Bulgaria's Sensika plans to go public to spur Middle East expansion

The planned public listing on the BEAM segment will help Sensika achieve a leading position on its core market, the Middle East, a company co-founder told SeeNews in an emailed statement, declining to provide specifics on the timeline of the IPO.

Last week, Bulgarian investment firm HR Capital [BUL:HRC], also listed on the BEAM segment, made an unspecified investment in Sensika Technologies, a bourse filing showed.

Sensika generated a turnover of 3 million levs ($1.6 million/1.5 million euro) in 2022, according to the filing.

HR Capital's investment is part of a pre-IPO round, which Sensika undertook as a prelude to its planned public listing, the company co-founder said without elaborating. The companies participating in the pre-IPO round have the option to subscribe for shares at a negotiated discount on the valuation announced at the time of the listing.

In Western and Central Europe, Sensika mainly offers disinformation tracking solutions. Both the product and the market are still in the early stages of development, the company official also said.

Sensika Technologies was established in Sofia in 2012. It offers an AI-enabled software platform for real-time media monitoring and advanced data analytics to assist clients in identifying the sources of dissemination of false narratives and act based on informed decisions. Among the company's clients are Samsung, Carlsberg, Nestle Group, Publicis and Saudi Aramco.

In 2021, Sensika secured a 50,000 euro ($52,730) loan from a minority shareholder, Bulgarian venture capital firm Eleven Capital [BUL:11C], to help develop its business plan.

(1 euro = 1.95583 levs)