Siveco takes over Bulgarian Latona IT company

The two companies have been collaborating since 2003 on an integrated system for Bulgaria’s National Health Insurance Fund.

“We decided to make this acquisition because the Bulgarian market’s growth potential, estimated at €800 million, is the highest in the region, with Romania. The Bulgarian market is growing 15-20 percent annually,” Siveco Romania’s President and CEO, Irina Socol said.

Latona, founded in 1995, has some 50 employees and posted €1.6 mln in turnover last year. The company is specialized in business software and advisory services.

The acquisition is part of Siveco’s expansion strategy, and its acquisition budget amounts to €10 mln this year. It plans to buy two or three companies, in Romania and abroad by the end of 2008.

Siveco Romania foresees some €57.9 mln worth of business in 2008, 20 percent higher year-on-year. It is hoping to double its market value in the coming three years, Irina Socol said.