"The private pension software market is new in Romania. Reforming the pension system will automatically make it necessary for companies dealing with pension fund management, life insurance and financial investment companies to have software solutions dedicated to managing pension funds and product portfolios by the beginning of 2008. We are talking of a rapidly developing market, with a 100 percent increase in sales, compared to last year," Andreea Niculae (photo), Business Development Manager for Financial Services Industry at Siveco Romania, told Business Standard.
So far 11 companies have been authorized for mandatory private pensions and five for optional pensions, according to NewIn. Siveco is currently negociating with several major companies on the market. It recently signed an exclusive partnership for Romania with Comarch, a Polish provider of business IT solutions to strengthen its position as a banking and finance software integrator. "We estimate that some 12 percent of the business will come from pension and asset management solutions," added Andreea Niculae.
Siveco had a total business volume of $42 million in 2006 (some €33.5 million), and the company expects a turnover of $50 million (some €36.2 million) this year. The software developer is one of the first three companies on the business software market in Romania, with SAP and Oracle Romania, according to an International Data Corporation market research study.
Siveco Romania is owned by Siveco Netherlands, which has a 42.2 percent share of the company, Intel Capital and Enterprise Investors, with a 32.5 percent share, and the remaining 25.3 percent owned by the company's management.
