Epsilon Net: Dynamic entry in the Fintech sector with the acquisition of 88% of the IT company PCS

Epsilon Net announced the acquisition agreement (majority) of 88% in PCS, which is active in providing specialized IT solutions to companies in the financial sector.

PCS has a long experience in developing innovative software applications for financial institutions & insurance organizations, combining specialized knowledge of financial data with a high level of technological skills.

The company has complete solutions for:

– Wealth Management
– Fund Management & Distribution
– Pension Administration
– Brokerage
– Custody & Corporate Actions

As stated in the relevant announcement: “The offer of integrated solutions for the highly demanding financial sector, and the professionalism of the company’s executives have contributed to PCS to implement projects in more than ten (10) countries in Europe and Africa such as Luxembourg, Cyprus , Malta, Romania, Bulgaria, Serbia, Turkey, Poland, Kenya and of course in Greece.

PCS solutions utilize and implement the most reliable data and technology platforms, achieving the digital transformation of the organization by reducing labor costs and increasing the quality and value of its services.

PCS turnover for the year 2020 amounted to 2.35 million Euros. In the current year and more specifically in the period 1/1 to 30/09/2021, the turnover of the company amounted to 2.08 million euros, increased by 22% compared to the corresponding period last year, while the profits before taxes for the period of the first in the first nine months of 2021 amounted to 367 thousand euros.

We also note that on 30/09/2021 the company had cash and cash equivalents of € 1.43 million and borrowings of € 0.04 million.

In EPSILON NET and under the condition of the provision of the special licenses of articles 99 et seq. Of law 4548/2018 (based on the relevant announcement from 11/11/2021) a percentage of 25.25% will be transferred from SINGULARLOGIC SA and from EPSILON SINGULARLOGIC SA also a percentage of 25.25% and in total from the two (2) above companies will be transferred to it, a percentage of 50.50% of PCS. In addition, EPSILON NET completed the acquisition by NANOPHASE LIMITED, of 37.50% of PCS. The total cost for the acquisition and acquisition of 88% of PCS will amount to 2.23 million Euros.

It should be noted that the CEO and Founder of the company, Mr. George Xenofos, will continue to perform his duties, while maintaining 11.5% of PCS, while the remaining 0.5% belongs to other shareholders.

This acquisition, on the one hand, implements the design of EPSILON NET for entering special vertical markets, providing innovative products and services aimed at expanding its customer base, on the other hand, is the first step for the gradual entry of the Group in the dynamic sector of Fintech in Greece. and abroad. The goal of the management is to fully contribute to the evolution of PCS into Innovation Hub for the development of solutions in the field of Digital Services with emphasis initially on Asset and Investment Management.

At the same time, the Group examines the development of additional solutions in the areas of financial products and transactions with the aim of providing integrated services in this area.

The Group consistently and continuously follows its business planning at the level of continuous organic development, while at the same time it proceeds with acquisitions and technological collaborations in order to increase its market shares and the total of its financial figures.

The strategic goal of the management remains the continuous production of value for the staff, the partners and the shareholders, as the largest Business Software Group in Greece “.