Trucking tech platform Eurowag is set to buy Polish software company Inelo for up to €306m (£265m) to strengthen its hold on the country’s market.
Prague-based Eurowag said that an additional €12.5m could be paid to Inelo depending on its performance for the year ending 31 December.
“This strategically important transaction not only brings additional scale to Eurowag, it also takes us significantly closer to achieving our ambition of delivering a fully integrated, digital end-to-end platform for customers in the commercial road transportation sector,” said chief executive Martin Vohanka.
The company said the deal will provide an additional 87,000 trucks to Eurowag’s network, solidifying its position in the eastern European market.
The news comes as London-listed Eurowag announced its financial results remained in line with management expectations.
It also announced the departure of chief executive Magdalena Bartos after three years at the company’s helm.
“Magda leaves the business well positioned to deliver further growth and achieve its objectives, and we wish her all the best in her future endeavours,” Vohanka added.
In the nine months to the end of September, the group’s organic net revenue was up 19.2 per cent on last year’s levels, while the yearly growth increased by 23.1 per cent €178.8m.
Nevertheless, the Czech company is wary of “elevated risks and uncertainties” as a result of the war in Ukraine’s impact on the EU economy.