Viktor Szekeres, Gloster’s board chairman, spoke for more than an hour.
Photo by Márton Pribék.
With the recent acquisition of P92 IT Solutions, Gloster Group says it has carved out a niche in the highly competitive IT sector. A company that has grown over the last two decades from a humble start-up to a robust international corporation, Gloster now says it is making strategic moves to expand its footprint.
The firm released its results and plans to shareholders and the press at an event at Stopper Úszóház (on the Pest embankment, near Árpád híd) on June 13. The evening program was attended by prominent figures from Gloster’s management, including Viktor Szekeres, the company’s board chairman, who spoke for more than an hour.
It featured trend analysis presentations, a roundtable discussion with well-known personalities Péter Oszkó and Tamás Korányi, and concluded on a lighter note with jazz music and casual conversations.
Gloster has seen a surge in revenue in recent years, positioning itself as a billion-dollar company. Critical to this growth has been the export of services from its international software development division, a team of more than 200 professionals.
These efforts have not gone unnoticed by financial markets. Gloster’s share price on the Xtend platform (launched in 2017 to support the growth of medium-sized companies) is expected to rise, with analysts from Erste and Equilor setting promising 12-month targets. While the fluctuation of stocks can be unpredictable, it’s a promising sign of investor confidence.
Gloster’s recent acquisition of P92 IT Solutions marks a significant step in the former’s expansion strategy. P92, a seasoned player in the IT sector, brings an additional pool of more than 340 professionals. The move is expected to bolster Gloster’s market position, particularly in software development and cloud services, where P92 holds significant expertise.
At a recent press briefing, Szekeres disclosed the company’s strategic plan. “Our intent is to grow organically whilst pursuing strategic acquisitions in the software development and cloud computing sectors,” Szekeres stated. He also disclosed an ambitious goal. “By 2025, Gloster aims to quadruple its figures from 2021.”
The June 13 event was an unprecedented move for Gloster, representing its first physical investor meeting since its establishment.
Gloster chose the Stopper Úszóház for its first shareholder presentation.
“This event signals a new chapter in Gloster’s journey. It’s a demonstration of our commitment to transparency and stakeholder engagement,” Szekeres remarked. How it will shape future investor relations and public image remains to be seen, but it’s undoubtedly a step towards establishing stronger bonds with its stakeholders.
Gloster started as a garage hardware firm and evolved into a software-focused international SME. Over the past five years, the company has completed nine acquisitions, expanding its services into a multitude of sectors.
From network infrastructure and security to monitoring and collaboration solutions, Gloster has diversified its product range and secured a more extensive customer base. Such steps have been integral to the company’s growth, turning Gloster into a household name in the Hungarian IT sector.
As Gloster embarks on its aggressive expansion strategy, market watchers are keen to see how the company will navigate the often turbulent waters of the IT industry. The acquisition of P92 IT Solutions is a significant step, but the real test lies in Gloster’s ability to integrate and capitalize on P92’s capabilities.
Gloster’s journey serves as a blueprint for growth and transformation, market watchers suggest. Strategic moves, coupled with a committed workforce, have propelled the company into the billion-dollar revenue club.
However, continued success will depend on the firm’s adaptability and resilience in the face of evolving market dynamics. The newly acquired P92 IT Solutions offers distinct software development capabilities and a strong presence in cloud services, augmenting Gloster’s existing portfolio.
AI and IoT
The company’s R&D division is working on advanced solutions to meet the evolving needs of customers. Investments in cutting-edge technologies like Artificial Intelligence and the Internet of Things are part of the long-term strategy to stay ahead of the curve.
Amidst the established tech giants and emerging start-ups that populate Hungary’s IT sector, Gloster would seem well-positioned. Its diverse product range and customer-centric approach differentiate it from competitors.
Another noteworthy aspect of Gloster’s expansion strategy is its commitment to sustainable growth and corporate social responsibility. The company says it has made concerted efforts to implement eco-friendly policies and promote ethical standards across its operations. Furthermore, it actively supports local communities and encourages employee volunteerism.
Gloster’s social initiatives, particularly those promoting digital literacy, have been well received. Its “Digital Bridge” project, for instance, aims to reduce the digital divide by providing access to technology and education to underprivileged communities.
“Innovation is at the heart of Gloster’s business model,” Szekeres affirmed. The firm says its focus is on expanding its market share and maintaining its core values of innovation, sustainability, and social responsibility.
“Our commitment to these values, in conjunction with our ambitious growth plans, offers an exciting vision of the future,” Szekeres says.
This article was first published in the Budapest Business Journal print issue of June 30, 2023.