DHH acquires mCloud and enters in the cloud computing market
Milan, 16 October 2018. DHH S.p.A. (“DHH”) (DHH.MI | WDHH21.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005203689), a tech company whose mission is to create the “Internet Platform of the Emerging markets of Europe,” announces that today has completed the acquisition of mCloud d.o.o. Beograd (“mCloud” - www.mcloud.rs), a cloud computing provider based in Serbia. In particular, DHH completed the acquisition of the 62% of the company for a total value of 195.000 EUR, with the option to buy the other 38% in 2 years, after the approval of the financial statements 2020. In parallel, DHH sold its fully owned Serbian company – DHH SRB d.o.o. Novi Sad – to mCloud at book value, with the goal of consolidating its presence in Serbia under a single company. mCloud started its operation in March 2018 and it doesn’t have official historical data. The valuation has been made on the historical data shared by the management team of mCloud and verified by DHH during the due diligence process.
Giandomenico Sica, President of DHH, comments: “Thanks to this deal we enter in the cloud computing market and we also make the first step to consolidate our market presence in Serbia. Even if it can be considered as a startup, mCloud has solid traction in place, with a double-digit growth rate on bookings. Furthermore, it is led by a great entrepreneur, Bosko Radivojevic. Even if he is still very young, he is one of the pioneers of the internet industry in Serbia. Our project is a lot about building a partnership among entrepreneurs, and we are happy to have Bosko in our group. Furthermore, despite its small size, mCloud has a powerful team in place, led by Jelena Opacic, former marketing director of several successful web hosting providers in Serbia and member of the Register of National Internet Domain Names (RNIDS)”.