New York-based software provider Sony Music joins the Gloster Group - Gloster makes the largest acquisition in its history

Extraordinary information
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Gloster Infokommunikációs Nyilvánosan Működő Részvénytársaság (company registration number: 13-10-042012; registered office: 2142 Nagytarcsa, Csonka János utca 1/A A/2.; hereinafter: Company, Gloster, Issuer) hereby informs its esteemed investors of the following in accordance with the General Business Rules of the Budapest Stock Exchange Xtend and the relevant legislation.

New York-based software provider Sony Music joins the Gloster Group - Gloster makes the largest acquisition in its history

Nagytarcsa, Budapest, June 9, 2023– The Gloster Group is expanding with an international software development company with 120 employees, active in Silicon Valley and London. With the acquisition of P92 IT Solutions Kft., a financially stable company with a 30-year history and subsidiaries in California and the United Kingdom, Gloster's stock market story is further strengthened. Thanks to the acquisition, the Gloster Group's consolidated revenue (according to Hungarian standards) is expected to increase by about a third, and its EBITDA by nearly half, with the export ratio already exceeding management's preliminary expectations for 2025 by the end of this year.

The Chairman Gloster Infocommunications Plc. , listed on the Xtend market of the Budapest Stock Exchange (BÉT), and the owners of P92 IT Solutions Kft. (hereinafter: P92) signed the largest acquisition agreement in Gloster's history today. Following the conclusion of the agreement, 94% of the Budapest-based IT company, which also has a development center in Szeged, will become the property of Gloster, together with its English and American subsidiaries.  P92 will strengthen the Gloster Group's International Software Development Business Unit, with the company continuing to be managed by its former CEO, Gusztáv Turschl.

More big global companies among Gloster's clients

The 30-year-old P92 has a stable customer base of more than 100 companies, including global giants such as Sony Music, Blackhawk Network, and medium-sized companies in Germany, such as Valuenet[1]. The global service provider has built its success on developing state-of-the-art business applications for industries such as media, telecommunications, financial services, and automotive. In addition to Budapest, the company also has offices in London and Palo Alto, and its professional services are available in the United Kingdom, Germany, and the United States.

Significant value added to the group

This tenth anniversary acquisition fits perfectly into the Gloster Group's 2025 growth strategy, in which the Company plans to quadruple its 2021 figures through organic growth and the acquisition of software development and cloud companies. P92 is a company with a global corporate client base that is closely integrated into international operations and has a highly skilled team of developers. With the acquisition, the Gloster Group's headcount will increase from the current 208 to 340, and the group's export revenue is expected to grow by 85%, expanding from 37% to 44% of total revenue.

International growth continues: International Software Development Business Unit expands to become largest business unit

The Company last acquired a company of similar size and activity on October 19, 2021, when Gloster acquired a majority stake in Minero-IT Hungary Kft, adding global brands such as BMW and Audi, also German, to its customer base.

"With the addition of P92, we will have an experienced team of more than 340 people, of whom more than 200 work in our international software development business for export,and Sony Music will become a global customer of the group,"said Viktor Szekeres, chairman of the board of Gloster, commenting on the acquisition. He added that thanks to the acquisition, Gloster will join an exclusive club of domestic IT companies with revenues in the billions, whose growth is largely based on global clients and international development projects.

Analysts predict a rise in the exchange rate

Gloster is uniquely followed by two analysts on the Xtend market. ERSTE set a 12-month target price of HUF 1,130[2] for the Company's shares on February 22 ERSTE , while Equilor set a target price of HUF 1,396[3] on June 15, 2022, with a uniform recommendation Hold. OTP provides a price quotation service for Gloster shares to ensure greater liquidity.

More details on the company's first investor prospectus

Gloster executives will discuss the new acquisition and the group's growth plans at the company's investor meeting on June 13, 2023, at 6 p.m., which will be the first physical event held by the group since its inception. In addition to the outlook for the domestic IT and financial markets, the global economic environment will also be discussed, with the participation of recognized domestic experts and investors alongside Gloster representatives. Participation is free of charge, but registration is required. You can register on the following page: https://www.gloster.hu/gloster-reszvenyesi-talalkozo

Nagytarcsa, 9 June 2023.

Gloster Infocommunications Plc.
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[1] https://p92.hu/aboutdetails

[2] Analysis dated February 22, 2023 https://www.erstemarket.hu/files/gloster_CR_20230222.pdf

[3] Analysis dated June 15, 2022 https://gloster.hu/uploads/befektetoknek/kozzetetel/rendkivuli_tajekoztatasok/20214-Gloster-Infokommunikacios-Nyrt---Initiation-report_final2.pdf