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A1 Bulgaria closes buy of local STEMO in boost to corporate IT services

A1 Bulgaria closes buy of local STEMO in boost to corporate IT services Image source: A1 Bulgaria.

SOFIA (Bulgaria), August 10 (SeeNews) - A1 Bulgaria, a unit of A1 Telekom Austria Group, said on Wednesday that it has completed the acquisition of the entire share capital of local IT services company STEMO, which will remain a standalone business.

The deal was closed after the parties received approval from Bulgaria's competition authority in July, the buyer said in a press release.

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The acquisition is part of A1 Bulgaria's long-term strategy to bolster its services in the provision of corporate ICT and Internet of Things (IoT) services.

Operating independently, A1 Bulgaria and STEMO will focus on collaborating in the areas of system integration, network solutions, cybersecurity as well as software development and implementation.

The deal price amounted to around 50 million levs ($26.1 million/25.6 million euro), according to industry sources quoted earlier by local business news outlet Capital.

Sofia-based STEMO, founded in 1991, offers a complete portfolio of ICT services such as IT infrastructure development, cloud and managed services, SAP/ERP integration, software development and implementation as well as delivery and maintenance of hardware. It partners with a number of global technology companies, such as Microsoft, Cisco, VMWare, HP, HPE, Dell, Fujitsu, Lenovo, and others.

(1 euro = 1.95583 levs)