The General shareholders’ meeting of Sirma on September 17, 2024, approved the merger of six subsidiaries into the parent company, signalling corporate consolidation. The minutes of the meeting have been published on x3news.com. The Financial Supervision Commission (FSC) also gave its approval for the restructuring in mid-July.
The restructuring involves the following companies: Sirma CI EAD, Sirma Insurtech EAD, Sirma Solutions EAD, Sirma Business Consulting EAD, Sciant EAD, and HRM Solutions EAD. Shareholders have voted on a merger agreement for the six companies. The merger is being executed in line with the resolution of Sirma Group Holding’s board of directors.
This consolidation is aligned with SGH’s growth strategy, which aims to fully integrate the intellectual property, operational and financial activities and the ownership of the Group’s subsidiaries. All companies providing software application and development services are merged into a single entity.
This move will strengthen the subsidiaries’ specialised services within the holding structure and fill the listed company with direct business. Thus, we shall increase cross-sales, hence organic growth, and the foreseen operational optimization shall support our acquiring capacity. This step will also improve transparency in the corporate structure and management for investors.
Once the consolidation process is finalised, the holding will become an operational company in the H2 of 2024. Operational companies are better perceived on the stock market than holding companies, which will positively affect our listing on an international exchange shortly. The strategic goal is to reach close to BGN 100 million in revenue this year and to expand organically further and through acquisitions next year. The company plans to get listed on NASDAQ once it exceeds $100 million in annual revenue.
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