Integralis in take over bid for Greschitz IT Security in bid to gain foothold into European market for IT security
Following the signing of a letter of intent, Integralis AG plans to extend its reach in Europe with the proposed take over of Vienna based Greschitz IT Security. The due diligence process will be completed over the next few weeks and signing of a sale and purchase agreement is scheduled for end of December. The acquisition should be completed by the January 1st 2008.
With this acquisition, Greschitz IT Security shall be led by Integralis Germany, ensuring timely and seamless integration, efficient use of shared resources which will lead to stronger overall future profitability.
Greschitz IT Security has been active in the Austrian market for 12 years and has built outstanding know-how in the area of Identity and Access management leading to an excellent reputation among a range of large clients. The close cooperation between Greschitz IT Security and Integralis Germany allows both companies to move closer to the existing German and Austrian customer base and further develop market potential.
Revenues for Greschitz IT Security in 2007 are expected to be in the lower seven-figure range and EBITDA margin around 20%. Pending successful completion of this acquisition, further business growth in Austria can be expected.
