PitechPlus completes the acquisition of MindMagnet after taking over the last 49 percent of shares

Aurel Dragan 29/10/2018 | 15:18

PitechPlus, a software company from Cluj, has completed the acquisition of MindMagnet, one of Magento solutions’ leading providers, by taking over the last 49 percent stake. The first part of the acquisition took place in December 2016, when PitechPlus entered MindMagnet’s shareholding with a 51 percent majority stake.

By including MindMagnet in its portfolio, PitechPlus adds a new consulting and project management function with the complementary expertise of the Magento eCommerce platform. At the same time, the company has increased the complexity of delivered software projects and digital transformation solutions.

“The acquisition of MindMagnet is the first of its kind for us in a positive context for acquisitions and mergers on the IT market, amid the mergers trend to create bigger players with increasingly complex solutions portfolios,” says Bogdan Herea, general manager and founder of PitechPlus.

For the next period, the company is considering strengthening and increasing teams in Romania and analyzing opportunities for expansion at a local and international level through strategic partnerships.

 “We will continue to focus on increasing PitechPlus business by attracting new customers and offering a broader range of services to existing ones. As a result, we are also raising the number of colleagues in Targu-Mureş and Cluj-Napoca,” says Herea.

PitechPlus’s turnover increased by 20 percent over the previous year, maintaining the trend in recent years, and it expects sales of EUR 9.5 million this year. In 2017, PitechPlus sales increased by 18 percent.

Currently, the company has a team of 270 people, 20 of whom were co-opted for the acquisition of MindMagnet. PitechPlus will continue to retain the MindMagnet brand, which will provide Magento solutions, the most popular ecommerce platform worldwide. For next year, the company estimates an increase in activity by about 20 percent.

PitechPlus, founded in 2006, offers integrated software solutions and digital transformation consulting for 36 customers in 8 countries. At present, the company is present globally through its sales teams in France, Switzerland, Germany, Great Britain, the United States and Belgium. From 2014, PitechPlus develops its own products for international markets, such as Younify, PARKING + PLUS (intelligent parking), FastOrder (pre-order application and restaurant food order picking).

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