INTERNET CONSULTANCY BIANOR SEEKS MINORITY INVESTOR
January 31, 2002, Thursday // 00:00|
Bulgarian Internet consultancy BIANOR, formerly Framfab Bulgaria, seeks to sell a minority stake to a foreign financial investor after parting with its Swedish mother company Framfab, Reuters reported. Once Europe's biggest Internet consultancy before a tech sector slump brought it to the verge of bankruptcy last year, Framfab sold its only subsidiary in Eastern Europe to the management last September in an attempt to keep afloat. After the buyout, local management, which had held an undisclosed minority stake, acquired full control and renamed the company as BIANOR. The price of the deal was not disclosed. Framfab launched its Bulgarian subsidiary in September 2000. After the parting, BIANOR focused on outsourcing difficult Internet-related software projects. "Company revenue rose by 45 percent in 2001 (from the previous year). This year, we expect the revenue to increase by over 50 percent," Rashev said. Of the total revenue for 2001, between 70 % and 80 % was from outsourcing projects for Western clients.
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