GGEF I has completed the acquisition of a majority stake in Cross Masters. The Czech company, which specializes in data architecture, business intelligence (BI), artificial intelligence (AI), data analytics, and customized product development, previously owned by Jan Hornych, is planning further significant expansion. The combination with the investment fund will enable it to implement its international acquisition strategy and grow at a faster pace than before.

GGEF I specializes in investments in small and medium-sized companies with growth potential, particularly in the Czech Republic and Slovakia. In September, the fund successfully completed the acquisition of a majority stake in Cross Masters, which was founded in 2012 by Jan Hornych.

The company provides consulting, advisory services, and custom IT solutions in the field of data and technology. Cross Masters has been growing at a rate of 20% per year for a long time and currently employs a strong team of 50 consultants, data engineers, and developers, led by CEO Alois Balíček since April of this year.

GGEF I, together with the current owner, will actively support the company’s development activities on the domestic and international markets through the newly established holding company. “We were convinced by the deep expertise of the founder, management, and entire Cross Masters team, as well as the company’s focus on technology consulting based on an understanding of its customers’ business needs. We believe that cooperation with a strong financial partner will accelerate the company’s already dynamic growth, which will enable it to supplement selected acquisitions as needed,” says Marek Hoščálek, partner of the fund, about the transaction.

The current owner, Jan Hornych, plans to continue working at Cross Masters as a strategic consultant and to devote himself to the development of the entire holding company from the position of its director. “The fund’s entry will enable us to realize our long-term vision of creating a strong holding company with an international reach. The expected changes in the market related to the further development of technology bring opportunities for acquisitions of several companies in the industry. I would like to focus primarily on this area, in which I will be working closely with the current CEO, Alois Balíček. During his six months in office, he has brought several positive changes to Cross Masters, and I am confident that under his leadership, the company is on an excellent path to further growth,” says Jan Hornych.

About Cross Masters

The company was founded in 2012 by two founders. In 2018, the company split into two separate companies, one dedicated to developing its own products (Roivenue) and the other (Cross Masters) focused on consulting, advisory services, and the delivery of custom IT and BI solutions, while continuing to develop proprietary products. The company also specializes in the development of data-driven solutions, analysis tools, and the implementation of CRM tools for individual clients.

Transaction advisors

Kinstellar acted as legal advisor and Panaga as financial and tax advisor to GGEF I.

Venture Investors Corporate Finance s.r.o. (VICF) provided transactional and Novalia legal advice to the owner of Cross Masters s.r.o.