Powerful alliance for digital business models:

Trustbit becomes part of TIMETOACT GROUP

f.l.t.r.: Hermann Ballé (Managing Director TIMETOACT GROUP), Gottfried Reither (Trustbit), Frank Fuchs (Managing Director TIMETOACT GROUP), Jörg Egretzberger (CEO Trustbit), Felix Binsack (Managing Director TIMETOACT GROUP)

Cologne/Vienna, 21 February 2024 –TIMETOACT GROUP, a leading provider of IT services for medium-sized businesses, corporations and public institutions, is acquiring Trustbit, an experienced Austrian consulting firm focused on digital transformation and the development of digital business models. The merger of Trustbit with TIMETOACT GROUP Austria - together with the other companies of TIMETOACT GROUP - will create a new, leading digitalisation player in Austria. Jörg Egretzberger, Trustbit’s CEO, will become the Co-Managing Director of TIMETOACT GROUP Austria and a shareholder in TIMETOACT GROUP. The parties agreed not to disclose the details of the transaction.

TIMETOACT GROUP, headquartered in Cologne, comprises specialised IT companies across 22 locations in Germany, Austria and Switzerland, as well as in Latvia, Malaysia, Singapore and the USA. With over 1,250 employees and a comprehensive portfolio of software and consulting services, the digitalisation expert primarily concentrates on medium-sized and large companies from the industrial, financial and service sectors, as well as public institutions.

SWP Softwarepark GmbH is present on the market under the Trustbit brand. Founded in 2007, Trustbit is a Vienna-headquartered IT consulting company with around 50 employees. The company supports clients from a variety of sectors with customer-driven software solutions, machine learning & data science, as well as IT consulting. Trustbit’s diverse team, which consists of experts from across Europe, has been built around supporting the company’s mission and delivering its three key values: quality, flexibility and trust.

Trustbit and TIMETOACT GROUP Austria have previously carried out successful joint projects, and this merger represents the next strategic step in this partnership. The acquistition of Trustbit by TIMETOACT GROUP Austria combined with the dynamics of the entire TIMETOACT GROUP will create a leading IT consultancy for digital innovation in Austria, which will continue to drive digital innovation with over 150 local employees.

The takeover of Trustbit is the eighth successful acquisition for TIMETOACT GROUP since funds advised by Equistone Partners Europe acquired a majority stake in the business in June 2021.

Frank Fuchs, Christian Koch, and Christian Reifenhäuser are responsible for the transaction on the part of TIMETOACT GROUP. TIMETOACT GROUP was advised on the transaction by BDLV Wirtschaftsprüfungsgesellschaft (Financial & Tax), de Angelis Rechtsanwälte (Legal), Notary Dr. Forster (Legal), wdp (Commercial), P+P Pöllath & Partners (Legal) and McDermott Will & Emery Rechtsanwälte Steuerberater (Legal, Antitrust Law). The Trustbit shareholder was advised on the transaction by RatioLegis (Legal) and Romberg Steuerberatungsgesellschaft (Financial & Tax).