TotalSoft has 40m euros for expansion to Poland and Turkey

TotalSoft, a domestic software developer and a provider of IT services for companies, is set to expand in Poland and Turkey this year through the acquisition of similar companies, for which it has earmarked between 40 and 60m euros, according to Liviu Dragan, general manager of the company. “We chose Poland and Turkey as they’re witnessing growth. We set an expansion budget of 20-30m euros for each country,” stated Dragan. He also said that in June the company would open an office in Warsaw, Poland, in the wake of an over 100,000-euro investment. “We already have offices in Bulgaria, in Sofia, in Greece, where we have 7 employees, and in Serbia. In June, we’ll open one in Poland, Warsaw, as well,” Dragan said. At present, revenues generated from abroad account for 34% in the company’s total turnover and Dragan expects them to hit a 50% weight by 2014. The Bulgarian office was opened in April and investments will reach 300,000 euros by yearend, a sum set to be amortised through the new contracts sealed by December 2010, according to the company. TotalSoft, a company with 360 employees, expects turnover worth 24m euros this year, from 19.7m euros last year.