November 23 (SeeNews) - Bulgaria's Commission for Protection of Competition (CPC) said that it gave the green light to Sofia-based software developer Sirma Group Holding [BUL:SGH] to acquire local peer Sciant.
A market analysis of the transaction is not required as the combined turnover of the parties to the deal on the Bulgarian market last year did not exceed 25 million levs ($14.4 million/12.8 million euro) and the turnover of the acquired company did not exceed 3 million levs, the CPC said in its decision published last week.
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According to the competition regulator, Sirma Group Holding recorded a turnover of 23.4 million levs on the local market in 2020, while Sciant's turnover amounted to just 119,000 levs.
The decision can be challenged by interested parties before Sofia Region Administrative Court by December 1.
Last week, Sirma Group Holding said that it entered into a definitive agreement to buy 80% of Sciant by acquiring 200,000 shares in the capital of the company.
The contract includes an option for the subsequent acquisition on April 1, 2024 of the remaining 20% in Sciant that Sirma Group Holding does not own, the buyer said back then.
Sofia-headquartered Sciant, founded in 2016, is an IT solutions development partner serving specific industry sectors including travel and hospitality, logistics and transport, finance and banking. The company develops technical solutions including big data and business intelligence, machine learning, and forms robust and compliant integrations and interfaces, for new digital platforms and legacy systems. Sciant also has offices in Bulgaria's Plovdiv and Yambol, as well as Tirana in Albania and Olomouc in the Czech Republic.
Sofia-based Sirma Group Holding, established in 1992, is one of the largest privately-owned Bulgarian IT groups. Sirma specialises in IT technologies and software development, implementation, and system integration. The company accomplished a successful initial public offering in 2015 and was listed on the Bulgarian Stock Exchange (BSE).
As at 15:40 CET on Tuesday, shares in Sirma Group Holding traded flat at a price of 0.456 levs on the floor of the BSE.
(1 euro = 1.95583 levs)