Turkish IT group buys Romanian TotalSoft for over EUR 30 mln
Turkish software provider Logo Software Investment has acquired the local IT company TotalSoft for over EUR 30 million.
Liviu Dragan, TotalSoft’s founder, will remain the company’s CEO. Before the transaction he owned a 10% in the firm. The majority stakeholder was Greek investment fund Global Finance, which took over the company ten years ago.
Logo Software Investment, the largest independent software provider in Turkey, has bought 100% of the company.
TotalSoft had a pre-tax profit of almost EUR 3.5 million in 2015. The profit is estimated to reach EUR 4.3 million this year. In the first six months of the year the Romanian software company posted revenues of EUR 10.6 million and a pre-tax profit of almost EUR 2 million.
(photo source: TotalSoft on Facebook)