12° Nicosia,
24 June, 2024

Facebook entrenching Greece on tech map

Parent company Meta Platforms to acquire homegrown startup and establish subsidiary company

Kathimerini Greece Newsroom

The Facebook parent company, Meta Platforms, Inc, is reportedly in advanced discussions for the establishment of a Greek subsidiary, under whose umbrella international activities that are currently being implemented in other countries can be transferred.

Discussions are also at an advanced stage for the acquisition of Accusonus, Inc, a Greek startup company that develops software for music production/performance and audio repair.

The discussions included...presentations of both the tax and labor framework in Greece, as well as the insurance coverage, benefits and incentives... to attract foreign workers and companies...

Kathimerini understands that Meta Platforms will acquire 100% of Accusonus from its founders and shareholders, Alexandros Tsilfidis, Elias Kokkinis and Michael Tzannes, as well as its other shareholder, Big Pi Ventures, co-founded by Marco Veremis, whose enterprise value is between 70 and 100 million euros.

The agreement is expected to be inked on Friday after a few months of negotiations. Relevant announcements are expected at the beginning of next week.

Meta Platforms will continue Accusonus’ operations in Greece, and in particular in Athens and Patra, where it has offices, but it is based in Massachusetts, US.

It will however also invest to develop the company further so it provides the audio solutions required by the world of virtual reality, or metaverse, developed by the American technology giant. This will ensure that the Greek startup will become an important global backbone of the metaverse.

The term metaverse is the coupling of reality and 3D virtual worlds with a focus on social connection.

Moreover, as early as September, Meta Platforms executives were in contact with the Greek government in order to evaluate the prospect of establishing a subsidiary in Greece and transferring a significant number of their employees from other parts of the world to the country. The talks with the government staff were headed by Alexis Patelis, the chief of Prime Minister Kyriakos Mitsotakis’ financial office.

The discussions included detailed presentations of both the tax and labor framework in Greece, as well as the insurance coverage, benefits and incentives that have already been enacted to attract foreign workers and companies to relocate.

Greece’s success in attracting investments from technology giants such as Microsoft, Amazon Web Services and Digital Realty, which acquired the Greek company Lamda Hellix, played a decisive role in the decisions of Meta Platforms.

Cyprus  |  Greece  |  economy  |  business  |  technology

Business: Latest Articles