3.1.2006 | Greece
S&T Sells Greek Subsidiary
Stronger Focus on CEE and Growth Segments
S&T System Integration & Technology Distribution AG sells its subsidiary in Greece, S&T Hellas, to the renowned Greek IT company Singular S.A.
S&T Hellas was acquired by S&T in 2003 as part of Fujitsu Services within the scope of a multi-national deal. The company, which has 45 employees, was mainly active in the hardware business. The sale was carried out as part of S&T‘s geographic focus on the faster-growing IT markets in Central and Eastern Europe, the service segment and the clear solutions focus on five sectors of industry (telecoms, power utilities, manufacturing industries, financial services and the public sector). The long-term strategy is to become one of the top 5 IT companies in all markets where S&T operates, thus expanding the Group‘s leading position in CEE.
As Christian Rosner, CEO of S&T AG, explained: “This step is part of our overall strategy to strengthen our focus on the fast-growing core markets of Central and Eastern Europe in which we play a leading role and also plan to generate the corresponding revenues. In future, S&T and Singular will work together as partners on the Greek IT market for multi-national projects.“
It was agreed that details of the transaction, which will take effect at the beginning of 2006, will be kept confidential.
