Epsilon Net, following with consistency the path to continuous development while strengthening the collaboration model on the basis of technological partnership, announces the acquisition of 80% of DATA COMMUNICATION S.A. (DATA COMMUNICATION S.A. SOFTWARE DEVELOPMENT COMPANY) which focuses on delivering integrated IT solutions for enterprises and organizations of the public and private sector and accounting firms.

Specifically, EPSILON NET S.A. acquires, out of a total of 3,750,000 equity shares of DATA COMMUNICATION S.A., 1,500,000 shares owned by the founder Mr. Panagiotis Vassiliadis and 1,500,000 shares owned by Ms. Zoe Douzeni, representing 80% of the share capital of DATA COMMUNICATION S.A. for a total amount of € 6,300,000.00.

DATA COMMUNICATION, founded in Athens in 1987, is among the top Greek software development companies and a strategic partner of Microsoft. The Company has two areas of activity:

• Development of own Business, Accounting, HRM and Payroll software solutions
• Development of customized vertical market software solutions and implementations based on Dynamics 365 Business Applications, Microsoft Power BI and SharePoint platforms.

DATA COMMUNICATION with a customer base of over 6.000 customers, employs more than 150 experienced professionals in the Company’s headquarters in Athens and its regional office in Thessaloniki and more than 100 qualified partners nationwide. The Company’s annual sales for the year ending June 2020, are estimated over 6 million euros with a positive net income.

Through the cooperation of the two companies, EPSILON NET S.A. seeks to expand its customer base as well as to provide enterprises with the most updated technological services. Furthermore, through this collaboration, EPSILON NET GROUP will enforce its strategy, enabling connectivity solutions with MyData platform and supporting Greek businesses to enter the new digital era. The expertise and deep knowledge of the executives of both companies will ensure innovative products and services. At the same time, they will achieve the absolute connectivity (on line interconnection) of the companies with the accounting firms, based both on the existing applications of the two companies and the introduction of new solutions they will create jointly.

The President and CEO of EPSILON NET S.A. Mr. Ioannis Michos stated:

“The participation in the share capital of DATA COMMUNICATION S.A. is another step towards the implementation of EPSILON NET’s S.A. business plan for strategic partnerships with perspective and multiple benefits. We share a common vision with DATA COMMUNICATION S.A. By joining forces, we are committed to leading businesses and accounting firms into the new era of digital transformation and long-term growth”.

The President and CEO of DATA COMMUNICATION S.A. Mr. Panagiotis Vassiliadis stated:

“This is a historic agreement, which leads to the creation of the largest group of software development companies in the Greek IT market. DATA COMMUNICATION S.A. and EPSILON NET S.A. join forces in order to offer their technologically advanced applications, services and comprehensive solutions to cover the needs of businesses and accounting firms, but also to work together to create new products”.

The Information Note for the acquisition of DATA COMMUNICATION S.A. will be posted on the website of the Athens Stock Exchange (https://www.athexgroup.gr) and on the website of Epsilon Net S.A. (https://www.epsilonnet.gr) no later than Friday 30/10/2020.

Contact person: Ioannis Koutkoudakis tel. +302115007000.