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Romanian company Siveco takes over Bulgarian IT company for 3 million euro

de A.C.
Joi, 28 februarie 2008, 17:13 English | Business

IT company Siveco Romania has taken over Bulgarian firm IT Latona for 3 million euro and is currently negotiating the purchase of other similar companies by the end of the year, Siveco Executive Director Irina Socol declared on Thursday, quoted by Romanian news agency Mediafax.

Out of the total value of the transaction, the purchase price is actually 2 million euro but the other 1 million euro represents the total investments Siveco plans for the newly bought Bulgarian company.

Socol declared that the Bulgarian market has two main advantages for Siveco: on the one hand, Bulgaria is very close to Romania and the Bulgarian market has a great potential for growth.

Siveco Romania estimates a 20% growth from the 70 million dollars registered last year, to 84 million dollars in 2008. Siveco registered a 65% growth last year as compared to 2006.

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