Asseco sets up new international holding. Mulls IPO and acquisitions

WSE-listed IT giant Asseco has set up a new subsidiary in Slovakia, Asseco International and hopes to float it soon. “We have started talks with Frankfurt and London, but Brexit is not helping. Our stock market (WSE) will always be closest to me, though.” Company’s CEO Adam Góral said. The new company will encompass Asseco subsidiaries such as: Asseco Central Europe, Asseco South Eastern Europe, Exictos, Asseco Western Europe, R-Style Softlab, Asseco Danmark, Peak Consulting, Asseco Lietuva, Sintagma, Asseco Georgia, Asseco Kazakhstan, and Asseco Software. Asseco Poland will control 96.55 percent of the shares, with the remaining stake to be controlled by Asseco CE managers. Moreover, Asseco is in talks with a number of European and the US companies regarding the potential takeovers. “As many as 95 percent of the US IT market for banks is held by four companies, but among the remaining 5 percent, there are firms whose capitalization is similar to that of Asseco,” Góral explained, adding that there are “some doubts as to whether such a mature market as the American market will be eager to accept a Polish company entering the market given the banking sector's sensitivity.” The company is also in talks with several ERP companies in Portugal and Greece, however, it faces competition from venture capital funds, also interested in such takeovers.