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

EXTRAORDINARY INFORMATION

The Gloster Infocommunications Nyilvánosan Működő Részvénytársaság (company registration number: 13-10-042012; registered office: 2142 Nagytarcsa, Csonka János utca 1/A A/2. ép.; hereinafter: Company, Gloster, Issuer) is listed on the Xtend General and pursuant to the applicable laws and regulations Dear Investors.

Sony in New York Gloster Group expands with the addition of a software supplier from Sony Music - The largest Gloster makes the largest acquisition in its history

Nagytarcsa, Budapest, 09.06.2023 - 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 Ltd., a financially stable company with a 30-year history and subsidiaries in California and the UK, Gloster's stock market story is further strengthened. The acquisition is expected to increase the Gloster Group's consolidated revenue (by Hungarian standards) by about a third, EBITDA by nearly half, and the export ratio by the end of this year to exceed management's preliminary expectations for 2025.

Gloster listed on the Xtend market of the Budapest Stock Exchange (BSE) Infokommunikációs Plc. and the Chairman of the Board of Directors of P92 IT Solutions Kft. P92), the owners of Gloster IT Solutions Ltd. the largest acquisition agreement in the history of Gloster. Following the closing of the contract, the 94% of the shares of the Budapest-based IT company, which also has a development centre in Szeged, were acquired by together with its UK and US subsidiaries. P92 is the international subsidiary of the Gloster Group Software Development Business Unit of the International Software Development Group, with the management of the company Gusztáv Turschl, will continue to lead the company.

More big global companies among Gloster's clients

P92, a 30-year-old company with more than 100 companies, has a stable revenue-generating client base that includes global giants such as Sony Music, Blackhawk Network, as well as medium-sized companies in Germany, including Valuenet[1]. The global developer has built its success by developing cutting-edge business applications for industries such as media, telecommunications, financial services and automotive. The company is based in Budapest, London and Palo Alto, and offers professional services in the UK, Germany and the US.

Significant value added to the group

This tenth anniversary acquisition is closely aligned with the Gloster Group's 2025 growth strategy, in which the Company plans to quadruple its numbers by 2021 through the acquisition of software development and cloud companies, in addition to organic growth. P92 is a company with a global enterprise client base, tightly integrated into international operations, with a highly skilled development team. With the acquisition, the Gloster Group's headcount will increase from the current 208 to 340, and the export share of the Group's revenues is expected to increase by 85%, from 37% to 44% of total revenues.

International growth continues: the largest business line becomes International Software Development Business

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

"The addition of P92 will create an experienced team of more than 340 people, of which more than 200 will work in our International Software Development business for export, and the group will become a global client of Sony Music," said Viktor Szekeres, Chairman of the Board of Directors of Gloster, on the acquisition. He added that thanks to the acquisition, Gloster will join an exclusive club of domestic IT companies, which includes multi-billion turnover companies that base their growth mainly on global customers and international development projects.

Analysts predict a rise in the exchange rate

Gloster is followed by two analysts, unique in the Xtend market. ERSTE's 12-month target for the Company's shares, set on 22 February 2023, is HUF 1130[2], and Equilor's target for 15 June 2022 is HUF 1396[3], with a recommendation of Hold. OTP provides a price subscription service for Gloster shares in order to increase liquidity.
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More details on the company's first investor prospectus

The new acquisition, as well as the Group's growth will be discussed by Gloster executives on the evening of 13 June 2023 from 18h00 at the company's investor meeting, which will be held will be held as a physical event for the first time since its creation. At this event, which will take place since IT and financial market outlook, as well as the global economic outlook. the global economic environment, with representatives from Gloster and renowned domestic experts and investors. Participation is free of charge, but registration is required. To register, please visit: https://www.gloster.hu/gloster-reszvenyesi-talalkozo

Nagytarcsa, 9 June 2023.

Gloster Infocommunications Plc.

[1] https://p92.hu/aboutdetails

[2] 22.02.2023 analysis https://www.erstemarket.hu/files/gloster_CR_20230222.pdf

[3] Analysis of 15.06.2022 https://gloster.hu/uploads/befektetoknek/kozzetetel/rendkivuli_tajekoztatasok/20214-Gloster-Infokommunikacios-Nyrt---Initiation-report_final2.pdf