Siveco Romania Buys Bulgaria’s IT Co Latona For EUR3M

Siveco paid EUR2 million for the takeover, and undertook further investments of EUR1 million in the Bulgarian company.

Siveco and Latona previously worked together to implement an integrated IT system at the Bulgarian Health Insurance Fund.

Latona Bulgaria was set up in 1995. The company offers information technology and business consulting services.

Siveco Romania eyes a turnover of $84 million in 2008, up 20% against $70 million posted in 2007.

Siveco’s majority shareholders are Siveco Netherlands (42.2%) and investment funds Polish Enterprise and Intel Capital (22.5% and 10%, respectively). The remaining stake is divided between several Romanian businessmen and Siveco Romania itself.

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