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BRATISLAVA July 26, 2018 (WBN / PR) – WESTech, the operator of iStores stores, has become majority shareholder of ARAŠID, the largest specialist gaming vendor, game consoles and gaming accessories in Slovakia under the brand progamingshop.sk and a leading reseller of mobile phones and accessories under the brand MP3.sk.
ARAŠID, with the opening of a network of 15 stone stores in recent years, has gone from a simple Internet player to an omnichannel retailer. In addition to being a leader in the Slovak market, Arašid occupies an important position in the markets of neighboring countries. The company was founded by Pavol Dlhoš in 2002 and, since 2008, develops it in cooperation with Slovak-American investment fund SLOVAK AMERICAN ENTERPRISE FUND. In 2017, the company achieved sales of 16 mil. EUR
WESTech is part of the international ELKO group and operates the largest network of premium Apple stores in Slovakia and the Czech Republic under the iStores brand. "WESTech is at home in the field of complex information technology and therefore a logical step is to further expand the portfolio of progamingshop.sk and MP3.sk.WESTech provides solutions for distribution, sales, service and software for a wide range of products and services designed for business and leisure. " says Matej Sršeň CEO of WESTech :" By entering Araside, WEST is expanding its sales network and getting closer to its customers.We believe that with our know-how, our business relationships and our financial strength, we will be able to improve our customer experience and ensure growth. of our company, in cooperation with the existing leadership. "
ARAŠID Pavol Dlhoš said: " We are delighted that our company is part of the strong international group ELKO with the 39; entry We see this as a manifestation of great confidence in our growth capabilities and ambitions. It is also an excellent report for our more than 100 employees and business partners, thanks to our strong partner, we will be able to expand our sales network and increase the satisfaction of our customers. "
Mary MacPherson and CEO SLOVAK AMERICAN FOUNDATION : " Since our entry into society, we have tried to make decisions that will support Arachid and his growth. During this period, the company has grown more than 6 times and has become a leader in specialized gaming and mobile matching. We believe our departure from the company is the right decision and we consider WESTech as the ideal investor for Arash. We are excited about the opportunities open to the business by entering a new investor. Since the transformation of our investment fund into a non-profit foundation, our goal is to support innovative companies in Slovakia through our US Connections program and we do not invest more in companies. Through this transaction, we will be able to provide even greater support to the start-up ecosystem in Slovakia and to help even more young companies realize their potential. "
Legal advice on the transaction was provided by the law firm TaylorWessing .
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