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General

Datadesign Stuttgart bought by Hungary's IND

Tuesday 11 February 2003 | 00:00 CET | News
Datadesign Stuttgart (Germany) has been acquired for an undisclosed sum by Interactive Net Design (IND) (Miskolc, Hungary), both Internet banking solutions integrators and Web designers. IND's COO, Gabor Simon, said that The Hungarian market is too small for the company to maintain growth, said IND's COO, Gabor Simon. The company is hoping for a second wave of Internet banking solutions orders in Germany, where many systems are over five years old. The purchase cost for Datadesign is thought to be several hundred thousand Euros. Up to Euro7 mil will have to be invested in Datadesign to improve efficiency, Simon said. Datadesign, which has 18 employees, generated a Euro7 mil turnover in 2002. IND had a Forint170 mil turnover and a 15% after-tax profit margin in the same year. Sales are forecast to be up 70% in 2003 vs an estimated Forint300 mil in 2002.

Categories: General
Countries: Germany
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