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With the acquisition of iQuest, listed Allgeier SE is expanding the international software development business in the Technology division. On August 13th Allgeier SE signed a purchase agreement to acquire a majority stake in the software development company iQuest.
iQuest is an international software company with around 700 highly qualified employees working in the development centers in Cluj, Bucharest, Sibiu, Brasov and Craiova in Romania and at other locations in Germany, Switzerland and Poland. iQuest was founded in 1998 and generated sales of more than EUR 30 million and an adjusted operating EBITDA margin of around 15 percent in the past fiscal year. The company develops individual software solutions for major international customers, particularly in the life sciences, telecommunications, financial services, transportation and energy sectors.
With this investment, Allgeier is further expanding its competence in the development of complex software solutions for business-critical processes and is continuing the internationalization of the Group. With the significant expansion of its nearshoring resources within the EU, Allgeier will in future offer even greater scalability through a flexible service and delivery model tailored to the needs of customers. In addition to its German locations, Allgeier already runs European development sites in Prague (Czech Republic) and Timisoara (Romania) as well as international development centers in India, Vietnam and China with a total of over 5,000 software experts.
The acquisition is subject to approval by the cartel authorities in Germany and other closing conditions. The purchase agreement is expected to be concluded within the next four to six weeks. Allgeier will then acquire approximately 67 percent of the shares for a purchase price in the double-digit million Euro range. Cornelius Brody, the founder of iQuest, will retain a 21 percent stake in the company for the next few years. The operating management holds a total stake of approximately 12 percent.
Carlsquare acted as exclusive Financial Advisor to the founders Cornelius Brody and Octav Chicinas together with the management and the involved shareholders, in the acquisition of iQuest by Allgeier SE.