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SIVECO Romania S.A.
Type Private
Founded 1992[1]
Headquarters Bucharest, Romania
Industry Computer software
Products enterprise software
Employees about 750[2]
Website siveco.ro

SIVECO Romania is one of the largest business software development companies located in Bucharest, Romania.[2] In 2008 it had a revenue of US $90mil. (€71 mil.) According to International Data Corporation, in 2007 SIVECO Romania was the 2nd player on Romanian enterprise application software (EAS) market with a 21% share, following SAP, which had a 22.4% share, but coming ahead of Oracle, which had a 13.3% share. Besides catering to Romanian central and local government contracts, SIVECO Romania executed a number of large government projects in other emerging economies, including Azerbaijan, Morocco, Lebanon, Cyprus, Turkey, and Bulgaria.[3]

In 2005 Intel Capital and Polish Enterprise Fund V (PEF V), administered by Enterprise Investors, the largest investment fund in Central and Eastern Europe, acquired a 32.5% share in SIVECO Romania for $12 mil. At that time SIVECO Romania was the leader in the EAS market in Romania,[1] and a 63% majority of the shares was held by SIVECO Netherlands B.V., a Dutch company owned by Israeli inverstors.[4] As of 2009, the company's main shareholders are: Siveco Netherlands BV with a 42.2% share, PEF V with 22.5%, Intel Capital with 10%, and Irina Socol, the general manager, with 10.976%. SIVECO Romania is not yet a publicly-traded corporation, but it intends to become one.[5]

In 2008, SIVECO Romania acquired the Bulgarian software development company Latona for €2 mil.[3] In March 2009 the company announced that it will lay off 10% of its work force due to worsening business climate.[2]

References

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