Japan-based IT company Itochu Techno-Solutions Corporation is acquiring a majority stake in two IT services companies owned by Indonesia’s CompNet Group, DealStreetAsia has learnt.
The deal size is around 8 billion yen ($73.6 million), said an industry executive familiar with the development.
Itochu Techno-Solution is acquiring 70 per cent stake in PT Nusantara CompNet Integrator (NCI) and another 70 per cent in PT Pro Sistematika Automasi (Prosia) from the founder and CEO Irawan Purwono. NCI deals with systems integration, while Prosia is a software business company.
It is understood the agreement for the acquisition was signed a week ago, while the ‘closing’ is slated to take place in September.
CompNet Group has been advised by Ernst & Young on the transaction.
Emails sent to Itochu and CompNet Group did not elicit any response.
Founded in 1997, CompNet Group provides a slew of IT solutions and services to its customers and has completed over 10,000 projects, per its website. Currently, it has around 500 employees and 33 services points throughout Indonesia.
Other than NCI and Prosia, there are several other group companies under the CompNet umbrella. These include intelligent building business company PT Ennerve Network, IOT business PT Inovasi Otomasi Teknologi and artificial intelligence company PT Alfa Riset Informatika.