Israeli company acquires 50% of Wizrom

The deal stipulates that Wizrom's current management remains in office and that it must consolidate the company's position on the regional market. The Romanian IT market has increased by more than 15 percent each year, to an estimated value of €1 billion in 2006, according to Onel Software Technologies's CEO, Udi Weintraub. "Romania's population is larger than Israel's, so the growth potential is high," he said.

Wizrom's General Manager, Cristian Udrescu, said negotiations for takeover were led with several interested companies. "From the start we were looking for a strategic investor to support us in opening new business lines and improving our abilities to provide top IT solutions," he said.

The value of contracts Wizrom concluded in 2006 totals $7.5 million (€6 million), some €1.1 million higher year-on-year. For 2007, the company forecasts a 30 percent increase in the value of contracts.

Wizrom's major products are WizCount and WizPro, each accounting for some 30 percent of the contracts' value, according to Wizrom's management.

Onel Software Technologies is one of the top five players on the Israeli IT market, with annual turnover worth some €120 million, 1,100 employees and more than 1,000 clients worldwide. The company provides IT business solutions and applications for data recovery and security.

According to the Israeli media, Onel Software Technologies also took over 66 percent of Bulgarian software company Stanga, for $1.75 million (€1.27 million).

"From the start we were looking for a strategic investor to support us in opening new business lines and improving our abilities to provide top IT solutions Cristian Udrescu General Manager, wizrom