The last weekend of September was filled with inspiration and collaboration. All Sirma team members and management contributed to the fantastic and joyful atmosphere during the annual team-building. The event was held in Starosel and provided the perfect setting for important news announcements regarding corporate consolidation and management’s strategic plans for the company’s development. Set against the picturesque backdrop of Sredna Gora, our teams from around the world gathered to celebrate our achievements and dream boldly about the future.
Tsvetan Alexiev, CEO of Sirma Group, presented the new corporate structure and his vision for the company’s development at the Strategic Roundtable during the annual team building.
A new chapter in Sirma’s journey
Sirma has undertaken the required actions toward its major corporate restructuring since the middle of 2023, and the new structure reflects organizational changes that will strengthen our global footprint, operations and offerings. In the first half of the year, it was announced that all necessary steps had been accomplished to implement organizational and legal changes concerning consolidating Sirma’s leading service companies into one entity. This strategic move demonstrates our unwavering commitment to growth, innovation and delivering exceptional customer value.
The CEO’s Vision for the Future
During the team event, all business and sales representatives gathered for a Strategic Roundtable, where our CEO, Tsvetan Alexiev, outlined the compelling reasons behind this restructuring. He emphasised the synergistic benefits of combining our expertise and resources, enabling us to deliver even more comprehensive and impactful solutions to our clients.
Tsvetan Alexiev also shared his ambitious goals for the coming years, and the whole management will be committed to:
- Overcoming integration challenges: Successfully merging diverse teams and cultures into a cohesive unit.
- Optimizing operations: Streamlining processes, reducing redundancies, and enhancing efficiency.
- Leveraging synergies: Identifying and capitalizing on opportunities for collaboration and shared resources across business lines.
To fulfil this agenda, many vital actions have to be undertaken:
- Achieve smooth and streamlined operations: Ensure a seamless transition to the new corporate structure and optimize internal processes.
- Define and enhance different processes: Establish clear guidelines and workflows for HR, sales, marketing, administrative, and delivery functions.
- Streamline synergies between business lines and units: Foster collaboration and knowledge sharing across teams to maximize efficiency and innovation.
- Continue growing organically and through acquiring new companies: Expand our market presence and capabilities through internal growth and strategic acquisitions.
- Increase profitability and enter new markets: Enhance our financial performance and explore opportunities for expansion into new geographic regions and industries.
- Double list on the Frankfurt Stock Exchange (FSE): We aim to achieve a dual listing on the FSE to expand our investor base and access international capital markets.
- Share price to become above 1 EUR: The company will focus on increasing the value of our shares to attract more investors and enhance our market capitalization.
By successfully achieving these short-term goals, we will lay a strong foundation for long-term sustainable growth and create significant value for our shareholders, employees, and clients.
Introducing the New Organizational Structure
The CEO introduced the new company structure and the SVPs who will lead our target industry verticals. The new corporate structure optimises the company’s operations and aligns the teams with strategic objectives. While most SVPs are well-known C-level executives from the holding’s subsidiaries, there are also some new members. Each SVP presented their team, vision, and short-term goals.
Tsvetomir Doskov, SVP of Financial Industry, presented the changes in its vertical, in which Sirma offers IT and business consulting, innovative software solutions, and fintech applications, as well as technical teams that have gained in-depth know-how in software solutions for the banking industry, regulatory compliance, and the overall digitalisation of the sector.
Galina Koleva, SVP of Insurance, elaborated on the new strategy for growing the Insurtech vertical and the updated vision for product development, market penetration, and regional expansion strategies. The main objectives include building a robust business development program, increasing leads, driving revenue growth, and expanding market share in Bulgaria and neighbouring countries in Southeastern and Central Eastern Europe. His team will focus on product and service diversification through strategic alliances and improve processes for efficiency and effectiveness.
Rumyana Stoykova, SVP of Travel and Hospitality, spoke about the strategy for navigating the customers through the complexities of travel and hospitality, delivering winning approaches for technical growth and development. Sirma’s offering includes developing solutions, system integration services, and technology modernization in the field. This vertical also encompasses managed Interface Services, Data Analytics and Data Migration, and consulting services, all of which aim to utilize innovative technologies to enhance and maximise the value of customer legacy systems.
Angel Mitev, SVP of Transport and Logistics, outlined the range of services and products offered in this vertical, including consultancy, development of modules and customisations, integration with carriers for delivery management automation, implementation & integration of Cargo Wise One Registry, workflow setups, integrations using Native CW1 capabilities, data & AI for advanced analytics and predictions, custom development of modern solutions, continuous development and support of systems, and dynamic rating and pricing solutions integrated with advanced AI and ML techniques.
Dejan Nenov, SVP of Healthcare, presented the challenges technology providers face in the healthcare domain. He highlighted Sirma’s unique approach and winning strategy to gain prospects within this challenging market. He outlined the business development opportunities, which include patient phenotype and genetic profile management, laboratory LIMS systems, healthcare management, EMR/EHR systems and integration, IHE interoperability profiles, insurance claim processing, diagnostics imaging, bio-feedback treatment, bioinformatics, diagnostics and drug discovery, and biobank systems.
Georgi Marinov, SVP of Manufacturing, discussed the company’s ambitious goal to become a leading force in the packaging CAD/CAM, web-to-pack, and aluminium/plastic extrusion profile measurement markets. They plan to enter new niche markets and establish strategic partnerships to achieve this. This vertical encompasses packaging design, production, and metrology for various industries, including manufacturing, medical, and energy. The product development roadmap includes the creation of innovative and disruptive products.
Besides the main verticals, Sirma’s horizontal specialisation includes cross-industry services such as system integration, BPO, and software development services. The cross-industry specialization involves collaborations between teams serving critical sectors in Bulgaria, such as the financial and insurance sector, healthcare, and government entities. Two more units have been added— the Sirma incubator and labs, as well as the International sales unit.
Rosen Marinov is SVP of System Integration and BPO at Sirma. Under his leadership, Sirma has established partnerships with major hardware, software, cybersecurity, and cloud vendors. As cybersecurity as a service is part of cross-industry solutions, the collaboration with the dedicated units has been noted. His team has completed significant IT infrastructure projects, digitalisation, and cloud migration. The core services offered include tailored PC and device delivery or rental for hybrid work models, system integration services for expertise and client/vendor expansion, and cloud migration.
Momchill Zarev is the Chief Growth Officer and Senior Vice President of Services. In this role, he leads International Sales and Cross-Industry and oversees all business growth activities across our strategic verticals. Momchill’s main objectives include developing an integrated growth strategy for the entire organisation, identifying opportunities in target markets, expanding within the current client base, and establishing new verticals within the group. Additionally, he is tasked with supporting existing verticals by allocating resources and creating opportunities.
Fabrice Gouttebroze, Senior Vice President of the International Sales Unit, leads the international sales team to align with the group strategy, accelerate growth, and maintain profitability. He oversees development in the UK and Ireland and has helped establish Sirma’s presence on the Temenos Exchange Ecosystem, making our financial innovations readily available to banks worldwide. His effective leadership has led to the development of key strategic accounts with various European banking groups and the establishment of strategic partnerships with integrators.
Nikolay Kondikov, SVP of Incubator and Labs, will lead this R&D Unit dedicated to fostering innovation and growth. This centre serves as a platform for developing new products and solutions, testing ideas on a smaller scale, conducting research and development, exploring new markets, and creating intellectual property. By focusing on cutting-edge technologies like AI and IoT and building prototypes, the I&L aims to drive competitive advantage and generate new revenue streams through technology licensing and spin-off ventures. Additionally, the centre acts as a bridge for attracting venture capital investments, providing the necessary resources to support the growth and commercialization of innovative projects.
Benefits of the Merger for All Stakeholders
Tsvetan Alexiev outlined the rationale behind this merger of our six services companies into a single technology company, which offers significant benefits for all stakeholders:
For Shareholders:
- Increased Value: A larger, more diversified company usually leads to increased market capitalisation and higher stock prices.
- Reduced Risk: Diversification across multiple business lines can mitigate risks associated with fluctuations in any single market.
- Enhanced Financial Performance: The merger’s synergies and economies of scale can improve profitability and returns on investment.
For Employees:
- Career Opportunities: The bigger company provides greater opportunities for career advancement, professional development, and exposure to diverse roles and projects.
- Job Security: A stronger, more competitive entity may be better positioned to weather economic downturns and maintain job security.
- Enhanced Benefits: A larger company may be able to offer more comprehensive benefits packages, such as health insurance, retirement plans, and employee assistance programs.
For Customers:
- Expanded Product and Service Offerings: A united entity can leverage each company’s strengths to provide a broader range of products and services.
- Improved Customer Support: A larger company offers extended access to resources to invest in customer support, leading to improved service quality and responsiveness.
- Lower Costs: Synergies and economies of scale can lower customer prices.
For the Community:
- Economic Growth: A larger technology company can contribute to local economic growth by creating jobs, attracting investment, and stimulating innovation.
- Technological Advancement: The merger can accelerate technological advancements and innovation, benefiting society.
- Corporate Social Responsibility: A larger company may have more significant resources to invest in corporate social responsibility initiatives, such as environmental protection, education, and community development.
In his final words, Mr Alexieev noted that while the merger offers significant benefits, challenges and risks may also be involved. To ensure that the Sirma team completes the merger successfully, we all have to work as a well-oiled machine, striving to utilize synergies, consider cost savings, and overcome integration challenges. Therefore, all managers and their teams must be dedicated to achieving and exceeding their goals and KPIs, fostering a high-performance culture and ensuring team development.
A Bright Future Ahead
As we embark on this new chapter in our company’s history, we are confident in achieving our ambitious goals. Together, the Sirma team and leadership will lead the way in our industry with our talented people, strong partnerships, and innovative spirit.
