Experienced leader takes Gloster Cloud business to the next level

Extraordinary information

Gloster Infokommunikációs Nyilvánosan Működő Részvénytársaság (company registration number: 13-10-042012; registered office: 2142 Nagytarcsa, Csonka János utca 1/A. A/2. building; hereinafter referred to as the "Company", "Gloster") is a public limited company incorporated under Hungarian law in accordance with the applicable laws, in particular the Capital Market Act CXX.

Law ("Tpt.") and the General Business Rules of the Budapest Stock Exchange, the the following information to the Honoured Investors.

Experienced leader takes Gloster Cloud business to the next level

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

As of 1 September 2024, László Ákos Földesi will lead Gloster Infokommunikációs Nyrt. Cloud Business Unit. The professional with almost two decades of professional experience - one of the owners of Systemfarmer Zrt. - will be responsible for the further dynamic growth of the business unit, which is growing at an average annual CAGR of 29%[1].

László Ákos Földesi has been helping companies in their digital transformation since 2011. In 2014, he gave a presentation on "The Power Of Partnership" at the Microsoft WPG in Washington DC, and in 2015, he took to the stage with his presentation on "How to be Successful in the Cloud" at the Microsoft World Wide Partner Conference in Orlando. And in 2016, he gave the keynote address 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, they have been successfully building their joint company, Systemfarmer Zrt, since 2005.

The appointment is a value creation for shareholders because one of the highest dividend-paying, foreign currency recurring revenue generating businesses is headed by an owner who is also expected to drive further growth.

History

On August 15, 2024, the owners of Gloster Cloud Zrt. and Systemfarmer Zrt. László Ákos Földesi and András Téglás) successfully closed the merger agreement signed on February 16, 2024, under which the two cloud technology companies will continue to operate under the ownership of a common holding company. As of 1 January 2025, the merger of the two companies will create the largest Hungarian-owned cloud services partner company of Microsoft, Gloster Cloud Zrt.

Gloster Cloud Zrt. and Systemfarmer Zrt., which will merge early next year and will be involved in the digital transformation of more than 600 organisations, are a team of nearly 40 cloud IT specialists providing high quality Microsoft-based IT services to 541 customers, with 91.1% of their 2023 revenues being recurring revenue. They have significant implementation experience in Microsoft 365, Microsoft Azure, Security, Dynamics 365, Power Platform and Copilot technologies.

Single under the control of Cloud companies

At the same time of the appointment, all three companies Gloster Cloud Zrt., Systemfarmer Zrt. and their respective owners Gloster Cloud Holding Zrt. are led by the following board members:

László Ákos Földesi - Cloud Business Unit Manager, (with independent signature authority),

András Téglás - Board of Directors member of the board (with independent signature authority),

Tibor Kiss - Hungarian Head of Operations (without signature authority),

Tamás Bene - Cloud business unit commercial Manager (without signature authority).

In the interests of sound economic operation, the appointed directors do not receive any special benefits in connection with their membership of the Board of Directors.

The appointed Cloud company directors are expected by management to bring synergies between the Systems Integration and Cloud businesses to a higher level. Gloster's Systems Integration and Cloud businesses merged their sales teams[2] earlier this year to offer more advanced and more affordable solutions than competitors. The Systems Integration business grew 56% and the Cloud business 19% in 2023[3] Management expects the synergies of the combined sales to drive growth at a higher rate than last year.  

About Gloster

Gloster on BSE listed in the standard category of the BSE, offering a wide range of international IT service provider. In its more than 20-year history, Gloster has grown from a hardware garage company to a software to a software-focused international medium-sized company. Gloster is a fast-growing eleven transactions since 2018, and has grown to expanded its activities in systems integration, cloud solutions and and international software development services. The group is currently currently has a team of nearly 350 people, with the most recent (Hungarian Accounting Standards 2023 consolidated financial statements (according to Hungarian accounting standards), its adjusted turnover is 10.3 billion HUF and adjusted EBITDA of HUF 976 million.

Nagytarcsa, 2024. august 28.

Gloster Infocommunications Plc.

More information:

dr. Eszter Bassola

Investors relations officer

bassola.eszter@gloster.hu

[1] 2021-2023 period

[2] Annual 200 million business development programme launched in Gloster - https://gloster.hu/uploads/befektetoknek/kozzetetel/rendkivuli_tajekoztatasok/28982-Rendkivuli-tajekoztatas_-Evi-200-millios-vallalatfejlesztesi-program-indul-a-Glosterben.pdf

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