Greek tech company QnR sets its sights on the UAE and Saudi Arabia
Α new regional technology powerhouse that goes beyond Greece’s borders, extending from Central, Eastern and Southeastern Europe to the Middle East and the Arabian Peninsula is the goal of Panagiotis Paschalakis, CEO and co-founder of Quality & Reliability (QnR).
The company’s recent acquisition spree appears to be only the beginning of this new drive, underpinned by an €8.8 million capital increase and the entry of shipping capital into its shareholder base.
The manager and entrepreneur, who has more than three decades of experience in the sector, has drawn up a strategic plan extending to 2030, with the key objective of creating a strong and independent technology platform across the EMEA region (Europe, the Middle East and Africa).
Beyond Greece, the company has already expanded its footprint into three foreign markets — Cyprus, Belgium and Poland — while it is also considering entering the United Arab Emirates, Saudi Arabia and Central and Eastern Europe at a later stage.
Acquisitions are playing a key role in this strategy. However, Paschalakis is looking for specific qualities in potential targets.
“We are looking for investment opportunities that add new capabilities while being operationally integrated into the system,” he said during a recent analyst briefing on the company’s first-half results.
The criteria for selecting the next target can be summed up in four areas: profitable companies with a) annual revenue of €3 million to €15 million, b) specialised capabilities, c) strong management teams and d) a presence in markets that support the listed company’s geographical expansion.
“This internationalisation is our passport to the next stage”
The company’s optimism is also reflected in its financial targets through 2030. Taking a fairly conservative approach that excludes any new investments or acquisitions, Paschalakis is targeting revenue of €52.9 million and EBITDA of €12 million, compared with €21 million and €3.1 million, respectively, in 2025.
Equally important, however, is the quality of this growth. Paschalakis aims to increase the share of revenue generated outside Greece from 10% to 60%, while also raising the share of recurring revenue from 25% to 60%.
The vision, appetite, funding and conditions appear to be in place. The next step for Paschalakis is to turn all of the above into action, building on QnR’s already successful track record during its first phase of growth.
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