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Siveco Romania plans acquisition of another 2-3 IT companies in this region

Software company Siveco Romania plans to acquisition this year another 2-3 IT companies in the region, announced on Thursday Siveco Co. CEO Irina Socol, in a press conference.

'Currently, we are in negotiations with some IT companies in the region and most likely we are to announce the acquisition of at least 2-3 companies up to this year-end', stressed Socol. She pointed out that the acquisition of Bulgarian IT company Latona was finalized at the end of January, in exchange of two million euros and another one million euros is going to be invested in this company, in 2008. 'Bulgarian Latona Co. offers products which complete our product portfolio and currently has a number of 50 employees. We plan to double their number up to this year-end, especially with Bulgarian specialists', said Socol. The two companies cooperate since 2003 and jointly run the integrated system of the National Health Insurance Fund in Bulgaria. 'Expansion on foreign markets allows us to replicate successful projects in Romania in countries which present resemblance with business environment in our country, but also to render to good cause the know-how we acquired during complex projects as in the e-learning, e-health, e-business or e-government fields', Siveco president also said. Irina Socol underlined that, even though there were 7-8 acquisition offers for Siveco Romania, currently, the shareholders are not interested in such offers. Software company Siveco Romania posted in 2007 a turnover of 70 million dollars, a jump of 65 percent from 2006, and for 2008 it estimates a surge of at least 20 percent compared to the previous year. Some 40 percent of its revenues were derived from projects run on foreign markets and the remainder on the domestic one. In 2007, Siveco started the implementation of the e-learning platform of the Ministry of Education and Culture in Cyprus and of the American Creativity Academy in Kuweit. As well, Siveco develops a project of computer based allotment into lyceums in Lebanon, an educational portal of the Ministry of Education of the United Arab Emirates and a nationwide e-learning pilot project in the Republic of Moldova. According to IDC, Siveco was ranked in top position in 2007, with a market share of 27.9 percent in the category of system integration services and 18.5 percent in the category of customized applications development. Set up at the beginning of 1992, Siveco Romania SA is leader of the software companies in Romania, covering a great part of the overall volume of software products' exports from Romania to countries in Europe, Middle East and Community of Independent States. Siveco Romania shareholders include Intel Capital, Polish Enterprise Fund V (an investment fund administered by Enterprise Investors), Siveco Netherlands B.V. At present, Siveco solutions are used by 1,800 clients from 35 countries, of which 350 beneficiaries are located in Romania and include both significant public institutions and reference private companies. Sursa: http://www.rompress.ro

Tags: siveco companies romania percent region another acquisition

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