GetSwift takes majority stake in Serbian ICT firm for $9.1m

GetSwift takes majority stake in Serbian ICT firm for $9.1m

A pending class action has failed to push software company GetSwift (ASX: GSW) off the acquisition path as it seeks to cement its footprint in the European market.

The company has purchased a majority stake in Serbia-based information and communications technology (ICT) firm Logo d.o.o. for 5.5 million euros (AUD$9.1 million),.

GetSwift's expansion comes a year after buying two US businesses Delivery BIZ Pro and Scheduling+ for $8.2 million, catering to the North American market where the majority of new customers were acquired in the 2019 fiscal year. 

The move also comes 12 months after the group set up its second development centre in the Serbian capital Belgrade to service customers in Europe and the Middle East. 

Now with a combined company of 200 staff, the acquisition will help GetSwift become a one-stop-shop in Software as a Service (SaaS) logistics and technical services with added offerings including data centers, communications infrastructure and Infosec (information security).

GetSwift management believes this will allow the company to work with larger enterprise clients and accelerate its global expansion.

GetSwift CEO Bane Hunter and chief operating officer Robert Bardunias will join logo's supervisory board as chairman and vice chairman respectively.

Meanwhile, the Melbourne-based group is set to face a class action in the Federal Court on 17 August in relation to ASX announcements made in 2017 about high-profile deals that sent GSW stock skyrocketing.

However, fewer than half the contracts from these agreements actually led to revenue, leading to a mass sell-off and share price drop in February 2018.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Australian development giant Lendlease Group (ASX: LLC) has been gr...