QBS Technology Group has “sufficient dry powder to meet its ambitions”, its CEO has told IT Channel Oxygen as the distributor leapt into Hungary with its latest acquisition.
London-based QBS has purchased one of the country’s “oldest software businesses” in the form of JetBrains, ShareGate, Altova and R Studio partner KSKFT.
KSKFT represents just the latest conquest for QBS in an international acquisition drive that has taken in France and Germany, Turkey and – most recently – South Africa.
“We are well on our way”
The ultimate goal is to hit $1bn by 2030, CEO Dave Stevinson confirmed.
“We are well on our way to a $1bn through blending organic growth with executing on our great pipeline of future acquisitions,” he told IT Channel Oxygen.
“We definitely have sufficient dry powder to meet our ambitions.”
Software delivery platform specialist QBS has in the last year doubled its headcount to over 250, recently enlisting some “heavy hitters” in the form of Claire Stott and Greg Clarke, Stevinson said.
Ranking 13th in IT Channel Oxygen’s 45 Must-Know Distributors, QBS turned over £168m in its year to 31 March 2023, with around £71m of that total hauled in from overseas.
Following the retirement of the KSKFT owner, Imre Koncz, QBS will be introducing new leadership in the form of Andrea Egrenyi. He has racked up eight years’ service for QBS Software in the DACH region.
“Hungary is a relatively small market with huge potential and one where QBS is already particularly strong and can potentially be a gateway to expand across the Central European region,” Stevinson concluded.
