Bulgarian IT Company Joins IBA Group
Mar 30, 2007
IBA Group, a global IT service provider headquartered in Prague, Czech Republic, acquired a 50 percent stake in Stone Computers, a Bulgaria-based IT vendor. The acquisition is a part of the IBA Group’s expansion strategy in Eastern Europe.
The deal is expected to generate benefits both for the two companies and their current and prospective clients. With assistance from IBA Group, Stone Computers is planning to expand its service, product and skill portfolio. In addition, the company will be able to provide services to clients in the CIS. As for IBA Group, it will achieve a local presence in Bulgaria and thus become closer to its clients in the region.Although IBA Group and Stone Computers differ in size, they have much in common. Both focus on software development, IT consulting, and hardware distribution. IBA Group and Stone Computers boast their long history of cooperation with IBM, as well as partnerships with IBM, Microsoft, and other world IT leaders. Their vertical industry experience includes banking, manufacturing, telecommunication, and public sectors.
Commenting on the event, Sergei Levteev, IBA Group President, said: "We don’t want the acquisition to look as if an international giant swallows a small local company. We maintain the strategy of sustainable growth and are cautious about M&A unless it is organic. In case of Stone Computers, we have established good partner relations and believe that joint efforts will result in increased synergy. Stone Computers will preserve the name and continue serving its clients but in cooperation with IBA the range of its services will widen."
Alexander Avramov, Stone Computers CEO, added: "Our partnership with IBA Group will strengthen Stone Computers’ position as a leading supplier of integral IT solutions for the corporate sector in Bulgaria. Thanks to the close cooperation with a big international group like IBA, our company will enlarge the range of its service portfolio, which it will offer to clients across all industries. These close ties with IBA will supply Stone Computers AD with stability and resources to continue its confident growth on current and prospective business markets."