Romanian software co OVES Enterprise invests 200,000 euro in Silicon Valley office

In the following three years, the market in the U.S. will make up 40% of the company's turnover, OVES said in a press release.

The company's decision to create a new office in Palo Alto is part of its strategy for international growth, which will also include a new location in New York, and expansion to Netherlands and Belgium in the coming months.

By year-end, the company will have invested 500,000 euro in its international expansion process, the release further showed.

Besides the newly inaugurated office in Sillicon Valley, in 2022 OVES has opened four business premises abroad, in Germany, the United Arab Emirates and the United Kingdom.

Currently, the company estimates that its offices abroad produce about 80% of its revenue, with the UK office producing 45% and the two offices in Germany contributing 30%.

"We want to launch other new projects on the defence segment, projects that will find financing and development much easier in the US" said Mihai Filip, CEO of OVES Enterprise.

"It is important that we will be able to be in the same time zone as the customers, that we will be able to access new partnerships that ask for presence in the US, to develop the product area and build an infrastructure to raise financing," Mihai Filip added.

OVES Enterprise is a Cluj-based software development company, which was founded in 2015. OVES has focused on complex software development for the industries such as automotive, eCommerce, fintech, and telecommunications.

The company currently employs 107.

OVES recorded a 14 million lei ($2.89 million/2.83 million euro) turnover in 2021, and expects to double this figure in 2022.

(1 euro=4.9417 lei)