Sirma Group Holding acquired 55% of TBI Info

Sirma Group Holding JSC acquired 55% of the company for the development and implementation of technological solutions for business management TBI Info AD and its subsidiary company HRM Solutions AD. With the transaction, TBI Info AD officially becomes a member of Sirma Group.

The history

TBI Info AD is an IT consulting company with 20+ years of experience and presence in the European market. The focus of the company’s activity is consulting, implementation, development, and maintenance of software solutions for business management, cloud systems, and integrated mobile applications.

Established in 2002, as a subsidiary of POK Doverie, part of TBIH Group, after the acquisition of TBIH Group by VIENNA INSURANCE GROUP (VIG). In 2007, it became a subsidiary of VIG. In 2012, TWINFORMATICS acquired 80% of the company, and in 2019, a majority share of 80% of the latter, was purchased by the management, in the person of the executive director of TBI Info AD Julian Maslyankov, and the rest of 20% remained the property of Bulstrad Life.

The company’s track record includes numerous successfully completed projects, most of which are in the finance and insurance domains. TBI Info AD is the only certified representative of Creatio for Bulgaria and the exclusive representative of Surevysparrow for the country. The team has extensive expertise in the implementation and maintenance of flexible and efficient solutions based on the most modern technologies - ERP, CRM, databases(SAP, Oracle, Salesforce, Creatio, Insis, etc.) with which they help companies improve operations, develop and digitize their business successfully.

The company has created a new generation of chatbots intended to support successful sales, marketing, and customer service. TBI Info AD and its subsidiary HRM Solutions AD are the innovators who developed the first officially recognized electronic employment file - the innovative product sHRedy, which digitizes all processes in HR management and operations.

The team of TBI Info AD comprises 40 people at the moment, all of them experienced specialists in business analysis, software architecture, development, and software maintenance. The company’s revenues for 2021 are in the amount of over BGN 3 million.

What comes next

After the acquisition, the name of the company will be changed to Sirma Insurance Solutions JSC. The executive director of TBI Info AD Julian Maslyankov will be the second-largest shareholder in the entity, with a share of 28%, and the remaining shares are distributed among minority shareholders.

In addition to the rebranding, some organizational changes aimed at the better synergy of work processes and integration of the company into the Sirma Group, are on the way. Companies will benefit from access to the common resources for their administrative, sales, HR, and other activities.

Thanks to this transaction, we will expand our rich portfolio of software services in the insurance sector. We believe that this will open up a lot of opportunities for us to develop and reach new customers, both in the country and internationally, said Tsvetan Alexiev, CEO of Sirma Group Holding JSC.

Sirma Insurance Solutions JSC will be in charge of efforts in several directions, revealed Julian Maslyankov, who will be part of the Board of Directors and the main representative of the company:

First of all, our extremely large experience in the field of insurance, development, and implementation of business solutions pushes us to the next step - to provide access to the know-how accumulated over 20 years to all companies in the field of insurance. Our goal is, based on the no-code platform Creatio, to provide the market with our own product which targets all companies in the insurance industry - insurance companies, banks, brokers, and assistance companies.

The solution we will develop is extremely flexible and can be easily and effectively implemented in any company, in any country, regardless of regulations. An integral part of the innovative product is the directly integrated CRM functionalities for marketing, sales, customer service, etc., thanks to which the customer will receive an end-to-end business management product.

The application, which will bear the name Sirma Insurance, was exclusively presented by Julian Maslyankov to an international audience at the end of May, during the Days without Code, an event organized by Creatio in Chicago, USA. There is already interest in the product from major companies in Guatemala, Dubai, Slovakia, and Australia. By the end of July this year, it is yet to be officially included for download and licensing in Creatio’s official app market - Creatio Marketplace.

The other direction in which we will work hard is the wider integration of the shared electronic employment file, developed by HRM Solutions AD. To date, more than 6,000 employees are administered using the innovative product, which digitizes all processes in the HR sphere. Our goal is to reach 10,000 by the end of the year, and 20,000 by the end of 2023, revealed Maslyankov.

Technology innovations and a better understanding of our customers always are the top priorities for us

The team constantly aims to develop and improve the products it offers to our customers, to meet their individual needs. We add and develop additional functionalities and integrate solutions with other platforms and software products. Furthermore, we understand that our clients need a 360-degree assessment of employees. Therefore, we utilize the SurveySparrow platform, which combines the power of surveys, automation, feedback, and reputation management.

The additional integrations help businesses improve experiences at every touchpoint with the customer, employee, or product. The solution, which we can fully integrate into our products, also provides tools for automated feedback collection on multiple channels (web, chat, even offline). It creates questionnaires and prepares summaries results according to established methodologies, as well as monitoring employees and users, through a tracking function of the user loyalty index (NPS), thanks to which companies better understand the sentiments of their employees and customers.