Bulgaria's Sirma Group to sell remaining minority stake in AI unit

Potential buyers are the European Bank for Reconstruction and Development, Hungarian company OTX-Partner Korlatolf Felelossegu Tarsasag and Sirma Group’s board member Atanas Kostadinov Kiryakov, the company said in a bourse filing.

According to the statement, the EBRD could buy 1.18 million shares in Sirma AI. OTX-Partner is seeking to purchase 338,946 shares and Kiryakov may acquire the remaining 16,333 shares.

The potential deal is subject to approval by Sirma Group’s shareholders. It is expected to be completed by March 31, 2023.

In September, Sirma Group sold a majority stake in Sirma AI to Luxembourg-based New Frontier Technology Invest SARL, part of investment firm Integral Venture Partners. The price of the deal was 19.5 million euro, of which Sirma Group received 6.6 million euro. The remaining part was paid to subsidiaries Sirma Solutions and Ontotext.

Sirma AI provides AI-based technology services for clients such as S&P, the Financial Times, Johnson Controls, automobile conglomerate Stellantis, BBC and the British parliament.

($ = 0.94126 euro)