IT specialists to issue shares valued at zł. 100 million

Ster-Projekt, one of the largest IT integrators listed on the Warsaw Stock Exchange (WSE), have announced plans to issue additional shares worth up to zł. 100 million. Most of these funds will be devoted to acquisitions. "This is the basic element of our new strategy, which was created in cooperation with consulting company McKinsey. New companies will widen the range of our products and accelerate the group's development. Around 70% of the new funds are planned to be spent on the acquisitions of smaller companies from the IT sector," says Piotr Smólski, the president of Ster-Projekt. Smólski also added that the company was looking forward to market consolidation for the past several months, however negotiations with potential candidate companies did not bring any effect. "We are currently very close to closing negotiations with two companies," he said. The remaining 30% of the funds will be used on research and development as well as increasing working capital. (Puls Biznesu, p. 4) A.K.