August 19 (SeeNews) - Romanian provider of custom software development services Fortech Group said that it is acquiring local software developer Zipper Studios for an undisclosed sum.
The transaction is expected to be officiated on September 1, Fortech said in a press release on Wednesday.
You can subscribe to our M&A newsletter here
Through this acquisition, Zipper Studios becomes an integral part of the Fortech Group, enhancing its ability to design and deliver modern software applications, especially for customers in Western Europe and the United States.
"[...] we make sure that the acquisition projects we carry out are naturally anchored to the strategic direction built by Fortech and strengthen our capacity to craft and deliver high-quality software," Fortech vice-president of software engineering Marius Vanca said.
This is the first acquisition signed by Fortech as part of its new growth plan through mergers and acquisitions announced at the beginning of the second half of 2021.
"We strongly believe that this new stage is a step forward for every team member of our team. The opportunities we can access from now on as part of the Fortech team will help us grow to the next level, developing the ideas we started with four years ago," Zipper Studios partner and general manager Filip Marusca said.
Fortech was founded in 2003 by a group of local software engineers and currently operates four development centers and has 900 employees and collaborators in Romania. The group reported a turnover of 33.5 million euro ($41 million) for 2020 and targets a 40 million euro turnover for this year. Fortech's target for the coming years is to achieve an annual increase of turnover of at least 25%.
Cluj-based Zipper Studios was founded 4 years ago and posted a turnover of 400,000 euro last year.
($=0.8552 euro)