Narayan AmmachchiDigital product engineering firm Encora has expanded into Europe with the acquisition of Softelligence, a Romanian software engineering service provider.
Headquartered in Bucharest, Softelligence employs around 200 people and its primary customers are banks and insurance companies.
The Romanian company has sales offices in the US and the UK; most of its engineers are reportedly experts in Java, .NET, SAP and Salesforce.
“Softelligence is expected to significantly expand our global reach and strengthen our ability to provide high-quality nearshore services to customers around the world,” said Anand Birje, CEO of Encora.
Encora has signed a definitive agreement to acquire Softelligence marking a significant milestone in our journey! Pending customary regulatory review and approval, this strategic acquisition will enhance our market presence by establishing our first European delivery capabilities pic.twitter.com/l4LgG87W4s
— Encora (@EncoraInc) May 19, 2023
Upon closing the transaction, Softelligence will operate as a subsidiary of Encora, and its CEO, Adrian Blidarus, will remain responsible for its operations.
With delivery centers in Bucharest and Craiova (Romania) and Skopje (Macedonia), Softelligence offers software engineering, machine learning, and AI solutions.
Softelligence reportedly generated revenues of US$12.3 million in 2022. It is the main provider of IT services to Romanian government agencies, as well as banks such as BRD Groupe Société Générale, UniCredit Bank Romania, Garanti BBVA and Raiffeisen Bank.
Encora was originally called Indecomm Digital and was headquartered in Bangalore, India. In 2016, the company acquired Nearsoft and moved its headquarters to Scottsdale, Arizona. In 2020, the company expanded its operations to São Paulo, and a year later to Mexico City.
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