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Bulgaria's Sirma Group takes full control of Sirma Solutions

Bulgaria's Sirma Group takes full control of Sirma Solutions Sirma Group Holding/All rights reserved.

SOFIA (Bulgaria), June 13 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SGH] said that it has acquired in full subsidiary Sirma Solutions in a deal involving the purchase of some 2.9 million shares of the target company at 0.75 levs apiece.

The off-market transaction was carried out at current market prices, the buyer said in a stock exchange filing on Friday. The purchase is worth roughly 2.18 million levs ($1.16 million/1.1 million euro).

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The deal transforms the vendors, who are key Sirma Solutions investors, into equity holders of the parent company, thus aligning strategic interests.

Sirma Solutions will remain the only entity from the group to own shares in Sirma AI, trading as Ontotext, following the proposed sale of a majority share in the latter to a UK investment firm, Sirma Group Holding added.

In May, the software developer announced that it agreed to divest a majority stake in Sirma AI to London-based investment firm Integral Venture Partners at a valuation of the whole target business of 28.5 million euro ($30 million). Under the deal, Sirma Solutions is set to retain 23.8% of the target firm's equity.

(1 euro = 1.95583 levs)

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