The company has acquired controlling stakes in Romanian company Wizrom, and the controlling share in Bulgarian company Stanga.
IT company One1 Software Technologies Ltd. (TASE: ONE) is expanding its presence in Eastern Europe. The company said today that it acquired 50% of Romanian IT company Wizrom for $2.5 million, and also 66% of Bulgarian IT company Stanga Ltd., with whom it is a partner in an offshore venture, for $1.75 million.
One 1 Software CEO Udi Weintraub said, "The IT market in Romania has been growing by more than 15% a year, reaching an estimated $1 billion in 2006. Romania has a much larger population than Israel, so there's potential for even more growth."
One began its expansion in Eastern Europe at the end of 2005, when it entered the partnership with Stanga. The partnership has not entailed any capital investment by Stanga so far, but has focused instead on the extension of One's offshore activity to customers in the Israeli market through a joint venture called "Stanga-One." Stanga's CEO is Cyril Simon, the representative of the company's French shareholders. The acquisition will enable One to operate in markets in Europe and the US.
Published by Globes [online], Israel business news - www.globes.co.il - on July 16, 2007
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