Majority Stake in Bulgarian Software Company Fadata Bought by British Insurance Co, US PE Firm

Business | July 28, 2015, Tuesday // 09:21| Views: | Comments: 0
Bulgaria: Majority Stake in Bulgarian Software Company Fadata Bought by British Insurance Co, US PE Firm

Bulgarian software company Fadata, a leading vendor of software solutions for financial and insurance business, has new owners - UK-based insurance services group Charles Taylor, and The Riverside Company, a global private equity firm.

Riverside and Charles Taylor have acquired an 80% stake in Fadata, with the current management of the software company retaining a 20% stake, according to a media statement of Fadata.

The deal is to be finalized by October 2015.

The press release does not specify the price of the deal.

According to reports of Bulgarian business daily Capital, the Bulgarian company was estimated at EUR 20.4 M.

This is the second-largest deal in Bulgaria’s IT sector after the sale of Bulgarian software developer Telerik to Progress Software for USD 262.5 M in 2014.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article
Tags: software, software development, it sector, Telerik
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria