OTT-ONE has concluded its first billion forint contract and announced a public transaction

OTT-ONE has concluded the largest contract of its operation to date – nearly 2 billion Hungarian forint. According to the contract, the company is implementing innovative IT and security technology developments for a Hungarian customer. The management of the listed company has also decided that due to increased investor interest, the company will issue 5 million shares on the Budapest Stock Exchange.

OTT-ONE has reached a milestone by concluding its first billion forint IT contract with a Hungarian customer. The contract amounts to a total of HUF 1 935 million (over EUR 6 million), well above the value of the company’s total turnover last year. The agreement is about advanced and innovative IT and information security developments. Some parts of the development work will be completed in 2020, but the company expects that more than half of the developments will be completed this year. During the development period, OTT-ONE will utilize its own secured and qualified server park.

In June this year, the company informed its investors that it would start a public auction on the Budapest Stock Exchange, at which it would sell its own shares. However, following the announcement of the transaction, the investor interest increased. Thus, the management considered that it could raise a larger amount of capital in order to achieve higher growth and development.  The 3 million shares offered for sale at the public auction seemed to be limited, therefore, the management is planning to sell approximately 5 million shares. Since that amount of shares cannot be provided by iSRV PLC the company will raise capital by a public offering.