One of the biggest Bulgarian software developers, Sirma Group Holding AD, is preparing an initial public offering (IPO) and an ensuing listing on the Bulgarian Stock Exchange (BSE-Sofia). Tsvetan Aleksiev, CEO of Sirma Group Holding, described the IPO as a natural step in the development of the company, adding that it would be an opportunity to raise fresh capital, fast-track growth, and increase their presence on overseas markets. The company seeks to raise its capital to BGN 65 837 156 from the current rate of BGN 49 837 156, according to a media statement. Sirma Group Holding is to offer investors 16 million new shares at an issue price of BGN 1.20-1.65 per share. Bulgarian brokerage Elana Trading is manager of the IPO. The IPO prospectus is to be approved by Bulgaria’s Financial Supervision Commission.
Source: money.bg (20.02.2015)

Bulgarian IT Company makes software for Top American museum Bulgarian technology company Sirma ITT, a part of Sirma Group Holding has implemented a new documentation system, joint work and administration of processes connected to restoration of artworks at the National Gallery of Art in Washington and New York's famous Metropolitan Museum. The program is entirely Internet-based and is part of the Sirma Enterprise Integration & Collaboration Platform. It is called Conservation Space - a technical platform developed by Sirma ITT and will be further implemented in other leading museums across Europe and the USA. Sirma won the bidding on the USD 2 M project at an international contest back in 2013 in a partnership with Ontotext. The program is entirely Internet-based and is part of the Sirma Enterprise Integration & Collaboration Platform. The purpose of the system is to allow restoration workers across the globe to better cooperate, submit and use detailed information such as HD photographs, X-ray shots, scientific research and publications, expert opinions as well as general information. Thus, the cost of restoration procedures that could often reach as high as tens of millions of dollars, can be reduced to negligible amounts. After its official launch as a cloud service in the beginning of 2016, the system will also be made available to Bulgarian museums, in cooperation with the Ministry of Culture.
Source: money.bg (20.03.2015)

Commission for financial supervision returned Sirma’s Ipo Commission for financial supervision gave software company Sirma group holding’s initial public offering and a one-month’s time for correction. According to the regulator there are missing information and inconsistencies in the document that help investors to make their decision whether to buy from the papers of the company. Besides this, rendering of more information and additional papers is also necessary. Sirma plans to become a public company 23 years after its founding via procedure for capital increase. Sirma is among the influential sotware groups in Southeast Europe with hundreds of competed projects around the world. Investors on the Bulgarian stock exchange may become investors in the company if they save the offered 16 million new shares. The price range in which placement of securities is prepared is between BGM i 1.20 - 1.65 per share.
Source: Capital (31.03.2015)

More deals and foreign owners in Bulgaria After 4-5 years of shrinkages and withdrawal of foreign investors, the mergers and acquisitions market in Bulgaria is timidly changing. The first small optimistic signs from 2014 have gradually continued in 2015. Since the beginning of the year the market marked around 20 deals on the background of a total of 69 throughout 2014. “The first quarter of 2015 is certainly one of the strongest first quarters in terms of mergers and acquisitions for a long while not only concerning scale, but also deal quality,” noted Yulian Gikov, CEO of Raiffeisen Investment. Events around Corporate Commercial Bank (CorpBank) provide ground for changes in the ownership of companies in the orbit of the financial institution, for example telecom leader Bulgarian Telecommunications Company (BTC). Atanas Bangachev, Partner at CMS Cameron McKenna LLP - Bulgaria branch, noted that there was interest towards the financial services sector, providing an example with the preliminary agreement of Industrial Holding Doverie over Tokuda Bank. The deal is awaiting the Bulgarian National Bank (BNB)’s approval. Among the deals mentioned is the sale of 32.73% of Bulgarian American Credit Bank (BACB) by Gramercy Select Master Fund to LTBI Holdings LLC against EUR 17.73 million. They are connected companies.
Source: Capital (20.04.2015)

Ontotext reported a growth in revenue in the US market amounted to 62% in 2014. After expanding the team of Ontotext USA in 2014, the US became the fastest-growing market for Ontotext with revenues less than $ 1 million. In North America Ontotext has significant increase in revenue in several sectors: health, financial information agencies, public sector, media and cultural heritage. In 2015, the company expects to increase revenues by over 100%. “Ontotext redouble its efforts in the US in 2014 and continues to grow and this year,” said Tony Agresta, managing director of Ontotext US. “We increased our investments in sales, marketing, partnerships and development of our technological solutions as our customers and business opportunities increased dramatically.” He added. Ontotext offers a range of semantic technologies, including database GraphDB, which can be integrated into applications to extract information from text mining. One of the projects that implement Ontotext technologies in the US is realized by another company Sirma Group – Sirma ITT creates software system for the National Gallery of the United States. Is a system to document collaboration and management processes of restoration of works of art, named Conservation Space. Another character client Ontotext is a publishing house John Wiley & Sons, which uses GraphDB management publications. “We see a positive market development. The growth in the volume of unstructured data and progress in semantic technologies lead to more widespread use of the latter. Today’s leading companies understand that huge volumes of structured and unstructured data can be semantically indexed for improved detection, analysis and reuse. “Added Tony Agresta.
Source: investor.bg (22.04.2015)

Bulgaria's Sirma Group gets regulatory approval for IPO, expects to debut on Sofia bourse Bulgarian software developer Sirma Group Holding said on Wednesday it has obtained approval from the country's financial regulator for its initial public offering (IPO) prospectus and expects to debut on the Sofia bourse in early September. The company will offer investors a total of 18,491,858 shares, of which 16,000,000 new shares and 2,491,858 existing ones, with a nominal value of BGN 1 each, Sirma Group said in a press release. The IPO will be considered successful if at least 8 million shares with an issue price between BGN 1.2 - 1.65 each are subscribed for. Sirma Group will invest the proceeds from the IPO in technological and global business development. If Sirma Group succeeds in raising the amount of money it targets, this would be the largest public offering on the Sofia bourse since 2007. Sirma Group Holding's share capital stood at BGN 49.8 million by end-March, according to its first-quarter financial statement. Approached for comment by SeeNews, an analyst with local brokerage Karoll said it is still too early to say if the IPO would attract investor interest and be successful. The IPO will be managed by local brokerage Elana Trading. Software developer Sirma Group Holding, founded in 1992 simultaneously in Bulgaria and Canada, employs more than 300 and operates on five continents. Its projects include semantic technology, mobile applications, enterprise resource planning (ERP), business intelligence, electronic government, financial and bank services.
Source: Capital (23.07.2015)

Bulgarian software company Ontotext announced a global partnership with the American company Keen Analytics. The partnership RDF – based database GraphDB Ontotext will be merged with the consulting services of Keen Analytics, focused on semantic and ontological analysis of business information. Ontotext decision will also be integrated with the educational services of the American company, optimizing data access for its clients. In turn Bulgarian software company will offer training and video materials created by Keen Analytics. It is expected that as a result of the partnership decision GraphDB to be much more accessible to clients. The collaboration of the two companies will facilitate the use of semantic technologies from business organizations, providing better insight on customers and their markets, as well as the latest trends, considered by Ontotext. Ontotext is part of a group of Sirma Group Holding, which plans an initial public offering on the Bulgarian Stock Exchange in September.
Source: Dnevnik (03.08.2015)

Bulgaria's Financial Supervision Commission (FSC) said it has returned to organic superfood bars producer Smart Organic the prospectus for its planned initial public offering (IPO), saying it was incomplete and should be revised. Smart Organic, which operates under the brand Roo'Bar, has one month to correct the prospectus, eliminate inconsistencies as well as to provide additional information, FSC said. Smart Organic submitted the IPO prospectus to the financial regulator in May. Smart Organic started operating as an organic food distributor in 2008 before launching its own production two years later. Currently it is present in 40 countries worldwide.
Source: investor.bg (07.08.2015)

Bulgarian Software Company Ontotext AD announced its global partnership with the American company called Keen Analytics. The joint work of the two companies will facilitate use of semantic technologies by business organizations, rendering them the best data on customers and markets, as well as on the latest trends. Ontotext AD is part of Sirma group holding AD, which plans IPO on the Bulgarian stock exchange (BSE) in September. Within the partnership Ontotext’s RDF - based database GraphDB will be united with professional and consulting services of Keen Analytics, focused on semantic and ontological analysis of business information. Ontotext’s solution will be also integrated with the educational services of the American company, optimizing data access for its clients. In its turn, the Bulgarian software company will offer training and video materials created by Keen Analytics.
Source: Company information (12.08.2015)

Bulgaria's Sirma Group IPO opens on Sept 16 The initial public offering (IPO) of Bulgarian software developer Sirma Group on the Sofia bourse will open on September 16, Elana Trading, which is managing the offering, said. Investors can file their applications for subscription of shares in the course of 30 days starting September 16, Elana Trading said in a press release on Wednesday. The issue price has been set in the 1.2 - 1.65 levs ($0.68-0.94/0.61-0.84 euro) range, as the final issue price is to be announced on October 16. If the IPO is successful, the Sirma Group shares are expected to start trading on the Sofia bourse by the end of the year, Elana Trading also said. The IPO will be considered successful if at least 8 million shares are subscribed for. Investors will be offered 16,000,000 newly issues shares with a par value of 1 lev each. In case they are oversubscribed, within a 5 day period existing shareholders will have the right to offer for sale 5% of the shares they hold, or 2,491,858 existing shares with a par value of 1 lev each in total, as they can be subscribed for by investors who have filed subscription applications. The deadline for payment of the subscribed shares is expected to be October 30. Sirma Group Holding, founded in 1992 simultaneously in Bulgaria and Canada, employs more than 300 and operates on five continents. Its projects include semantic technology, mobile applications, enterprise resource planning (ERP), business intelligence, electronic government, financial and bank services.
Source: investor.bg (14.08.2015)

Bulgarian technological company Sirma group holding AD started yesterday its initial public offering (IPO). It will look for investors in the company by 16th of October. The company’s aim is to sell 16 million new shares and up to 50% of the existing ones. If it succeeds Sirma group will raise capital of BGN 26.4 million. This will make its IPO one of the 10 largest in BSE’s history. Capital market is hungry for a quality company, Tsvetan Aleksiev, Sirma solutions’ CEO commented. He is also member of the holding’s Board of Directors. If the IPO is to be successful, at least 8 million shares have to be sold. The aim of the company is to accumulate capital in order to make its presence on international markets more noticeable, as its main target is the US market. At present the company’s revenues are assessed to nearly BGN 28 million, as Sirma is hopeful to reach volumes of about EUR 100 million or the same sum in USD. It’s not clear for what the capital will be utilized.
Source: money.bg (17.09.2015)

Bulgaria’s Financial Watchdog Rejects IPO Prospectus of Roo’bar Producer Bulgaria’s Financial Supervision Commission (FSC) has refused to approve the IPO prospectus of Smart Organic AD, a producer and distributor of organic products. The Bulgarian company will not appeal the decision or try to remove the alleged omissions and regularities, according to its majority owner, Yani Dragov, as cited by investor.bg. Dragov made clear that a new attempt to make an IPO would be made in a year at the earliest and via a foreign exchange, not the Bulgarian Stock Exchange-Sofia. The FSC decided to reject the IPO prospectus of Smart Organic at a meeting on October 5. The rejection was issued two months after the FSC first returned the IPO prospectus of the producer of the popular Roo’bar, organic raw food bars with superfoods. The company was asked to remove omissions and flaws and provide additional information to the watchdog. In its latest decision on the matter, the FSC once again explains its rejection with insufficient information. Dragov expressed optimism about the expansion plans of the company, adding that the necessary financing had been secured through a loan taken under very good terms and low interest rates. According to an earlier interview of Dragov for investor.bg, the company was seeking to raise BGN 3 M via the BSE-Sofia in order to expand its product range and enter the US market. Smart Organic AD reported revenues of BGN 8.5 M in 2014, as compared to BGN 4 M in 2013. The company’s 2014 after-tax profit stood at BGN 1.4 M, as compared to BGN 668 000 in 2013.
Source: investor.bg (07.10.2015)

Bulgarian software companies Magic solutions and Merar are to merge Bulgarian software companies Magic solutions and Merar investment network will merge. A new associate enters the future joint venture-lawyer Richard Cleg. New investment will be used for expansion of activity and development of new products. The Joint venture will combine Magic solutions’ experience in development of software products for financial companies with network of investors and companies from growing markets of Merar investment network, which uses the former services. The united group will strive for expansion on the markets in the UK, Ireland and the US. Magic Solutions is a developer of software applications for the financial and investment sector, mobile applications and complete solutions for corporate banking and international institutions. Its customers are companies such as Bulgartabac, Unicredit Bulbank, Sirma Group Central Cooperative Bank and others. Merar Investment Network is also a client of Magic Solutions, but it started as an online investment network for emerging markets, before introducing the software platform for the exchange of documents and information in a secure environment for business. Its customers are mainly investors and companies from the region of Asia and the Middle East.
Source: Capital (12.10.2015)

Bulgarian company wants to conquer the USA Bulgarian company has global ambitions. Sirma Group Holding is listed the Bulgarian Stock Exchange in order to raise capital for investment in development globally. "We plan to open a large office in the US and invest in global commercial marketing," company’s CEO Tsvetan Alexiev said. "The US has traditionally been our very strong market. Sirma Solutions has been selling there for 15 years. We want to gain a foothold in developed markets. Each of our companies needs more marketing. We plan to build an office in the US which is similar to that in Bulgaria, "Alexiev added. Longer-term aim is imposed in the United States brands to become global. The company has already begun its expansion in the US market, increasing both its revenue and spending. In the span of three years another IPO planned, though listing at a major European stock exchange is aimed at. Sirma Group Holding’s goal now is to be raise between BGN 9.6 and 26.4 by sale of shares on the BSE. Prerecording of this public offering was completed on Thursday. Currently Sirma Group Holding started pilot projects for software securing in three of the largest US banks.
Source: Darik Radio (13.10.2015)

Bulgaria's EngView signs distribution deal with Croatia's Grafik.net Bulgarian software developer Sirma Group said on Wednesday its unit EngView, a package and display designer company, signed a partnership deal with Croatia's Grafik.net for the distribution of the Bulgarian company's products in Southeastern Europe (SEE). Under the partnership deal, Grafik.net will distribute EngView's products in Croatia, Bosnia & Herzegovina, Serbia, Macedonia, Slovenia, Montenegro and Kosovo, Sirma Group said in a press release. EngView, founded in 1999, focuses on creating software solutions in packaging, measurement, quality control and inventory management. Croatian graphic company Grafik.net, established in 2000, has over 80 clients in the region.
Source: Darik Radio (15.10.2015)

Bulgarian software co Sirma Group raises 5.9 mln euro in IPO Bulgarian software developer Sirma Group said on Friday it has successfully closed its initial public offering (IPO) on the Bulgarian Stock Exchange, raising BGN 11.5 million. Sirma Group said in a press release investors have subscribed 9.5 million shares at 1.2 levs apiece, well above the success threshold of 8 million shares. The IPO comprised 18,491,858 shares, including 16,000,000 new shares and 2,491,858 existing shares with a nominal value of 1 lev each. Sirma Group's shares are expected to start trading on the Bulgarian Stock Exchange on December 16, 2015, according to a preliminary schedule. "The project has been long and difficult, but its successful results will enable us to continue our investment program, allowing to boost the company's presence in our target markets," Sirma Group CEO Tsvetan Aleksiev said. In September, Aleksiev said that Sirma Group will use the proceeds from the IPO to expand its presence on the US market, to increase its capacity, as well as to invest in research and development and in marketing activities. Also in September, one of Sirma Group's co-owners, Yavor Djonev, told SeeNews that if the IPO is successful, the company will look for opportunities to list on a more liquid market, such as stock exchanges in the US, Vienna, Warsaw, or London. Sirma Group Holding, founded in 1992 simultaneously in Bulgaria and Canada, employs more than 300 and operates on five continents. The company is active in semantic technology, mobile applications, enterprise resource planning, business intelligence, electronic government, financial and bank services. The company's net profit for 2014 was EUR 5 million which more than tripled compared to the previous year. Revenues grew 22% to EUR 14.2 million in 2014.
Source: investor.bg (19.10.2015)

Who 349 entities participated in Sirma group holding’s IPO 349 persons, including 28 legal entities and 321 individuals participated in the IPO of Sirma Group Holding. The issue price was BGN 1.2 and software company gained BGN 11.5 million. Thus it increased its capital by 9,523,362 shares. Most shares among entities are recorded by Allianz Bank Bulgaria AD with 833,334 units, ZMM Solar Ltd with 560,000 shares and Elana Balanced Euro Fund with 370,000 shares. Securities are recorded by funds as well, such as Karoll Capital Management, UBB Asset Management, Select Asset Management, Sky Asset Management, FFBH Asset Management and also two intermediaries in the face of FFBH and ELANA Trading. To the 25 shareholder as of May 15, 2015 349 participated in IPO were added and generally they are nearly 400. In fact Sirma Group Holding AD is founded mainly by small shareholders. Now with the new higher capital these large shareholders remain respectively - 8.85% and 6.28%. So Sirma Group Holding could reach a market capitalization of shares in the shareholders with share under 5% of about BGN 25 million and thus enter the SOFIX.
Source: investor.bg (11.11.2015)

Ontotext RELEASES recognition software for FALSE online content Bulgarian company for semantic software “Ontotext” presented intelligent software that can assume the authenticity of a user content, thus solving the problem of the spread of rumors on the Internet. This happened at the conference “Journalism 2.0: Myths and opportunities in social networks,” which took place on 11 November in Sofia. During the event it was presented the progress in the international project Pheme, in which “Ontotext” partner. The three-year project financed by the Seventh Framework Programme of the European Union for research in the field of ICT, aims to meet this challenge with broad dissemination of false information on the network. “Ontotext” is part of the group “Sirma Group Holding” JSC, which recently successfully completed its campaign for an initial public offering (IPO) on the Bulgarian Stock Exchange (BSE). Georgi Georgiev, who is project manager Pheme from Bulgarian side, introduced the audience to the project developed a semantic software and demonstrate some of its analytical capabilities. He showed visitors how the decision complies with questions like: “What are the latest rumors?”, “What are the most popular rumors?”, “What rumors are true and which are false?”, “Which part of the country come at many rumors? “and others. Pheme project includes nine partners from England, Germany, Austria, Spain, Bulgaria, Switzerland and Kenya. To analyze the truthfulness of the information, the team uses innovative algorithms for machine self. This opened “Family” – a term created by the team of Pheme, which adds value “true” or “false” to the term “meme” (ideas, rumors or other units of content on the Internet).
Source: IT Jobs (19.11.2015)

Bulgarian IT co Sirma Group shares start trading on Sofia bourse Bulgarian software developer Sirma Group said its shares started trading on the Bulgarian Stock Exchange (BSE) on Monday under the ticker. The company listed 59,360,518 regular shares with a nominal value of BGN 1. Out of the total number of shares listed, 9,523,362 are new shares which investors subscribed for during an Initial Public Offering (IPO) for BGN 1.2 per share. By 1225 hrs. local time, the company's shares were trading 5.92% up at BGN 1.271 per share as 3,686,039 shares had changed hands, bourse data showed. Sirma Group's IPO is the biggest on the Bulgarian stock exchange for the past eight years. "We hope we will give courage to other companies operating in the IT sector to follow our example, which will have a positive effect on both the Bulgarian stock exchange and on the IT sector as a whole," Sirma Group CEO Tsvetan Aleksiev said in the press release. In September, Aleksiev said that Sirma Group will use the proceeds from the IPO to expand its presence on the US market, to increase its capacity, as well as to invest in research and development and in marketing activities. Sirma Group Holding, founded in 1992 simultaneously in Bulgaria and Canada, employs more than 300 and operates on five continents. The company is active in semantic technology, mobile applications, enterprise resource planning, business intelligence, electronic government, financial and bank services. The company's net profit for 2014 was EUR 5 million which more than tripled compared to the previous year. Revenues grew 22% to EUR 14.2 million in 2014.
Source: Capital (24.11.2015)

Vasil Mirchev sold more than half of his shares in Sirma Founder of VM finance group Vasil Mirchev sold more than half of his shares in Sirma group. Mirchev owns slightly less than 2.7% of the technological company. During the IPO of shares of Sirma founder of VM finance group took over almost 7% of the company. Vasil Mirchev sold part of its stake to some of the large pension companies. A total of 349 entities acquired stakes of the company during the IPO, among which 27 legal and 321 physical entities. The creator of VM Finance Group gained 4.4 million shares of newly issued 9.52 million. Sirma is the company with the largest number of traded securities last week - almost 4.6 million. Transactions with shares of the company are also the most for the period - a total of 269 shares of Sirma reported minimal rise to BGN 1.205 per share after the price at the start of trading on the Bulgarian Stock Exchange - Sofia, 23 November was BGN 1.2. Sirma includes more than 20 subsidiaries and companies specialized in various software developments - IT, industry, financial sector, and other cloud systems
Source: Capital (01.12.2015)

The turnover on BSE decreased by 65% yoy in November Turnover on BSE decreased by 65% yoy to BGN 18.7 million in November 2015. Turnover for the last 12 months was BGN 363.8 million, decreasing by 63% yoy. Since the beginning of this year it amounted to BGN 331 million and was constituted basically in January with BGN 106 million. The weakest month was August with BGN 9.5 million. The largest turnover was accomplished with securities of Sirma Group Holding, or BGN 5.7 million in November. Remarkable results have Chimimport AD (ordinary shares) with BGN 1.18 million, Chimimport AD (preferred shares) with BGN 481 thousand, Advance Terrafund with BGN 1.05 million, Real Estate Fund Bulgaria REIT with BGN 808 thousand, Sopharma AD with BGN 747 thousand registered compensatory bills with BGN 497 thousand, CCB with BGN 328 thousand compensatory records with BGN 156 thousand and FairPlay Properties REIT with BGN 124 thousand. This totals BGN 11.5 million.
Source: investor.bg (11.12.2015)

The company BCA Research of media giant Euromoney PLC won two prestigious international awards in the field of innovation, using technology of the Bulgarian company for semantic software Ontotext. The winning product is called BCA Edge and is based on work created by Ontotext semantic solution based on Counts database GraphDB. BCA Edge is analytical solution, which was placed on the market earlier this year. It facilitates investors in the search for relevant information in their work and display various types of data to provide valuable lessons and analysis. Moreover, it built-in semantic publishing platform Ontotext support the opening of related content and creating new data links. The Bulgarian company provides semantic software solutions to many of the leading media groups in the world, including BBC, Press Association and others. Ontotext is part of the group Sirma Group Holding JSC.
Source: IT Jobs (18.12.2015)