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Bulgaria's Sirma to acquire 51% of Romania's Roweb Development

Jun 21, 2024, 11:20:32 AMArticle by Mihaela Miteva
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June 21 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SGH] said on Friday that it has agreed to acquire a 51% stake in Romanian software development company Roweb Development.

Bulgaria's Sirma to acquire 51% of Romania's Roweb Development
Photo credits: Shutterstock

The acquisition will boost Sirma Group's sales revenue in Romania and the Western hemisphere while complementing its IT services portfolio, the buyer said in a statement, without disclosing the financial terms of the deal.

“RoWeb and Sirma join forces to provide complete software development services using proven and flexible team augmentation and fully managed outsourcing models. Both companies have accumulated considerable expertise in the financial services industry and have identified significant synergies in new verticals - real estate, recruiting and talent management and hospitality,” Sirma Group CEO Tsvetan Alexiev said.

The deal is expected to facilitate the group’s entry into two new vertical markets and geographies, according to Sirma’s updated corporate strategy. The next acquisition is expected to be in the Nordics region, with Sirma having already started initial due diligence.

Founded in 2004, Roweb Development specialises in developing complex business applications for the financial, insurance, real estate, recruiting and hospitality sectors. The company operates three offices in Romania and its development team of over 110 software professionals has implemented projects for clients in more than 30 countries.

As of 1000 CEST on Friday, shares in Sirma Group traded 3.13% higher at 0.99 levs ($0.54/0.51 euro) on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)

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