November 24 (SeeNews) - Romanian IT and digital marketing company Zitec said on Tuesday that it has acquired local software developer Under Development Office (Udev) for an undisclosed sum.
The acquisition will help Zitec expand its client portfolio and grow its team, the company said in a press release.
You can subscribe to our M&A newsletter here
"Taking over the Under Development Office team will help us accelerate our capabilities to develop mobile solutions, but also to expand our range of services in the area of blockchain development, where Udev has extensive global market expertise and where we anticipate interesting projects in the next period," Zitec CEO and founding partner Alexandru Lapusan said.
Under Development Office posted sales of over 1.5 million euro ($1.78 million) in the last three years.
"After almost ten years in which we learned how to build value for customers in the European mobile and blockchain development markets, we joined Zitec's team in full form, so that together we can offer customers a full range of digital services and support people and their organizations to start or accelerate their digital transformation processes," Under Development Office CEO and founding partner Iulian Oprea said.
Under Development Office was founded in 2011 by local entrepreneurs Iulian Oprea, Stefan Gergely and Dan Cernau. The company has so far completed over 100 projects that include the design and development of web and mobile applications for customers such as Carrefour, BRD, Medicover, Transavia, Auchan or Gibraltar Blockchain Exchange.
Zitec offers a complete range of services which includes IT consulting, planning and developing web projects, SEO optimization and performance marketing. The company was founded in 2003 and has offices in Bucharest and Brasov.
Its turnover rose by 34% year-on-year in 2019, reaching 7 million euro. For 2020, the company estimates a 10 million euro turnover.
In September 2019, Zitec took over the teams and portfolios of local web-design, e-commerce, software development and digital marketing agencies Bright and Symbolic. In 2016, Zitec took over local peers Inotec and Cloud Bit.
($=0.8416 euro)