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US-based IT company AtScale to invest $25 mln in Bulgarian office - report

US-based IT company AtScale to invest $25 mln in Bulgarian office - report IT (Author: SeeNews) License: all rights reserved

SOFIA (Bulgaria), June 14 (SeeNews) - US-based data warehouse virtualization company AtScale will invest $25 million (22.2 million euro) in its recently-opened office in Bulgaria's capital Sofia and will look to increase the number of its employees there, Bulgarian media reported. 

The company aims to hire 50 IT specialists in its Sofia office by the end of 2019, local online business media said earlier this week. 

In December 2018, AtScale announced a $50 million Series D round led by Morgan Stanley, half of which will be steered towards its Sofia office.

The decision for the investment comes after a strong start of the year for AtScale, as its net sales revenue grew by 125% in the first quarter of its fiscal year 2019, the company said in a statement published on its website on Wednesday.

The investment in the Bulgarian business of the company comes simultaneously with the launch of the latest version of the software AtScale – 2019.1.

AtScale entered the Bulgarian market through the opening of its office in Sofia in January 2019.

AtScale's clients include JPMorgan Chase, Toyota, Wells Fargo, and GlaxoSmithKline.

($ = 0.8879 euro)