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Space Hellas owns 99.93% of the shares of the company SingularLogic

SPACE HELLAS, in the context of providing timely information to investors and pursuant to article of the Athens Stock Exchange Rulebook, announces that it has sold its minority stake (39.97%) in "Epsilon SingularLogic S.A." to "EPSILON NET S.A." for a price of euros 11.8 million, while simultaneously acquired a 39.93% stake in “SINGULARLOGIC INFORMATION SYSTEMS AND SOFTWARE TECHNOLOGY S.A.” (hereafter “SINGULARLOGIC”) from “EPSILON NET S.A.” for a price of euros 6.3 million.  

For the determination of the purchase price of the shares of SINGULARLOGIC and the selling price of the shares of Epsilon SingularLogic S.A. it has been taken into account the equity of each company as well as the Reports of Independent Chartered Auditors from which it occurs that the selling and purchased parts respond to the fair value of the companies SINGULARLOGIC and Epsilon SingularLogic S.A.  

These two simultaneous transactions make SPACE HELLAS shareholder of 99.93% in "SINGULARLOGIC" and "EPSILON NET S.A." shareholder of 99.97% in "Epsilon SingularLogic S.A.", capitalizing on both sides the values created through the joint creative process of the two companies that started with the acquisition of 50%-50% of "SINGULARLOGIC" on 11/01/2021.  

The successful joint effort will continue to exist in the common commercial and technological areas of cooperation that have been created and in the common path of finding new products and solutions as originally planned from the management of the two groups.  

According to the initial plan SINGULARLOGIC, as a member of SPACE HELLAS group, focused on the area of big projects and clients of both the private and the public sector and concentrated in the reorganization of the company, in its capital support, the strengthening of its human resources as well as all the infrastructure of the company.  The R&D has been strengthened, as well as the department of development of applications, and the renewal of the software and that applications supported by the company started dynamically.   Simultaneously, structures and procedures have been created capable to provide 24hour support with strictly Service Level Agreements to all the company’s client list. 

SINGULARLOGIC focused on the creation of new products and cooperations with international software houses and other Greek companies.  Moreover, the commercial penetration of the company to the market has been significantly strengthened with the successful award of projects that increased the non-executed amount utilizing the synergies with the other companies of the group.  Finally, in 2023, the company has been awarded and successfully executed two consecutive election projects and it is prepared for the next ones. 

SPACE HELLAS with the acquisition of the 99.93% of its daughter company SINGULARLOGIC is focused on the reinforcing of the leading position of the group in Digital Integration utilizing the cooperation and the tools from the biggest software manufacturers in the world, like SAP, Microsoft, ServiceNow etc., and also the selfproduced software of SINGULARLOGIC.  With the significant and comparative know-how in the completion and support of systems and applications and the incorporation of different technologies and services, SINGULARLOGIC emphasizes to the middle and big clients of the private sector and in targeted projects of the public sector with a variety of systems and services.  

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