Experienced leader takes Gloster Cloud business to the next level

Special NOTICE

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Gloster Infocommunications Public Limited Company (company registration number: 13-10-042012; registered office: 2142 Nagytarcsa, Csonka János Street 1/A, Building A/2; hereinafter: the Company, Gloster) in accordance with applicable laws, in particular Act CXX of 2001 on the Capital Market.

In accordance with the Act (“Tpt.”) and the General Rules of the Budapest Stock Exchange, we hereby inform our esteemed investors of the following.

Experienced leader takes Gloster Cloud business to the next level

László Ákos Földesi, with 18 years of professional experience, is taking over as head of the business unit

Effective September 1, 2024, László Ákos Földesi will head the Cloud division of Gloster Infokommunikációs Nyrt. With nearly two decades of professional experience—and as one of the owners of Systemfarmer Zrt.—he will lead the division, which has been growing at an average annual rate (CAGR) of 29%[1] —will be responsible for the continued dynamic expansion of the division.

As a business development specialist, László Ákos Földesi has been helping companies with their digital transformation since 2011. He has spoken at numerous international conferences. In 2014, he gave a presentation titled “The Power of Partnership” at the Microsoft WPG in Washington, D.C., and in 2015, he took the stage at the Microsoft Worldwide Partner Conference in Orlando with a presentation titled “How to Be Successful in the Cloud.” In 2016, he delivered the keynote address on digital marketing in the cloud at the Microsoft World Wide Partner Conference in Toronto. His areas of expertise include business consulting, Microsoft Cloud expertise, brand building, team and project management, and digital marketing. Together with András Téglás, he has been successfully building their joint company, Systemfarmer Zrt., since 2005.

This appointment creates value for shareholders because a professional—who also holds an ownership stake—has been placed at the helm of one of the business units that pays the highest dividends and generates the most foreign-currency-based recurring revenue, and management has high expectations for further growth under his leadership.

Background

On August 15, 2024, the owners of Gloster Cloud Zrt. and Systemfarmer Zrt. (László Ákos Földesi and András Téglás) successfully finalized the merger agreement signed on February 16, 2024, under which the two companies specializing in cloud technology will continue to operate under the ownership of a joint holding company. Effective January 1, 2025, the merger of the two companies —under the name Gloster Cloud Zrt.— will create Microsoft’s largest domestically owned cloud service partner in Hungary.

Gloster Cloud Zrt. and Systemfarmer Zrt. —which will merge early next year and are involved in the digital transformation of more than 600 organizations—have a team of nearly 40 experts specializing in cloud computing, serving 541 clients primarily with high-quality, Microsoft-based IT services; in 2023, 91.1% of their revenue came from recurring revenue. They have significant implementation experience with Microsoft 365, Microsoft Azure, Security, Dynamics 365, Power Platform, and Copilot technologies.

Cloud Companies Under Unified Management

Effective immediately upon this appointment, all three companies—Gloster Cloud Zrt., Systemfarmer Zrt., and Gloster Cloud Holding Zrt., which owns them—will be managed collectively by the following members of the board of directors:

László Ákos Földesi – Cloud Business Unit Manager (with independent signing authority),

András Téglás – Board Member (with independent signing authority),

Tibor Kiss – Head of Hungarian Operations (without signing authority),

Tamás Bene – Sales Manager, Cloud Division (without signing authority).

To ensure cost-effective operations , appointed executives do not receive any special benefits in connection with their membership on the Board of Directors.

Management expects the newly appointed directors of the Cloud divisions to take the synergy between the System Integration and Cloud divisions to a higher level. Gloster’s System Integration and Cloud divisions merged their sales teams earlier this year[2]in order to offer solutions that are more advanced and competitively priced than those of their competitors. The System Integration division grew by 56% and the Cloud division by 19% in 2023.[3] Management expects a faster pace of growth than last year as a result of the synergies from joint sales efforts.  

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About Gloster

Gloster is a broad-spectrum international IT service provider listed in the BSE’s Standard category. 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. Thanks to Gloster’s aggressive growth strategy, it has completed eleven transactions since 2018 and expanded its operations into the areas of systems integration, cloud solutions, and international software development services. The group currently employs a team of nearly 350 people; according to its most recent consolidated financial statements for 2023 (prepared in accordance with Hungarian accounting standards), its adjusted revenue was 10.3 billion forints, and its adjusted EBITDA was 976 million forints.

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Nagytarcsa, August 28, 2024

Gloster Infocommunications Plc.

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Further information:

Dr. Eszter Bassola

investor relations officer

bassola.eszter@gloster.hu

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[1] During the 2021–2023 period

[2] A 200-million-forint annual corporate development program is launching at Gloster - https://gloster.hu/uploads/befektetoknek/kozzetetel/rendkivuli_tajekoztatasok/28982-Special-Announcement_-Annual-200-million-corporate-development-program-launched-at-Gloster.pdf

[3] Investor Presentation on 2023 Results - https://gloster.hu/uploads/befektetoknek/tarsasagra-vonatkozo-alapinformaciok/befektetoi-prezentacio/2023-eves-jelentes-prezentacio-662770ccea4b2.pdf