TRUCKING tech platform Eurowag is set to buy Polish software company Inelo for up to €306m (£265m) to strengthen its hold on the country's market.

Prague-based Eurowag said yesterday that an additional €12.5m could be paid to Inelo depending on its performance for the year ending 31 December.

"This strategically important transaction not only brings additional scale to Eurowag, it also takes us significantly closer to achieving our ambition of delivering a fully integrated, digital end-to-end platform for customers in the commercial road transportation sector," chief executive Martin Vohanka said.

The company said the deal would provide an additional 87,000 trucks to Eurowag's network.

The news came as London-listed Eurowag said that its financial results remained in line with management expectations.

Nevertheless, the Czech company remained wary of "elevated risks and uncertainties" as a result of the war in Ukraine's impact on the EU economy. It also announced the departure of chief exec Magdalena Bartos after three years at the helm.

(c) 2022 City A.M., source Newspaper