Țuca Zbârcea & Asociații advises GlobalLogic Inc. on entering the Romanian IT services market
GlobalLogic Inc., a Hitachi Group company and Digital Engineering leader, signed a definitive agreement to acquire the group of companies Fortech SRL and Fortech Software Solutions SRL, one of the largest IT service providers in Romania.
US company GlobalLogic Inc., a leader in digital engineering and a Hitachi Group Company (Japan), agreed to buy 100% of the shares of the company group Fortech SRL and Fortech Software Solutions SRL- one of Romania's leading IT service providers. The transaction is GlobalLogic's first acquisition in Romania. It also marks one of the most important deals taking place between a high calibre international player and a strong Romanian entrepreneurship.
Țuca Zbârcea & Asociații fielded a team of lawyers acting on the buyer's side and covering the full scope of services including M&A, corporate/commercial, competition, IT/IP, employment, and data privacy. Dragoș Apostol (Partner) led the team, backed by Veronica Aman (Managing Associate), with other lawyers including Raluca Vasilache (Partner), Mihai Anghel (Partner), Ciprian Timofte (Partner), and Dana Barbu Blaer (Managing Associate) advising during the due-diligence phase and on various regulatory matters.
"Advising a world-class player such as GlobalLogic (a member of the Japanese powerhouse Hitachi) on making its way onto the Romanian IT services market has been extremely gratifying for us. This strategic acquisition should be seen as a positive sign for the Romanian economy and the local business market in general, and it indicates the huge growth potential of the country's IT sector. It was an honor for us to team up with the buyer on this transaction and especially rewarding since Fortech is a company founded by talented and passionate Romanian entrepreneurs who have successfully created a solid and reputable brand in the IT services market", said Dragoș Apostol.
He added that Țuca Zbârcea & Asociații advised on the due diligence phase, providing guidance on all subsequent legal issues as well as those relating to the purchasing offer. The law firm also assisted in the negotiation and signing of the sale-purchase agreement and obtaining regulatory approvals from local authorities. Țuca Zbârcea & Asociații will continue to support the client through deal close along with post-acquisition matters.
"I see this transaction as a win-win for both companies. Fortech now has a ready-made delivery channel to take its capabilities and services further whereas GlobalLogic has the potential to become one of the region's leading digital engineering players," also said Dragoș Apostol.
According to GlobalLogic's press release, the acquisition of Fortech SRL is part of a multi-year strategy designed to establish a wider European footprint. It will further enable GlobalLogic to augment Hitachi's strengths in Information Technology (IT), Operating Technology (OT), and Products.
Further details are available here.