Zutec Acquires 100% of Zutec Australia
Dublin, Ireland, 21 December 2020 –Zutec Holding AB (publ) (“Zutec”) today announced that it has reached an agreement to acquire a further 10% stake in Zutec (Australia) Pty Ltd. (“Zutec Australia”) and thereby increases its ownership stake to 100%.
Gustave Geisendorf, Zutec’s CEO says “Zutec has a long history of being involved in Australian construction projects by working with a number of Australia’s most prolific construction company. We believe that the Australian market is attractive and the progress being made in Australia for Zutec is encouraging. The digitization trend in Australia is also picking up speed and our pipeline is starting to look very encouraging. Zutec Australia’s market share is still small and we believe with the right kind of investments will allow the business to reach its full potential Zutec’s strategy is to grow the business both organically and also through acquisitions to capture new market opportunities and technologies.”
The financial details of the transaction are not disclosed.
For more information, please contact:
Gustave Geisendorf, CEO at Zutec, email@example.com, +353 1 201 3565
Zutec is a provider of cloud-based construction management software with operations in Dublin, Abu Dhabi, London and Melbourne.
Zutec Holding AB (publ) is listed on Nasdaq First North Growth Market and Mangold Fondkommission AB is the Company’s acting Certified Adviser (Tel. + 46 8 5030 1550, CA@mangold.se, www.mangold.se).