In a strategic manoeuvre to achieve £1 billion in revenue by 2030, QBS Technology Group has recently acquired Hungarian software distributor, KSoft Korlátolt Felelősségű Társaság (KSKFT). Established in 1991, KSKFT is considered one of the oldest software businesses in Hungary, representing vendors such as JetBrains, ShareGate, Altova, and R Studio, and offering the largest portfolio of software products within the region.
Following the retirement of KSKFT’s owner, QBS will be ushering in new leadership in the form of Andrea Egrenyi. Egrenyi, who has over eight years of experience with QBS Software in the DACH region and has held leadership roles, will be taking on the role of Hungary country manager.
This acquisition comes on the heels of several other strategic moves made by QBS to expand its reach. In April, the company added 86 individuals to its headcount with the acquisition of South Africa-based cybersecurity distributor Maxtec. In June 2023, the company completed a majority investment in Turkey-based cybersecurity distributor, InfoNet, as part of its expansion into the Middle East, Turkey and Africa (META).
Kumar Bhamidipati, Group COO for QBS Technology Group, expressed his enthusiasm for the acquisition of KSKFT, stating that it aligns with the company’s strategic growth objectives and provides access to a high-potential market in the heart of Europe. He also highlighted Hungary’s growing IT sector, government support, skilled workforce, and strong infrastructure as factors that make it an attractive destination for investment.
Andrea Egrenyi also expressed her optimism, stating that with the QBS Software team in place, they believe they have the largest dedicated software platform in Hungary and looks forward to growing the business significantly over the next decade.
Bhamidipati further emphasized the immediate sales opportunities in Hungary and the potential for QBS to deepen its foothold in the European market and better serve the partner community. He also noted the strategic fit with KSKFT as a positive development for the company.
As the landscape of distribution continues to evolve, with M&A activity remaining active, QBS Technology Group’s acquisition of KSKFT marks yet another significant development in the industry.
In conclusion, QBS’s expansion into Hungary signifies a bold step towards achieving its long-term revenue goals and solidifying its position in the European market. With the addition of KSKFT to its portfolio, the company is well-positioned to capitalise on new opportunities and drive further growth in the Central and Eastern European region.