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S&T Acquires SITO

S&T strengthens its position in the Serbian IT Market

S&T System Integration & Technology Distribution AG, which has been active in Serbia and Montenegro since 1996 through its subsidiary S&T Yugoslavia d.o.o., has signed an agreement under which it will acquire full ownership of SITO Inc.

The highly profitable IT banking solutions specialist SITO with 46 employees has proven expertise in IT financial consulting, process analysis, design, development, implementation and customisation.

As the result of this acquisition S&T Yugoslavia is expanding its leading role in the Serbian ITmarket, increasing consolidated revenue in the S&T Adriatic region to more than EUR 90 million. This acquisition will strengthen the role of S&T Yugoslavia as the leading provider of IT solutions and services and will enable the company to expand its business operations with existing and new partners from the banking and financial services sectors.

The acquisition is of strategic importance for S&T AG and S&T Yugoslavia in particular, as it will enable the company to consolidate its presence in the region's markets. “With its comprehensive expertise in highly demanding information technology projects and extensive experience of working in the region SITO Inc. will underpin the regional business strategy of S&T”, said Christian Rosner, COO of S&T.

The parties have agreed not to disclose details of the purchasing price, but this acquisition represents one of the largest Foreign Direct Investments in the Serbian IT sector to date. The number of S&T employees in Serbia will rise to over 90.