IT company Entersoft is planning new acquisitions inside and outside of Greece, which in 2022 compared to 2021 increased its turnover by 23%, to 29.6 million euros. “2022 has been a mixed year: activity has slowed down due to the instability of the war, but has picked up in recent months,” notes on “K” Entersoft CEO, Antonis Kotzamanidis.

At the end of January, the company entered into an agreement to acquire CGSoft, a property management software company, for €3.5 million. In addition, the listed company completed four acquisitions within 13 months. For this year, Entersoft is considering new acquisitions in both Greece and Romania, where the company operates through its subsidiary, Mr. Kotzamanidis notes. After the acquisition of Bit Software, according to Entersoft management, Entersoft has great growth prospects in Romania, which is a key market for the company’s activities outside of Greece. Excluding Bit, organic activity in Romania increased by 50%. At the same time, the possibility of funding private projects through the Recovery Fund and the NSRF creates, as Entersoft’s CEO explains, a clear three-year horizon for companies in the sector. And this is combined with a gap in the digital modernization of business, which was created due to the pandemic and the decade-long economic crisis.

Regarding the shortage of workers that the IT industry is facing, as Mr. Kotzamanidis explains, the regional (remote) software implementation centers in Patras and Larissa act as compensation for this particular problem. Entersoft employs about 550 people and creates 100 new jobs annually through acquisitions or organic growth. “We are also looking for synergies with our team in Romania,” explains Mr. Kotzamanidis.

The IT company increased its turnover by 23% in 2022 compared to 2021, to 29.6 million euros.

Last year, compared to 2021, the company increased its turnover to 29.6 million euros from 24 million euros, while profit before taxes, interest and depreciation increased by 7% to 9.5 million euros. Profit before tax was flat at €6.7m, while cash rose 44% to €14.8m.

The company, which does not seek government contracts, has about 4,000 clients in Greece in the business software (ERP) sector, while its main market includes 35,300 small, medium and large enterprises with more than eleven employees. The company also targets a market of approximately 31,000 small businesses with six to eleven employees. It is estimated that at least one in two businesses has software that is incompatible with new technologies such as the cloud and the Internet of Things (IoT).