Asseco buys leading independent Slovak telecom and ISP

The majority stake in the enterprise cost Asseco around zł.11 million. Slovanet is the largest independent telecom operator and internet service provider in Slovakia. It controls around 20% of the market and has managed to attract clients such as the Slovakian stock exchange, the social insurance office, and Slovak Post. In 2005 Slovanet generated revenues of around zł.42 million, which indicated a rise of 19% as compared to the previous year. In 2006 the company's turnover is likely to reach SKK520-540 million. "The decision to invest in Solvanet is a direct result of our strategy, which besides a 20% organic growth rate, also envisages dynamic development through acquisitions. The Slovak IT market has potential and offers many challenges," said Asseco Slovakia president, Jozef Klein. (Parkiet, p. 3) A.K.