Russian IT services firm Softline has agreed to purchase a majority stake in the German IT services company of the same name, Softline AG.
The deal, completed through the Cyprus holding company of the Russian Softline, is planned to be closed by 31 March 2021, and will see the company operate in Western Europe directly for the first time.
The Russian and German companies were not previously connected. Softline AG was founded in 1983 and has headquarters in Leipzig, east Germany and also operates in the Netherlands, Austria, Switzerland, Belgium and in the UK.
It is a specialist in software asset management (SAM), security, cloud and data centre services and digital workplaces. The Russian Softline group was founded in 1993 and is a global provider of IT solutions and services with a focus on emerging markets in Eastern Europe, the Americas and Asia. It has around 4,500 employees and is present in 50 countries. In 2019, the group said it had 60,000 clients and generated annual sales of $1.54bn.
The transaction includes the purchase of 1,086,951 shares in Softline AG (63.38% of the voting rights) from its current major shareholder SK Management. The value of the transaction has not been confirmed.
“We will continue with the execution of our three-year plan that started in 2020, now with even more potential for joint international growth and a high probability of over-achieving on our plans," said Martin Schaletzky, CEO of Softline AG.
Igor Borovikov, chairman of Russia's Softline, added: “Softline AG provides access to substantial expertise and skills, that combined with our go-to-market sales coverage around the world, offers huge growth opportunities for the two companies. It is an important strategic step in the European market and the globalisation of our business.”
