POELLATH advises TIMETOACT GROUP on the acquisition of Trustbit
TIMETOACT GROUP (“TIMETOACT”), a leading provider of IT services for the upper mid-market, corporations and public institutions and a portfolio company of funds advised by Equistone Partners Europe, has acquired SWP Softwarepark GmbH, which operates under the Trustbit brand. Jörg Egretzberger, the previous Trustbit managing director, will become co-managing director of TIMETOACT GROUP Austria as part of the merger and a shareholder in the TIMETOACT GROUP. The parties have agreed not to disclose the details of the transaction. POELLATH advised TIMETOACT on the legal aspects of the acquisition.
Trustbit, headquartered 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 sectors development of customized software, machine learning & data science and IT consulting. Trustbit employs around 50 people at 3 locations in Austria.
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 institutions. The company comprises several specialized IT companies in 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 majority investment made by funds advised by Equistone Partners Europe in June 2021 and marks another important step in the growth of TIMETOACT.
POELLATH advised TIMETOACT on the acquisition with the following Munich team:
- Dr. Benedikt Hohaus (partner, management participations)
- Nemanja Burgić (counsel, lead, M&A/private equity)
- Dr. Verena Stenzel (counsel, M&A/private equity)
- Jan Lukas Jungclaus (associate, management participations)
