CN Group

CN Group is a Czech company engaged in software development, IT consulting and mechanical design. By the end of August 2021, the CN Group has 62 foreign clients, including Procter & Gamble, Strabag, TF Bank, Bunte.de and FlatexDEGIRO. The main office of the CN Group is located in Prague. Five other centres are located in Central Europe.

History

2021: Ciklum bought CN Group

At the end of August 2021, the sale of CN Group to IT company Ciklum was announced. The latter made a deal with the investment fund Genesis Capital, which previously owned the CN Group. The financial component of the agreement is not disclosed.

According to a press release, the purchase of the CN Group will allow Ciklum to implement the company's plans to develop in the markets of Central and Eastern Europe. In particular - in Germany, Austria and Switzerland. As a result of the transaction, 360 digital specialists from the Czech company will join Ciklum.

Ciklum acquired CN Group

The founder of the investment company Insoft Partners, Vitaly Gorovoy, estimates the sale of the CN Group to Ciklum at up to €25 million. In his opinion, the wide presence in Europe, as well as the gained trust and reputation, increases the cost of the CN Group. A good sign is that a few years earlier the company was owned by the investment fund Genesis Capital, which was supposed to prepare it for subsequent transactions.

Reduces the price of the factor that the company does not have niche technologies, "he comments in a conversation with Ukrainian Forbes. - This is a mass market, which is a lot in the market.

Ciklum itself does not comment on the financial terms of the transaction. The main amount of the deal Ciklum has already paid to Genesis Capital, says the company's chief financial officer.

The CN Group developed dynamically during this time. It grew from a single enterprise into modern and well-structured IT-Business, "said Mikhail Shiritsa, head of the CN Group.[1]

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