German IT service provider mVise said it has signed a final takeover agreement with the two founders of elastic.io to buy the remaining 10 percent of the shares. Elastic.io is now a 100 percent subsidiary of mVise. The two founders will continue to support the company during the transition period and will ultimately leave the firm in spring or summer 2021.
The company has a long-term transition plan to ensure business continuity at elastic.io. MVise said that the Covid-19 pandemic has increasingly affected investments by customers and partners, impacting order intake in the second half of the year. Sales at the end of this year are decisive to assess the overall result for 2020. The company will publish preliminary figures for 2020 by mid-February. The current development of incoming orders has prompted the supervisory board to start looking for another executive board member. In the future, mVise will be run by three board members, one solely responsible for sales.
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