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Siveco Romania Buys Bulgaria’s IT Co Latona For EUR3M

IT solution developer Siveco Romania paid EUR3 million for the entire stake in peer company Latona Bulgaria, Siveco said in a statement Thursday.
Siveco Romania Buys Bulgaria’s IT Co Latona For EUR3M
28 feb. 2008, 12:44, English

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.

Latona posted a turnover of EUR1.6 million in 2007.

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.