Bulgaria IT Leader Purchased by Romania's Largest Software Company

Business | March 5, 2008, Wednesday // 00:00| Views: | Comments: 0
Bulgaria: Bulgaria IT Leader Purchased by Romania's Largest Software Company The Executive Director of LATONA Bulgaria Mariya Avramova (left), and the Executive Director of SIVECO Romania Irina Sokol (right) at the signing of the take-over deal on Wednesday. Photo by Yuliana Nikolova (Sofia Photo Agency)

The leading Bulgarian IT firm LATONA Bulgaria was purchased Wednesday by SIVECO Romania, the largest Romanian software company.

SIVECO's investment is the result of its close cooperation with LATONA, which started in 2003. This makes it the first Romanian software company to take over a foreign IT firm.

The deal is seen as resulting from the complete compatibility between SIVECO and LATONA as both companies have had considerable success in the incorporation of the integrated information system for Bulgaria's National Health Insurance Fund.

"This deal boosts the international positions of SIVECO Romania, whose activity is expanding through a number of projects abroad naturally leading to the growth of the company. SIVECO Romania proved its ability to invest in the international market which guaranteed its business expansion in Bulgaria", stated Irina Sokol, the Director of SIVECO Romania.

She explained that the Romanian software leader had varied experience in the public and the banking sector. SIVECO intends to use the practical skills, the good marketing approach, and the understanding of the local conditions of its Bulgarian partner LATONA for the realization of complex IT projects in the southeast European market.

"Though our involvement abroad we are now able to evaluate the experience we have had with eLearning, eHealth, eBusiness, and eGovernment projects. The Bulgarian market provides us with the opportunity to develop large-scale projects", Irina Sokol concluded.

SIVECO Romania, one of the largest system integrators at the Romanian marker, was founded in 1992. It exports software products to the EU, the Middle East and Eastern Europe. Its shareholders are Intel Capital, Polish Enterprise Fund V, and SIVECO Holland B.V.

SIVECO Romania offers efficient EAS solutions, Document Management, Business Intelligence, eLearning, eHealth, eAgriculture, eCustoms, and eBusiness solutions at national and international level. It also specializes in developing complex and large-scale IT projects, and has 1800 customers in 35 countries.

SIVECO Romania is the first Romanian company which received first prize at the world IT championship WSIS. Its educational projects have been approved by the European Commission as "Best Practice".

LATONA Bulgaria was founded in 1995, and has specialized in consulting services for business processes restructuring, project management, efficient manufacturing organization, incorporation of ERP solutions, and professional education.

LATONA also develops its own products for Help Desk, document circulation, E-Commerce, corporative and web-based IT decisions. It is behind the creation of information systems for Bulgarian courts, the Wine Producers Chamber, the Automated Monitoring System for Bulgaria's EU accession negotiation process, the Customs Agency, and the web system of the Bulgarian National Bank.

LATONA is a partner of global leaders in the IT and business consulting such as IDS Scheer, SAP, Autodesk, Oracle, and IBM.

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