CODA continues global assault on financials market
9th January 2006 CODA Group enters 2006 with significant additional capability following the acquisition of two businesses at the end of December. Continuing its declared strategy of rapid geographic expansion, CODA has acquired Singular Hungary, a Budapest based IT services company serving blue-chip organisations in the region and bAs GmbH, an IT services company based in Landsberg, near Munich . Jeremy Roche , CEO of CODA Group and chairman of the newly formed European Software Association, says the expansion will allow CODA to give customers in central and Eastern Europe direct support and will enable expansion of sales and support in Hungary and the EU Accession States.
CODA acquired the business and assets of Singular Hungary, a successful local IT services company serving blue-chip organisations in the region on 30 th December. Based in Budapest , the newly acquired company will operate under the name CODA Hungary and forms the basis of a new direct operation for CODA, to serve existing and prospective customers in central and Eastern Europe . The purchase follows a number of similar announcements in France , Sweden and Estonia during 2005.
Jeremy Roche , CEO of CODA Group, said: “I'm delighted to announce another CODA acquisition and the opening of a new office in Budapest . This purchase will allow us to give our existing customers in central and Eastern Europe direct support and will provide us with the structure from which to expand sales and support in Hungary and the EU Accession States. On the back of this, we also plan to open a satellite office in the Czech Republic early in 2006 to serve our Czech customers. With our recently expanded Tallinn development team we hope to have three offices in central and Eastern Europe where some of our largest customers are based.”
CODA also acquired the entire share capital of IT services company, bAs GmbH. Based in Landsberg, near Munich , the new office will enable CODA to extend its reach in Germany and is expected to contribute to revenues and profits during 2006. This business now forms a key part of CODA's operations in Germany , and complements CODA's northern office in Essen .
Roche, added, “This purchase makes it easier for us to address the needs of the many large and mid-sized businesses in Germany that can benefit from a focused finance system rather than a large-scale ERP implementation.”
