Uni Systems, one of Greece's leading information technology companies, is positioning itself for significant growth with plans for a potential listing on the Athens Stock Exchange. This move comes as the company seeks to enhance its presence in the defense technology sector and explore new acquisition opportunities. Theodoros Fessas, the President of Quest Group, which owns Uni Systems, indicated during a recent press conference that they are considering this listing "with interest," stating that the company is receiving various proposals and options.
Fessas emphasized that the goal is to maximize shareholder value, noting that the actual worth of the group's subsidiaries is significantly higher than what is currently reflected in the stock market. "We are looking at all opportunities to maximize the value for our shareholders," he said, while also addressing rumors regarding the potential sale of Uni Systems.
Giannis Loumakis, the CEO of Uni Systems, reported that the company continued its upward trajectory in 2024, achieving revenues of 242 million euros, which includes earnings from Intelli Solutions, where Uni Systems holds a 90% stake. This figure represents a 12% annual growth, alongside an impressive backlog of 680 million euros in unexecuted projects. The international markets contributed 45% of the total revenue, with significant input from the financial, public, and private sectors.
The company has made substantial investments in strategic areas, including Cloud, Cybersecurity, Data Analytics, Fintech, IT Consulting, Managed Services, and Customer Experience, which collectively generated over 71 million euros in revenue. Loumakis noted that last year saw more than 500 new hires, bringing the total workforce to over 1,800 employees.
Looking ahead, Uni Systems plans to strengthen its development in international markets beyond the EU, targeting countries such as the UK and Cyprus. The company also aims to enter the defense industry, a sector that has gained importance due to recent geopolitical developments and the European ReArm Europe Plan/Readiness 2030. Loumakis highlighted that the company is moving in this direction by participating in research programs and focusing on areas such as the application of digital technologies in defense systems and cybersecurity.
During the press conference, Loumakis was asked about potential collaborations with Intracom Defense, given that both companies share the same chairman, Michalis Tsamatz. While he confirmed that there are no current agreements, he acknowledged the potential benefits of such a partnership, especially considering Intracom's ties to the Israeli Aerospace Industries (IAI).
In terms of public sector IT projects, Loumakis mentioned that only 10% of the company's revenue in 2024 came from projects funded by the Recovery Fund. He expressed optimism that timely auctioned projects would be completed successfully, although he noted some challenges with specifications in certain projects. Regarding the cadastral project, discussions are at an advanced stage, but contracts have yet to be finalized.
As the domestic stock market seeks new players, Uni Systems is emerging as a strong contender with its growth strategy, international focus, and solid financial results. The recent press conference featured key figures from the company, including Michalis Tsamatz, the new chairman, and other members of the management team. Fessas reiterated that the company's commitment is to maximize value for shareholders, adding that the practical contribution of the group's subsidiaries is significantly higher than what is reflected in the stock market.
Uni Systems is not only looking to enhance its position in the defense sector but also aims to capitalize on new acquisitions both domestically and internationally. Fessas pointed out that the stock market currently lacks technology companies, with two major firms having exited the market recently. He confirmed that the autonomous entry of Uni Systems into the stock market is one of the scenarios being explored by management.
Loumakis elaborated on the company's strategic approach to defense, stating, "We will not do it alone. We will mobilize all available resources. We are pursuing all serious companies in the dual-use sector for potential acquisitions. We can become a significant pillar in the defense industry." The CEO emphasized that while Uni Systems will not develop weapons or missiles, it will focus on the software aspect of defense systems, aiming to position itself in major procurement contracts.
With a backlog now reaching 680 million euros, including 220 million euros from Recovery Fund projects, Uni Systems is ramping up efforts to complete its commitments while also pursuing additional projects worth 100 million euros from the fund's residuals. Loumakis expressed concerns about the smooth execution of Recovery Fund projects, noting that some projects have encountered delays due to tight timelines and specifications.
Looking to the future, the management provided guidance for a double-digit growth rate, following the trends of the past five years. Loumakis stated that Uni Systems is on track for revenues of 250 million euros, with a growth rate of 16% over the last five years. The company expects to maintain similar growth in 2025.
With over 1,800 employees and more than 900 active projects, Uni Systems is focusing on international markets, with nearly half of its revenues coming from abroad. The company has expanded its operations to more than 20 countries, generating approximately 112 million euros in foreign revenue. "In the past five years, we have doubled our revenue from international markets and more than doubled our profitability," Loumakis said. He emphasized the importance of adapting to technological advancements, particularly in digitalization and artificial intelligence, ensuring that the company remains competitive in the software sector.
