iQuest, one of the biggest Romanian software producer was acquired by the German Group Allgeier. iQuest was created by Romanian entrepreneur Cornelius Brody, who emigrated to Germany from Romania in 1988.
The two companies signed a definitive agreement in which Allgeier bought two thirds of the shares of iQuest. The latter will continue to be run independently and will collaborate closely with the Allgeier Group. The Group’s future plans include consolidating its presence in Europe and expanding to other markets. The company also plans to set up a US presence, and further develop its software services and solutions portfolio.
„With Allgeier, we have found a strong international partner for the further strategic development of iQuest. Allgeier’s global reach provides us with very promising opportunities for expansion and rapid growth. This acquisition is part of our long-term strategy and supports us in reaching our vision to enable our clients to accomplish unique success with iQuest’s outstanding delivery of innovative solutions”, Jurgen Samuel, CEO of iQuest Group, said.
“Together, we will have a much broader geographical coverage, excellent market and customer access, and a broader range of expertise. We will also be able to offer a wide range of additional services to our clients, as well as creating new career opportunities for our people,” he added.
Carl Georg Dürschmidt, CEO of Allgeier SE, added: “We are very pleased to have gained iQuest as an outstanding partner and many excellent new colleagues to accelerate the joint growth of our software development business. This transaction marks another important step to continue the internationalization of our Group and to further expand our competence in the development of complex software solutions for business-critical enterprise processes.”
„The long-term partnership with Allgeier is a strategic step which will enable iQuest to expand its services and global presence in the years to come. It is a partnership with a strong, resourceful team we came to respect and trust. As the founder of the company, I am extremely pleased to contribute sowing the seeds for a future growth of iQuest in line with our vision and values. On a more personal level, 20 years after founding iQuest, I am happy to keep contributing as a shareholder to the partnership that we launch today “, said Cornelius Brody, Founder of iQuest Group.
iQuest was funded in 1998 and has over 700 employees internationally, a tunover of EUR 30 million per year, and a EBITDA of 15 percent in 2017. În Romania, the company had 368 employyes in 2017. The company also has offices in Germany, Poland and Switzerland.
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