The EPSILON NET Group, consistently implementing its development plan and strengthening the model of strategic cooperation moves, announces the acquisition of 60% of the company DIGINET E.E. (www.diginet.gr) which specializes in the development, distribution and technical support of modern tax and cash systems and specialized technology products and solutions (Technology Distributor).
Specifically, EPSILON NET A.E. acquired 60% of the corporate capital of DIGINET E.E. by the company’s founders, Mr. Athanassios Papageorgiou and Mr. Chrysostomos Papageorgiou, who will retain the remaining 40% of the company’s capital and will continue to exercise their administrative duties, contributing with their many years of experience to the company’s new development cycle. In particular, Mr. Athanasios Papageorgiou will continue to exercise his duties, initially as Administrator and then as CEO of the company, when its transformation into a Public Company is completed. The total price of the investment,
amounts to the amount of 1,600,000 euros, while an earn out bonus is foreseen that will be paid to the old shareholders, depending on the financial performance of the company in 2023.
DIGINET E.E. was founded in 2013 in Larissa as a continuation of the sole proprietorship of PAPAGEORGIOU ATHANASIOS (since 1998 and has integrated activity both in Greece and Cyprus through an extensive nationwide network of 300 partners. The main object of the company is the distribution and support of specialized technology products with particular emphasis on Tax Systems supporting their operation to more than 40,000 end customers.The long-term involvement and know-how
in the development of modern Tax Systems ranks it as one of the most important and specialized business entities in the specific field. Diginet’s main business categories are:
– the development of Tax Systems (firmware and hardware development) and their distribution
– the representation and distribution of Tax Systems of European and international companies, such as the German company QUORION and the Italian CUSTOM
– the representation, installation and support of Weighing Devices and Systems (from laboratory and retail scales to industrial weighing systems and sophisticated touch POS scales for modern retail stores and supermarkets) representing in the Greek market 3 of the most important international houses, the companies TEM, ELICOM and EPELSA
– the distribution and support of special technological products (Touch POS systems, kiosks, printers, payment terminals, Cash handling boxes and smart boxes) representing in the Greek market international manufacturing companies with excellent know-how
– the distribution and interconnection of mobility products of the world leader in this field, the ZEBRA company as premier business partner for Greece
For the financial year that ended in December 2022, the company’s turnover amounted to 2.10 million euros and profits before taxes amounted to 210 thousand euros. On 12/31/2022, the company had zero bank loans, while its cash reserves were around 655 thousand euros.
The completion of the acquisition of DIGINET is part of the EPSILON NET Group’s strategic planning, to increase its clientele and provide specialized 360° solutions in special categories of activity in Greece and abroad. The main criterion for choosing the company was the specialized expertise of its staff and executives, the excellent portfolio of solutions and the comprehensive support of the strong network of partners throughout Greece.
It is worth noting that the planning for the utilization of existing solutions and the joint development of new ones is estimated to enable full compliance with the new legal framework of the AADE for the transmission of retail transactions and the automatic interconnection with acceptance systems EFT/POS electronic payments, both in DIGINET and in all EPSILON NET Group companies. In this context, it is estimated that the possibilities of financing the upgrade or replacement of “Tax Systems” from the “DIGITAL TRANSACTIONS” program of the Fund will be fully utilized
Recovery with a total aid budget of €160,000,000.
The management of the Group, following the successful development model of the period 2020-2022, through the combination of high rates of organic growth and targeted acquisitions, consistently continues the execution of its business plan in 2023. The Group’s central goal remains the continuous production of value for its staff, partners and shareholders.
The President and CEO of EPSILON NET Mr. Ioannis Michos said: “I am really happy that a company like DIGINET, with deep knowledge and experience from its 25-year presence in the market, joins the big family of EPSILON NET. We move forward together
EPSILON NET acquires 60% of DIGINET for €1,6 million
