Experienced leader takes Gloster Cloud business to the next level

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. ép.; hereinafter: Company, Gloster) in accordance with the relevant legislation, in particular Act CXX of 2001 on the Capital Market.

Act (the "Act") and the General Business Rules of the Budapest Stock Exchange, hereby informs investors of the following.

Experienced leader takes Gloster Cloud business to the next level

László Ákos Földesi takes over management of the business unit with 18 years of professional experience

From September 1, 2024, László Ákos Földesi will head the Gloster Infocommunications Plc. business unit Gloster Infocommunications Plc. With nearly two decades of professional experience, the expert—who is also one of the owners of Systemfarmer Zrt.—has achieved an average annual growth rate (CAGR) of 29%[1] business unit, which has been growing at an average annual rate (CAGR) of 29%.

László Ákos Földesi has been helping companies with their digital transformation as a business development specialist since 2011. He has been a speaker at numerous international conferences. In 2014, he gave a presentation titled "The Power Of Partnership" at Microsoft WPG in Washington DC, and in 2015, he took the stage at the Microsoft World Wide Partner Conference in Orlando with a presentation titled "How to be Successful in the Cloud." In 2016, he gave the opening speech on digital marketing in the cloud at the Microsoft World Wide Partner Conference in Toronto. His areas of expertise include business consulting, Microsoft Cloud expertise, brand building, team and project management, and digital marketing. Together with András Téglás, he has been successfully building their joint company, Systemfarmer Zrt, since 2005.

The appointment is valuable for shareholders because one of the most dividend-paying, foreign currency-based regular revenue-generating business units is now headed by a professional who also holds an ownership position and from whom management certainly expects further growth.

History

On August 15, 2024, the owners of Gloster Cloud Zrt. and Systemfarmer Zrt. (László Ákos Földesi and András Téglás) successfully concluded the merger agreement signed on February 16, 2024, under which the two cloud technology companies will continue to operate under the ownership of a joint holding company. As of January 1, 2025, the merger of the two companies will create Microsoft's largest domestically owned cloud service partner company under the name Gloster Cloud Zrt.

Gloster Cloud Zrt. and Systemfarmer Zrt. , which will merge at the beginning of next year and are involved in the digital transformation of more than 600 organizations, have a team of nearly 40 experts specializing in cloud computing, providing 541 clients with high-quality, Microsoft-based IT services. Microsoft-based IT services to 541 clients, with 91.1% of their revenue in 2023 coming from recurring revenue. They have significant implementation experience with Microsoft 365, Microsoft Azure, Security, Dynamics 365, Power Platform, and Copilot technologies.

Cloud companies under unified management

At the time of appointment, all three companies, Gloster Cloud Zrt., Systemfarmer Zrt., and their owner, Gloster Cloud Holding Zrt., are managed by the following board members:

László Ákos Földesi – Cloud Business Unit Manager (with independent signing authority)

András Téglás – member of the board of directors (with independent signing authority),

Tibor Kiss – Head of Hungarian Operations (without signing authority)

Tamás Bene – Commercial Manager, Cloud Business Unit (without signing authority).

In order to ensure economical operation, the appointed managers do not receive any special allowances in connection with their membership of the Board of Directors.

Management expects the appointed Cloud company directors to raise the level of synergy between the System Integration and Cloud business units. Gloster's System Integration and Cloud business units merged their sales teams at the beginning of the year.[2]in order to offer more modern and competitively priced solutions than their competitors. The System Integration business grew by 56% and the Cloud business by 19% in 2023.[3] Management expects growth to be faster than last year as a result of the synergies of joint sales.  

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About Gloster

Gloster is a broad-spectrum international IT service provider listed in the standard category of the Budapest Stock Exchange. Over its more than 20-year history, it has evolved from a hardware garage company into a software-focused international medium-sized enterprise. Thanks to its intensive growth strategy, Gloster has completed eleven transactions since 2018 and expanded its activities into the areas of system integration, cloud solutions, and international software development services. The group currently employs a team of nearly 350 people. According to its latest consolidated financial statements for 2023 (prepared in accordance with Hungarian accounting standards), its adjusted revenue was HUF 10.3 billion and its adjusted EBITDA was HUF 976 million.

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Nagytarcsa, August 28, 2024.

Gloster Infocommunications Plc.

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Further information:

Dr Eszter Bassola

Investor Relations Officer

bassola.eszter@gloster.hu

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[1] Between 2021 and 2023

[2] Gloster launches €200 million annual corporate development program - https://gloster.hu/uploads/befektetoknek/kozzetetel/rendkivuli_tajekoztatasok/28982-Rendkivuli-tajekoztatas_-Evi-200-millios-vallalatfejlesztesi-program-indul-a-Glosterben.pdf

[3] Investor presentation on 2023 results - https://gloster.hu/uploads/befektetoknek/tarsasagra-vonatkozo-alapinformaciok/befektetoi-prezentacio/2023-eves-jelentes-prezentacio-662770ccea4b2.pdf