Bulgaria's Bianor buys Digital Lights, Prime to form Wiser Technology

The acquisitions consolidate the companies already part of Bianor, as well as Prime Holding and Digital Lights, under a new brand, Wiser Technology, positioning the group among Europe's leading high-tech software service providers, Bianor Holding said in a press release. Bianor, Prime and Digital Lights' proforma consolidated revenue amounted to 28 million euro last year.

A large portion of the transaction will be implemented as a share swap, making the founders and key investors of Prime Holding and Digital Lights significant shareholders in Wiser Technology.

Wiser Technology will initially maintain the existing operational structures of its subsidiaries while centralising corporate development, finance, marketing and sales. Digital Lights CEO Dimitar Dimitrov and Prime Holding CEO Georgi Sokolov will join Wiser's board of directors, whereas Bianor co-founder and CEO Kosta Jordanov will serve as the group's executive director and remain on its board.

Wiser Technology is focused on the telecommunications, automotive, aerospace, defence and financial sectors, offering technological innovation, domain expertise and engineering excellence, Bianor said.

The merger is supported by local private equity firm BlackPeak Capital, along with institutional investors like Guarantee Fund, Advance Invest and Impulse Growth, who took part in Bianor's 20 million levs ($11.1 million/10.2 million euro) capital increase last month.

Sofia-based Digital Lights was founded in 2018, while Plovdiv-headquartered Prime Holding was established in 2015.

As of 1457 CEST on Wednesday, shares in Bianor traded 6.56% higher at 5.20 levs on the Bulgarian Stock Exchange.

($ = 0.9189 euro)