London product engineer boosts European expansion plans with Czech software firm acquisition

A London product engineering and digital services company has announced that it has acquired a Czech software business as it aims for overseas expansion.

CN Group, headquartered in Prague, has been sold to London firm Ciklum by CEE private equity fund Genesis Capital.

The deal will boost Ciklum’s growth plans in the CEE (Central and Eastern Europe) and DACH (Germany, Austria and Switzerland) markets, with 360 CN Group employees joining its 3,500-strong team.

Kulraj Smagh, CEO at Ciklum, commented: “Our companies share a strong culture of transparency, open communication, and excellence.

“Like Ciklum, CN is dedicated to empowering both our people and clients to exceed their potential and pursue extraordinary technology solutions in the fast-changing digital economy.

“Our combined capabilities, values and culture, will allow us to further accelerate our progress towards fulfilling our ambitious goals.”

Michal Širica, CEO of CN Group, said: “CN Group underwent an intense journey of dynamic development over the last 2.5 years, transforming from a founder-based business into a modern and well-diversified IT organisation.

“This would not have been possible without the support of a strong capital partner we found in Genesis Capital.”

“Becoming part of Ciklum is a natural step in our development and I am looking forward to an even brighter future ahead.”