloster Group’s 2025 growth strategy, under which the Company aims to quadruple its 2021 figures through organic growth as well as the acquisition of software development and cloud-based companies. P92 is a company with a global corporate client base that is deeply embedded in international operations and boasts a highly skilled team of developers. With this acquisition, the Gloster Group’s headcount will increase from the current 208 to 340, and the group’s export revenue is expected to grow by 85%, rising from 37% to 44% of total revenue.

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About Gloster

Gloster is a broad-spectrum IT service provider listed on the Hungarian Stock Exchange. Over the course of its more than 20-year history, it has evolved from a hardware-focused garage startup into a software-focused international mid-sized company. Its founder, co-owner, and chairman of the board of directors is Viktor Szekeres. Thanks to Gloster’s aggressive acquisition strategy, the company has successfully completed ten acquisitions since 2018 and expanded its operations into the areas of network infrastructure, network security, the latest monitoring and collaboration solutions, smart buildings, and cloud-based and international software development services. The group currently employs a team of more than 200 people; its audited revenue for 2022 was 6.349 billion forints, its EBITDA was 940 million forints, and its net income after taxes was 414 million forints. Gloster continues to seek out IT companies whose acquisition will help it achieve its strategic goals, while continuously integrating solutions that make its existing portfolio more efficient.

Nagytarcsa, August 3, 2023

Gloster Infocommunications Plc.

Further information:

Dr. Eszter Bassola

investor relations officer

bassola.eszter@gloster.hu

[1] https://p92.hu/aboutdetails