January 26 (SeeNews) - Bulgarian software developer Ontotext said on Wednesday it intends to increase its capital by 977,000 levs ($536,000/500,000 euro) through a new share issue which will be subscribed for by its parent company Sirma Group Holding [BUL:SKK].
Ontotext plans to issue 843,030 shares with a nominal value of 1.16 levs each, it said in a press release.
The investment will allow Ontotext to implement its marketing, positioning and development plans, it added.
Ontotext is starting to actively pursue strategic partnerships and to seek a new strategic investor, the company also said.
According to data from the Bulgarian commercial register, Ontotext currently has a registered capital of 15.2 million levs.
Ontotext is a global semantic technology provider that applies artificial intelligence to Big Data management and text analytics. Its core product, GraphDB, helps organisations identify meaning across diverse databases and silos of unstructured data. The company’s clients include Financial Times, BBC, Oxford University Press, Korea Telecom and others.
Sirma Group Holding, founded in 1992 simultaneously in Bulgaria and Canada, employs more than 300 and operates on five continents. The company is active in semantic technology, mobile applications, enterprise resource planning, business intelligence, electronic government, financial and bank services.
(1 euro=1.95583 levs)