LGBS buys X-Code’s shares
17 September 2015
LGBS purchased from Benefit Systems a stake in X-Code, a company specializing in CRM solutions and IT outsourcing. In this way X-Code joined the Euvic Group, the biggest federation of technology companies in Central Europe.
X-Code will complement the Euvic Group’s offer in the field of MS Dynamics CRM. It will also expand Euvic’s software development capacity that already consists of more than 1,000 developers. Those combined resources will be available for use by Benefit Systems (www.benefitsystems.pl), an expert in the creation and implementation of innovative solutions in the area of non-wage employee benefits, as the company still owns the largest stake in X-Code. LGBS has an option to buy an additional 15 percent of X-Code’s shares until 2017.
“The acquisition of a stake in X-Code is the result of our strategy to build the Euvic Group that has been pursued by us for almost four years. The Group is already the largest federation of IT companies in this part of Europe and I am glad that it has been joined by X-Code. This would not be possible without the attitude of the Benefit Systems’ negotiators, who had in mind above all the good of X-Code and its further growth,” said Wojciech Wolny, CEO of LGBS and the Euvic Group originator.
“Joining the Euvic Group will enable us to grow faster and provide more comprehensive IT development services for our existing and new customers that we will acquire as part of the Euvic Group. At the same time our joint offer in the field of Dynamics CRM will enable us to address the business needs of the largest organizations in Poland and abroad. That is why I am glad this transaction has occurred,” said Jakub Lytkowski, CEO of X-Code.
LGBS previously acquired majority stakes in companies such as Junisoftex Sp. z o.o., Grupa Spot Sp. z o.o., Speednet Sp. z o.o., Bipronet Sp. z o.o. and shares in IT-Dev Sp. z o.o., Fild.Net Sp. z o.o., Omnis Sp. z o.o. The Group also includes start-ups – LGBS Energy and PI Systems, its Austrian co-founder LGBS – LG Nexera AG as well as eOpen Sp. z o.o., Internetium SA. The final piece is LGBS’s subsidiary in the USA – LGBS Software LCC. Another company associated with LGBS is Multishoring.info which specializes in providing nearshore IT services.
Today LGBS and its associated companies employ over 1,000 engineers working in offices in Warsaw, Krakow, Wroclaw, Katowice, Gliwice, Bielsko-Biala, Czestochowa, Rzeszow as well as in Vienna and Palo Alto. Their services are worth over PLN 120m and they have almost 1,000 active clients representing all sectors of the economy.
As announced by Wojciech Wolny, the nearest future will witness major changes in the Euvic Group, including the rebranding of LGBS to Euvic and the incorporation of some of the companies from the Group into the new entity’s structure. At the same time the federation model will be maintained, so that companies interested in cooperating on a flexible basis while retaining almost complete independence will be able to choose that option.
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