Following the approval of the Hungarian Competition Office regarding 4iG’s acquisition of a majority stake in INNObyte and its subsidiary Innoware Kft., the transaction was closed last week. LKT advised Innobyte, who specializes in contact center services, business intelligence, test automation, AI development, and database solutions. It is active in telecommunications, the automotive industry, healthcare, agro-informatics, public administration, financial and banking sector IT, and church digitization. Last year INNObyte had consolidated revenues of more than HUF 3.3 billion.
Ádám Máttyus, M&A partner at LKT commented: “We are very proud to advise a significant market player on such a complex transaction that was partly based on the exchange of shares of the parties to form the basis for a long term cooperation between them, including one of INNObyte's co-owner becoming a board member of 4IG. The transaction documentation laid down the legal framework for the cooperation. In my opinion this is a win-win transaction for all parties. Closing this acquisition in the current environment shows that there are great opportunities even during the COVID crisis."