Bulgaria's Sirma Group becomes full owner of Sirma InsurTech

The deal is part of Sirma Group's consolidation strategy, the company said in a bourse filing without disclosing the financial terms of the transaction.

Sirma plans to consolidate all its subsidiaries, excluding those abroad, it said in an earlier statement. The group aims to achieve organic sales growth and expansion through acquisitions, with a target of up to 100 million euro ($107.1 million) in revenue and listing the company on a major world stock exchange by 2026.

In July 2022, Sirma Group acquired a 55% stake in Sirma InsurTech, previously called TBI Info, as well as its subsidiary HRM Solutions.

Founded in 2002, Sirma InsurTech is an IT consulting firm specialising in business management solutions, mobile applications, SAP and INSIS software, according to its LinkedIn page. Its equity capital amounts to 396,000 levs ($216,928/202,471 euro).

As of 1530 CEST on Monday, shares in Sirma Group traded 2.68% lower at 0.725 levs on the Bulgarian Stock Exchange.

($ = 0.9334 euro)