SIVECO buys Bulgarian company

SIVECO, the largest software producer on the Romanian market, has paid 2 million euros to completely acquire Latona, a Bulgarian company with which it has previously worked when it integrated an IT system for Bulgaria’s International Health Insurance Fund. “The sum paid for the company’s acquisition is two million euros, a portion of which has been collected by the owners – the Alichkov family, while the other portion has been turned into a loan, in order to uphold the company’s operations. It was a complex transaction, with the sum collected by the former owners being confidential,” said Irina Socol, CEO of SIVECO. Latona, which forecasts turnover worth 3 million euros this year- double on last year, also had investment funds among its shareholders. The overall value of the transaction with Latona was worth 3 million euros, which includes investments worth 1 million euros, scheduled for this year. Socol explained the decision to enter the Bulgarian market through an acquisition because of the high 15-20% growth rate on the Bulgarian IT market, and also because of its close proximity to Romania.