site.btaAricoma Group Acquires Musala Soft

Aricoma Group and Musala Soft announced Wednesday a deal for the acquisition of Musala Soft. Aricoma Group is a European NextGen IT services provider. This investment is a key step in Aricoma's strategic development.

With Musala Soft, Aricoma Group will comprise of ten technology companies with a consolidated turnover exceeding EUR 400 million, with earnings of EUR 39 million (before interest, tax, depreciation, and amortization) and more than 4,000 employees.

Aricoma Group is a leading Central European IT Services provider with a significant Scandinavian presence providing services to over 1,000 clients in 15 markets. Through its portfolio companies, it provides end-to-end digital transformation solutions, including custom software development, IT and cloud services.

Founded in 2000, Musala Soft has been developing future generation software products and solutions. The company's 750 employees provide high-end software engineering services in AI, big data, the Internet of Things, analytics, cloud, and integration. Musala Soft covers all elements of the software life cycle. Musala Soft clients include IBM, SAP, VMware, Deutsche Telecom, A1, Generali, Experian, Procredit Bank, Bosch, KPMG, Siemens Energy, and the Financial Times.

"Musala is a natural fit for Aricoma on our path to become a European leader, and we're excited to work together," said Ludovic Gaude, CEO of Aricoma Digital. He proceeded to praise Musala's innovative culture and workforce.

"The synergy with both the overlapping and complementary client base and expertise of Aricoma gives us confidence and fuels the exciting journey ahead," said Elena Marinova, President and Chair of the Musala Soft board of directors.

The deal signed by the owners of Musala Soft and the Aricoma Group is for the sale of a 100% share in the company. The price is not mentioned in the announcement of the acquisition.

It says that the full Musala Soft management team will stay on board in the long term and will actively participate in Aricoma's future. The transaction is expected to close in the last quarter of this year.