Matrix paid NIS 49.8 million for 51% of Gestetnertek provider of office automation services

Sky Investment, which manages $ 450 million, sold Matrix information technology company (51%) to GestetnerTech. Matrix paid NIS 49.8 million for the transaction - an amount that reflects NIS 100 million to Gestetnertek.
Gestetnertek provides office automation services to approximately 7,000 business customers in Israel, and is a licensed supplier of the Ministry of Defense and the NIS. At the same time, the company provides service to 35,000 different manufacturers' machines. In 2019, the company enjoyed revenues of NIS 106.9 million and net profit NIS 13.1 million The company has five branches in Israel and a logistics center in Lod, which employs 155 people.
The acquisition negotiations took place by telephone, as Sky Fund manager Nir Dagan was in solitary confinement. The signing of the deal was also not done face-to-face, but through a digital app.
The acquisition agreement stipulates that Gasttenertech will continue to operate as an independent subsidiary of Matrix, while maintaining the management of the existing company, which has committed to continue the transaction for a period of at least three years. The acquisition agreement gives Matrix and the Sky mutual fund options to buy and sell the remaining 49% of the shares in the company.
Matrix CEO Motti Gutman said: “Matrix continues its growth strategy through organic growth, acquisitions and mergers in areas that complement and complement the company’s various activities. The activities of Gasttenertech and Caliber are synergistic and complement our activities in a number of areas. Through this acquisition, we will be able to enrich the basket of technological solutions that Matrix also offers to the field of office automation and printing services, as well as to the field of 3D printing, which is a goal for the company's growth in Israel and abroad.
Gutman added: "Gestetnertek is one of the oldest and most powerful companies in the field of office automation in Israel. The company has clients and strategic agreements with thousands of satisfied organizations in Israel, large and small. .
Shimon Markowitz, chairman of GestetnerTech: "We are pleased and proud to join Matrix - Israel's largest and leading IT company. At Matrix, we find not only a warm home rooted in the Israeli market, but also a company that we share the values ​​of excellence and focused management that characterize it. We are confident that the connection between the two companies will continue to grow our leading office automation and 3D printing operations. "