Sirma Group Holding To Acquire the Majority Stake in Romanian IT company Roweb

Sirma Group Holding To Acquire the Majority Stake in Romanian IT company Roweb, Unlocking the Potential for Regional Expansion

21 June 2024, Sofia, Sirma Group Holding JSC, one of the largest software groups in Bulgaria, today announced that it has entered into a definitive agreement and signed a contract initiating the procedure for acquiring a majority stake (51%) in the software development house Roweb Development SRL, Romania. The company specialises in developing complex business applications for the financial, insurance, real estate, recruiting and hospitality sectors.

Upon successfully completing the acquisition process, Roweb Development SRL will officially become a member of the Sirma Group family. This acquisition will increase Sirma Group’s revenues from sales in Romania and the Western hemisphere while complementing the Group’s IT services portfolio.

Roweb and Sirma join forces to provide complete software development services using proven and flexible team augmentation and fully managed outsourcing models. Both companies have accumulated considerable expertise in the financial services industry and have identified significant synergies in new verticals - real estate, recruiting and talent management and hospitality”, said Tsvetan Alexiev, CEO of Sirma Group Holding JSC.

Viorel Costea, CEO of Roweb Development, shared, „Roweb is a software development company with a strong track record of successfully delivering complex projects to clients across Western Europe and North America. Our approach has always been to partner with high-growth companies and get fully integrated into their value chain while consistently overdelivering year after year. We are excited to become part of the Sirma Group family, and we see this as the next logical step in consolidating and expanding on two decades of success and consistent growth.”

According to Sirma Group Holding’s updated corporate strategy, the acquisition is expected to facilitate the Group’s entry into two new vertical markets and geographies. The next acquisition is expected to be from the Nordics region. Sirma has already started initial due diligence.

About Roweb

RoWeb Development SRL is a Romanian software development house established in 2004. The company operates from three offices in Romania, and its development team of 110+ experienced software professionals has implemented projects for clients in 30+ countries. Based on a dedicated team model, Roweb develops scalable business applications delivered via web, desktop, and mobile channels, focusing on user experience, high availability, and security for a number of key clients in well-established and profitable industries.

Contact details: Stanislav Tanushev, Investor Relations Director Stanislav Tanushev

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