Software Company Proxiad Bulgaria Changes Ownership

Leading European private equity firm Gimv has acquired software company Proxiad Bulgaria, the company announced.

Proxiad Group is a French French computer engineering services specializing in new technologies and information systems. Proxiad Bulgaria with offices in Sofia and Plovdiv is nearshore facility of Proxiad Group with over 160 IT professionals.

With this investment achieved through the departure of two of the three founding directors, Gimv became the main shareholder of the company, along with Eric Rozanes and Stéphane Lévy.

They will take over the operational management of the Group and also be investors.

Founded in 1997, Proxiad is a software specialist in new technologies and information systems, and well established in the areas of retail banking, insurance and electronic invoicing. The company achieved a turnover in 2012 of € 31 million. It employs over 600 people and offers one of the best returns in the industry.

Proxiad Bulgaria was founded in 2004 as the Bulgarian subsidiary of the Proxiad Group and is an IT services provider, focused on cost-efficient offshore/nearshore IT engineering and software development.

Proxiad Bulgaria offers a wide range of IT services covering the entire software life cycle. Proxiad Bulgaria offers clients such as Ariba, B-Process, Boursorama & BNP Paribas, the opportunity to successfully design, implement and maintain their IT systems, by externalizing these processes offshore at the Proxiad Bulgaria IT Facility.

Proxiad says its major competitive advantage lies with its service centers in the North West of France and nearshore facility in Bulgaria, which enable it to offer outsourced technical assistance.

Arnaud Leclercq, head of Gimv activities in France, commented:

"Through its platform 'Smart Industries', Gimv will invest in growth companies that create value by improving the productivity of innovative products and services, making them become a leader in their sector."

Stéphane Lévy, Chairman of Proxiad says:

"Our strategy for the coming years revolves around three major axes. One, grow the Paris region, two, further develop the service centers of Lille, Rouen and Bulgaria and expand the infrastructure division systems and networks. Our ambition in 5 years is at least double the turnover and the number of IT professionals. We are confident in achieving this goal."

Gimv is a European investment company with over three decades of experience in private equity and venture capital. Gimv is listed on NYSE Euronext Brussels. Gimv currently manages around 1.8 billion EUR (including third party funds) of investments in 85 portfolio companies, which jointly realise a turnover of more than EUR 6 billion and employ over 28,000 professionals.