SOFIA (Bulgaria), December 29 (SeeNews) - Bulgarian IT company Stanga acquired a stake of 51% in local peer Infoleven for an undisclosed price, Sofia-based media reported.
The remaining 49% of the company will be controlled by its founders Boyko Bodurov and Georgi Stoyanov through the companies Assetissimo and G Stellar, business news daily Capital reported last week.
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Assetissimo and G Stellar hold 33% and 16% in Infoleven, respectively.
Infoleven has a strong presence on the German market, working mainly with clients in the fintech sector.
The companies will work together on some projects but the idea is that each one continues to work in its main field, Cyril Simon, founder and CEO of Stanga, was quoted as saying in the report.
Simon and Bodurov also said that if the companies decide to expand their geographical coverage, they would focus first on the Scandinavian markets.
Stanga recorded a profit of 2.1 million levs ($1.2 million/1.1 million euro) in 2020, on revenues of 14.1 million levs.
Infoleven booked a profit of 350,000 levs and revenue of 2.7 million levs last year. The buyer employs over 100 people, while Infoleven has a team of about 30 people, according to the Capital.bg report.
According to information published on its LinkedIn profile, Stanga, operating under the name Stanga1, is a global provider of professional digital production and software development services. The company was founded in 1999. In 2007, global enterprise One1 became a shareholder in the company, and Stanga assumed the name of Stanga1.
Infoleven, founded in 2015, is a software development company based in Germany and Bulgaria.
(1 euro = 1.95583 levs)