September 19 (SeeNews) - Bulgarian software and IT services group Bianor Holding [BUL:BNR] said on Tuesday that it has agreed to acquire local IT infrastructure provider GoToAdmins Group, clinching its third deal for the past six months.
The transaction will see GoToAdmins' current owners take significant shareholdings in Bianor upon closing, the buyer said in a bourse filing, adding it will provide further details on the deal later, due to certain confidential pre-agreed conditions.
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In addition, GoToAdmins will retain its brand, management, strategy and team, and will operate as a standalone entity within the holding, much like Bianor Services and recently acquired Itido and DataBreathe.
GoToAdmins is jointly owned and managed by Stoyan Petkov and Krasimir Kosev, according to the Bulgarian commercial register's website.
Set up in 2009, Sofia-based GoToAdmins provides personalised cloud infrastructure management services and DevOps methodologies with a focus on start-ups and small and mid-sized enterprises (SMEs). It is a partner for Amazon Web Services, Microsoft Azure, Google Cloud and Digital Ocean.
"The deal with GotoAdmins is an important step in the execution of our plan for growth. GotoAdmins specialises in an area which is in great demand and will contribute to increasing the capacity of the group by broadening the range of IT services we offer," Bianor COO Spartak Kabakchiev said.
Earlier this year, Bianor raised 8 million levs ($4.4 million/4.1 million euro) in a capital increase with a view to boosting its non-organic growth through deals for local technology companies.
Last month, the holding announced plans for a stock split and expansion of its management board by three new members.
At 1036 CEST, shares in Bianor were up 10.00% to 22.00 levs, Sofia bourse data showed.
(1 euro = 1.95583 levs)