October 18 (SeeNews) - Sciant, an independent subsidiary of Bulgarian software developer Sirma Group Holding [BUL:SGH], said on Tuesday that it has acquired Albanian IT company ReSolutions with the aim of accelerating long-term company growth.
The buyer did not reveal the financial parameters of the transaction in its emailed statement.
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The transaction is the natural outcome of a strategic partnership between the two companies, which began in July 2021.
Over the past year, Tirana-based ReSolutions established an office and hired 30 software engineers to collaborate with Sciant's Bulgarian team on the three industries on which the acquiring company focuses -- transportation and logistics, travel and hospitality, and fintech.
The Albanian team works exclusively on projects by Sciant, a spokesperson for the Bulgarian company told SeeNews over the phone. Scient has a headcount of over 130 in Bulgaria. The company representative did not comment on concrete plans for expansion through both further acquisitions or talent hires, but said that expansion in the Balkans and elsewhere in Europe is definitely in Sciant's future development plans.
Founded in 2016, Sofia-based Sciant builds proprietary IT solutions, working on big data, business intelligence, machine learning and blockchain technologies. With other offices in Plovdiv and Yambol in Bulgaria as well as the Albanian capital, it provides integrations and interfaces for new digital platforms and legacy systems. The company's global client portfolio, which spans Europe, Asia and America, includes DHL, Oracle, New York-listed companies Shift4 and Avalara, NASDAQ-listed online short-term rental platform Sonder, UK supply chain specialist Ligentia, Dutch hospitality software firm Oaky and UK revenue optimisation platform Pace Revenue.
Sirma Group bought a majority stake of 80% in Sciant in November 2021.
Sciant aims to increase its staff numbers by 30% in 2022 and to continue its build–operate–transfer (BOT) partnership model with ReSolutions, according to Sirma Group's third-quarter financial report issued in August. The company intends to open new offices in other non-EU countries so as to overcome the challenges of sourcing talent which is a hindrance to further growth, Sirma said at the time.