November 7 (SeeNews) - Bulgaria’s competition authority said it approved the takeover of local software engineering services firm Musala Soft by Czech sector player Aricoma Group.
The Commission on Protection of Competition concluded that the transaction would not affect significantly the competition on the market of IT services, the regulator said in a decision published last week.
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Aricoma agreed to buy Musala Soft in August in a deal expected to take its consolidated turnover to over 400 million euro ($399.96 million). The transaction, whose price was not disclosed, covers all four subsidiaries of Musala Soft, including affiliates in North Macedonia, Egypt and Kosovo. Basically, the deal is expected to bolster Aricoma’s presence in Southeast Europe (SEE).
Founded in 2000, Musala Soft offers services in IT consulting, analysis, design, development, testing, implementation, integration and maintenance. It employs some 750 staff in Bulgaria, Northern Macedonia, Egypt, Kosovo and Albania. The company's client portfolio includes IBM, SAP, VMware, Deutsche Telecom, A1, Generali, Canaccord, Experian, Procredit Bank, Bosch, KPMG, PerkinElmer, Siemens Energy and the Financial Times.
Aricoma Group is backed by KKCG, an investment firm managed by Czech entrepreneur Karel Komarek. KKCG, valued at over 9 billion euro, has investments in 33 countries in industries spanning entertainment, energy, IT technologies and real estate.
($ = 1.0007 euro)