Sofia, February 19, 2015.The biggest Bulgarian software and technology company Sirma Group Holding JSC (Sirma) undertakes a new step forward in its business development. The company is preparing for an initial public offering (IPO) on the Bulgarian Stock Exchange.
Sirma is an established regional leader in one of the most advancing sectors in the global economy, and has decided to attract a wider range of investors to become a part of the successful Bulgarian ICT landscape.
“This is a natural next step for Sirma. The company was reorganized into a holding group in 2009, and now seizes the opportunity to raise capital in order to accelerate its growth and local presence in overseas markets. We have many products and technologies in our pipeline, and we are determined to pursue their success on the global market”, said Tsvetan Alexiev, CEO of Sirma Group Holding JSC.
Sirma is one of the largest software groups in Southeast Europe, with a proven track record since 1992. The company has successfully completed hundreds of ICT projects across Europe, USA, Latin America, Asia and Africa. Among their partners and customers are multinational IT giants like Oracle, Microsoft, IBM, Hewlett Packard, Siemens, as well as public and governmental institutions. Among the champion projects of the group are the platforms for dynamic semantic publishing for the BBC’s web portals for the 2010 FIFA World Cup and the 2012 Summer Olympics in London, the Financial Times and AstraZeneca.
On Dec 4, 2014, for the purpose of the initial public offering (IPO), the general assembly of the shareholders of Sirma Group Holding JSC has decided to offer to all potential investors 16 million new shares. The issue price will be determined in the range of 1.20 BGN to 1.65 BGN per share, while the holding share capital will be increased from 49,837,156 to total of 65,837,156.
The IPO manager is the leading brokerage house ELANA Trading which also prepared the prospectus for the public offering. The document is awaiting the approval of the Financial Supervision Commission (FSC).
Miroslav Stoyanov, Director Investment Banking at ELANA Trading said: “Numerous comments from local and international investors indicate the lack of enough quality companies listed on the Bulgarian stock exchange, which can attract their attention. I believe that Sirma, being a part of an extremely perspective industry and possessing a portfolio of champion projects, is such a company. It can provide the initial spark to increase the activity of the investors’ community, and to welcome back the IPO as a desired manner to attract capital for different issuers”.
“Sirma Group Holding” JSC is a holding company with over 23 years of successful history and is one of the largest software groups in Southeast Europe. The group employs more than 300 experienced software professionals who have implemented hundreds of successful projects worldwide. Sirma has gained substantial expertise in some of the most innovative areas of ICT: semantic technologies, mobile applications, ERP (Enterprise Resource Planning), BI (Business Intelligence), financial, banking and payment services, e-government and others. Our successful projects laid the foundation of the long-term customer relationships. Following its visionary mission, our company has focused on the creation of new knowledge enterprises. A few of Sima subsidiaries are among the world leaders in their verticals. The group traditionally launches new innovative companies and has founded its own incubator for technology startups few years ago. Our companies have won many international and national awards, for instance: Sirma Solutions JSC was awarded the Forbes Business Awards 2012 in Business Development category, Ontotext JSC won the Innovation Enterprise Award 2014 in the category Innovation Visionary, the prize of the 3rd#NewsHack2014 contest on the BBC. Sirma Mobile JSC was honoured with the prestigious prize for mobile security SIMagine 2011. Sirma Business Consulting JSC was distinguished twice for the Best ICT Employer for 2014 and 2012. EngView Systems JSC, our subsidiary speciliazing in CAD/CAM software, was awarded with the European Information Technology Prize.
About ELANA Trading:
ELANA Trading JSC is one of the first Bulgarian brokers, and holds a leading position in trading on financial markets and investment banking since 1991. The company is part of the largest institution in the local non-banking financial sector – ELANA Financial Holding. ELANA Trading has managed over 20 public offerings and more than 30 bond issues since 1998. The portfolio of its champion projects comprises the public offerings of Monbat, Enemona, Speedy and others. Since 2002, the company has been working on projects for restructuring and M&A mandated by EBRD. ELANA Trading is the exclusive partner for Bulgaria of the US brokerage Auerbach Grayson since 1998, and a longstanding partner of the European investment bank Saxo Bank. The company has been multi-awarded for “Best Bulgarian Broker of the Year” (2010, 2013 and 2014), as well as for its contribution to the capital market development, honoured by the BSE-Sofia in 2005, 2007 and 2014.
Stefan Kiryakov, Director M&A, Investor Relations
Isabella Oronova, Head of Marketing & Corporate Communications