SIVECO Romania acquires the Bulgarian company Latona, consolidating its regionally position | SIVECO Romania

SIVECO Romania acquires the Bulgarian company Latona, consolidating its regionally position

Thursday, February 28, 2008

Bucharest, 28th of February 2008 – SIVECO Romania, the most important software house from Romania and one of the major regional applications integrator, announces the investment made in Latona, an important player on the Bulgarian IT market.

This investment represents the result of a strong collaboration started in 2003 between the two companies and concludes in the integral acquisition of the Bulgarian party by SIVECO Romania.

The investment made in Latona Bulgaria is mostly based on the similarities that occur between the two companies. Furthermore, they also marked together an important achievement, namely the project for implementation of the integrated information system for the Bulgarian National Health Insurance Fund.

Founded in 1995, Latona is now one of the top companies in IT and business consultancy on the Bulgarian market. The company had a constant good evolution during the years, through its team, know-how, projects and revenues, improving its specialized offer in business software solutions including ERP, CRM, but also in IT and business consultancy services, software development and web services.

“For the next years, SIVECO Romania has designed a competitive business strategy in order to evolve to the statute of regional leader in software integration. This first acquisition consolidates SIVECO’s international activity– that became increasingly visible lately through external projects. This acquisition comes as a natural consequence of the company’s regional development. SIVECO proves the capacity to invest in an external market, building a strong  local presence and, consequently, assuring the growth of its business from Bulgaria”, declares Irina Socol, President&CEO SIVECO Romania.

According to market specialists, the Bulgarian market is positively influenced by the recent UE accession and by the privatizations that occurred beginning with year 2006. If this positive trend is maintained, perspectives will optimistically develop: the public administration will be able to initiate large projects based on funds drawn from World Bank or PHARE programs. The biggest investments in IT are estimated to come from utilities, manufacturing, public administrations and banking sectors, similar to the Romanian market. 

In all of these economical sectors, SIVECO Romania holds a valuable expertise, which it intends to bring in the Bulgarian business environment with the help of Latona company. The expertise of the Bulgarian colleagues in similar projects, a good market approach and the understanding of the cultural specificities, including the language, will contribute to sustain further development and initiation of complex IT projects, both on the Bulgarian market as on the South-Eastern European one as well.

“The replication of the successful projects from Romania in countries that have business characteristics similar with the ones in our country allows us to value the know-how gained through complex eLearning, eHealth, eBusiness, eGovernment projects. The Bulgarian market offers us the possibility to develop – together with Latona, now part of the SIVECO “family” – large projects, with major impact over the international business environment, capable of enriching it with high added-value”, declares Irina Socol, President&CEO, SIVECO Romania.