September 3, 2015 / 7:15 PM / 4 years ago

Asseco Poland to buy Portugal's Exictos for $24 million

WARSAW (Reuters) - Asseco Poland, Eastern Europe’s largest software maker, has agreed to buy 61.4 percent of Portugal-based rival Exictos for 21.5 million euros ($24 million), strengthening its position in Africa, Asseco said on Thursday.

Asseco, present in over 30 countries around the world, said it had bought Exictos from five individuals and Portugal’s Ifogest, adding it would finance the transaction from its own resources.

Exictos specializes in software for banks and services over 60 lenders in Portugal and Portuguese-speaking countries, with a strong presence around Africa - in Angola, Mozambique, Cape Verde, and Namibia, as well as having customers in Malta and East Timor.

According to Asseco, Exictos made a net profit of nearly 5 million euros in 2014 on revenue of 41.5 million euros.

“The transaction ... is for Asseco a continuation of its growth in the emerging markets, including mostly Africa,” Asseco said in a statement, adding that Exictos would also allow for future expansion in Latin America.

($1 = 0.8984 euros)

Reporting by Adrian Krajewski; Editing by Greg Mahlich

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