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Bulgaria's Bianor buys local software co Bulbera

Dec 11, 2023, 3:12:38 PMArticle by Mihaela Miteva
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December 11 (SeeNews) - Bulgarian software and IT services group Bianor Holding [BUL:BNR] said on Monday that it has acquired local software company Bulbera for an undisclosed amount, marking its fourth deal this year.

Bulgaria's Bianor buys local software co Bulbera
Photo: Bianor Holding

The transaction opens up new opportunities for Bianor to expand its presence beyond the capital Sofia, tapping into Bulbera's teams in the cities of Stara Zagora and Veliko Tarnovo, the buyer said in a press release.

The move will further diversify Bianor's client base and enhance its capabilities and portfolio of services, continuing the group's effort to supplement organic growth with the consolidation of successful Bulgarian software companies.

Bulbera's team will integrate with Bianor's subsidiary ITIDO, aligning with the company's strategy to synergise individual companies and their teams. Bulbera founder and manager Stefan Gospodinov will join ITIDO's engineering teams as vice president of software development.

"I believe that joining Bianor Holding and, in particular, the ITIDO team, will bring many positives to both parties. We are coming in with a team of proven professionals and a significant portfolio of clients and completed projects," Gospodinov said.

Bulbera develops software solutions in healthcare, telecommunications and e-commerce. The company also provides solutions for managing and analysing large datasets and maintaining data storage and processing centres.

Shares in Bianor Holding last traded on December 7 when they closed at 3.70 levs ($2.04/1.89 euro) on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)

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