Sirma Group Holds the Leading Position in Revenues Among Bulgarian Software Companies

In 2023, the company plans further revenue expansion, including organic growth and acquisitions

The Bulgarian company Sirma Group Holding ranks eighth in revenue among technology companies in the country and has grown by over 25% to BGN 81.1 million. This position is shown from the Top 100 Technology Companies ranking, part of Capital’s annual report* “K100: The largest companies in Bulgaria”. Sirma Group Holding is also the highest-ranked privately owned Bulgarian company.

This is a strong result at the group level, with all subsidiaries in the Sirma structure reporting remarkable growth for 2022. The year started with global challenges for the IT sector, with many global companies making staff cuts and delays in implementing large-scale IT projects. Despite the global trends, the Bulgarian IT sector reported another year of sustainable growth and still has huge undiscovered potential to be untapped. Sirma is also becoming an increasingly attractive workplace for Bulgarian IT professionals, which, in addition to the good working conditions, is also due to the many exciting international projects we deliver for major foreign companies, cultural institutions and scientific organisations.

“In 2022, we grew over 25%, a sizeable success for Sirma. It was a very strong year (business recovery after COVID); we won many new customers and entered new markets. In 2022 and early 2023, we finalised the deal to sell Sirma AI (dba Ontotext). We also acquired the remaining stake in Sciant JSC, now 100% owned by Sirma. Sciant delivered impressive results in 2022 and has maintained its growth momentum in 2023. We have 140 wonderful professionals joining Sirma, thriving business with global companies and excellent positioning in two strategic verticals - Hospitality and Transportation and Logistics. After completing these transactions, Sirma is refocusing into a service-oriented group,” said Tsvetan Alexiev, CEO of Sirma Group Holding. He adds that the company plans to grow revenue again in 2023, with the holding’s strategy including organic and acquisition growth.

“At the moment, we are carefully selecting potential companies for acquisition, as many of those being offered for sale are struggling with the shrinking IT market. We are looking for established, small businesses with interesting customers, retained sales, and generate a profit. We are looking for synergies in our strategic verticals and technology compatibility. Yes, such companies are more expensive, but this is our strategy”, pointed out Tsvetan Alexiev.

  • Source: © Economedia | The chart presents Bulgaria’s Top 20 IT Companies. The full table is available in Bulgarian only, find out more here.