Munich — The TIMETOACT GROUP (“TIMETOACT”), a leading provider of IT services for the upper midmarket, corporations and public institutions and a portfolio company of the funds advised by Equistone Partners Europe, has acquired SWP Softwarepark GmbH, which operates under the Trustbit brand. The former Trustbit Managing Director Jörg Egretzberger will become Co-Managing Director of the TIMETOACT GROUP Austria as part of the merger and will become a shareholder in the TIMETOACT Group. The parties have agreed not to disclose details of the transaction. POELLATH advised TIMETOACT on the legal aspects of the acquisition.
Trustbit, based in Vienna (Austria), is an IT consulting company for digital transformation and the development of digital business models. The company supports its cross-industry customer base in the business areas of customer-specific development of customized software, machine learning & data science and IT consulting. Trustbit employs around 50 people at 3 Austrian locations.
TIMETOACT is a leading provider of IT services, primarily for medium-sized and large companies in the industrial, financial and service sectors as well as public sector organizations. The company comprises several specialized IT companies at 17 locations in Germany, Austria and Switzerland as well as in Latvia, Malaysia, Singapore and the USA. TIMETOACT employs over 1,250 people and has a comprehensive portfolio of software and consulting services. The acquisition of Trustbit is the eighth successful acquisition since the funds advised by Equistone Partners Europe acquired a majority stake in June 2021 and marks another important growth step for TIMETOACT.
POELLATH advised TIMETOACT on the acquisition with the following Munich-based team:
Dr. Benedikt Hohaus, Photo © Poellath (Partner, Management Participations)
Nemanja Burgić, LL.M. (Counsel, Lead Partner, M&A/Private Equity)
Dr. Verena Stenzel (Counsel, M&A/Private Equity)
Jan Lukas Jungclaus, LL.M. (Stellenbosch) (Associate, Management Participations)