Budapest-based Navigator is owned by holding company the Wallis Group, and provides IT outsourcing, applications development, and IT consulting services. The company recorded revenue of approximately HUF 1.6bn ($7.8m) in 2004.
Csaba Toro, CEO of Euroweb, said the purchase marks the company’s first step into IT services, and Euroweb intends to seek additional acquisition opportunities in the market to consolidate its position.
Euroweb is headquartered in New York, but operates in Hungary, Slovakia, and Romania. Hungary is the company’s largest geographic region, generating sales of $19.2m in 2004, equivalent to 52.3% of total revenue. Romanian sales in 2004 totaled $13.6m, or 37.2% of revenue.
