Zetes Invests in Greece

Zetes has acquired 51% of the shares in NETWave, one of Greece’s most established providers of Auto-ID solutions for the supply chain.

This acquisition enables Zetes to satisfy the requirement from multinational customers seeking coverage within the Greek market.  Now re-branded ZetesNetwave, the company employs twenty people with excellent project management capabilities and is now in a position to offer multinational clients a highly skilled local partner.

Alain Wirtz, CEO of the Zetes Group, comments: “With NETWave, Zetes has acquired a company with an excellent reputation and whose core activities are closely aligned to our business. In addition, NETWave has an important portfolio of customers in the large-scale distribution sector, including in particular the Carrefour group, one of our longest standing international customers.”

The financial investment by Zetes will enable the company to revitalise its growth strategy. “By joining our Group, NETWave can integrate the range of Zetes solutions into its portfolio and expand its offering substantially. The company can also benefit from the synergies created for its major international accounts and take advantage of expertise available through our 14 other European subsidiaries”, adds Alain Wirtz.

NETWave currently generates a turnover of approximately 3 million euros with modest profits. The company has excellent knowledge of the Greek market and a very highly skilled team of professionals. The immediate investment value amounts to approximately 0.5 million euros for 51% shareholding. The acquisition of the remaining 49% shareholding of NETWave by Zetes is planned within a three year period, based on NETWave’s performance until 2013.