QBS Technology Group acquires Hungarian software distributor in expansion move
Acquisition of KSKFT aligns with QBS's $1bn revenue goal, strengthening presence in Central Europe
QBS Technology Group has acquired Hungarian software distributor KSoft Korlátolt Felelősségű Társaság (KSKFT) as part of its plans to achieve $1bn revenue by 2030.
Established in 1991, KSKFT claims to be one of the oldest software businesses in Hungary, representing vendors such as JetBrains, ShareGate, Altova and R Studio.
The company claims to offer the largest portfolio of software products within the region.
Following the retirement of KSKFT's owner, QBS will be introducing new leadership in Andrea Egrenyi.
Egrenyi holds over eight years' service for QBS Software in the DACH region with experience of leadership roles and existing responsibilities for the Hungarian market.
The news comes on the back of several "strategic" acquisition made by QBS to expand its reach.
In April, QBS added 86 people to its headcount with the acquisition of South Africa-based cybersecurity distributor Maxtec.
Earlier in June 2023, the distie completed a majority investment in Turkey-based cybersecurity distributor, InfoNet as part of its expansion into the Middle East, Turkey and Africa (META).
Group COO for QBS Technology Group, Kumar Bhamidipati said: "The acquisition of KSKFT in Hungary aligns with our strategic growth objectives by providing access to a high-potential market in the heart of Europe.
"The combination of a growing IT sector, government support, skilled workforce, and strong infrastructure makes Hungary an attractive destination for our investment.
"This move allows us to extend our software delivery capabilities to Hungary backed by the full force of the Group and enables us to grow our Central and Eastern European business."
Andrea Egrenyi, QBS software Hungary country manager added: "With the QBS Software team in place, we believe we have the largest dedicated software platform in Hungary. I look forward to acting on my ambitions of growing the business significantly over the next decade."
Bhamidipati continued: "Aside from the immediate sales opportunities in Hungary, the new acquisition enables QBS Technology Group to deepen its foothold in the Europe market and better serve the partner community. Being physically present in the market instead of operating virtually from offices in London or Munich, we can build stronger partner relationships and act with agility to market demands.
"The strategic fit with KSKFT works for us on multiple levels and we are incredibly optimistic about building on the great work of Imre and his team over the last 33 years."
As M&A remains active in distribution, CRN has covered several deals, including Westcoast's takeover of Spire Technology and ALSO's acquisition of Datamatic.