April 7 (SeeNews) - Romanian IT company AROBS Transilvania Software said on Thursday it is buying Enea Services Romania, owned by Swedish information technology group Enea AB, for 17.9 million euro ($19.53 million).
Through this transaction, AROBS will strengthen its software services business line by integrating approximately 160 employees into the group, it said in a press release.
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AROBS will also boost its presence in Romania and the U.S., and will grow its customer base across Europe and the U.S.
In order to carry out the transaction, AROBS will use part of the capital raised from investors on the Bucharest Stock Exchange during the private placement of its shares last year as well as bank financing. The company raised 74.2 million lei ($17.5 million/ 15.1 million euro) in the private placement which took place in October 2021.
"We are on our way to strengthening our software development expertise, especially in embedded technologies and enterprise solutions, and expanding in our key markets by carrying-out M&A transactions," AROBS founder and CEO Voicu Oprean said.
Enea Services Romania is wholly owned by Enea Software AB whose parent company Enea AB is listed on Nasdaq Stockholm in Sweden. With total net sales of approximately 12 million euro in 2021, Enea Romania provides a mix of full-scope services, including software design and architecture, development, porting, integration, validation, and quality assurance, with expertise in embedded software and outsourced R&D, in a variety of fields such as medical, maritime and embedded devices.
Founded in 1998, AROBS Transilvania Software is present in seven locations in Romania and as many abroad.
In November, AROBS announced that it is acquiring local custom software development and outsourcing company Berg Software for an undisclosed sum.
AROBS shares traded 1.54% higher at 1.98 lei on the Bucharest Stock Exchange at 1059 CET.
(1 euro=4.9447 lei)