Bulgaria's Sirma Group becomes sole owner of SirmaBC

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

Sirma plans to consolidate all its subsidiaries, excluding those abroad, it said earlier. The group aims to achieve organic sales growth and expansion through acquisitions, with a target of up to 100 million euro ($108.5 million) in revenue and listing the company on a major world stock exchange by 2026.

Founded in 2007, SirmaBC provides retail, corporate and investment banking system solutions, according to its LinkedIn profile. Its equity capital amounts to 2.54 million levs ($1.4 million/1.3 million euro).

In April, Sirma Group said it purchased the remaining 45% stake in IT consulting unit Sirma InsurTech it did not already own.

As of 1510 CEST on Monday, shares in Sirma Group traded 2.78% lower at 0.875 levs on the Bulgarian Stock Exchange.

($ = 0.9215 euro)