Singapore-based software company Acronis acquired Bulgarian company T-Soft, as reported by an Acronis press release. T-Soft shall change its name to Acronis Bulgaria and is expected to help the new owner expand its activities in Europe. Acronis’ plans include growing the engineering team in Sofia to reach 300 people.
Acronis intends to invest a total of $50 M over the next three years. The buyer works mainly in the field of cybersecurity and hybrid cloud services, while T-Soft offers a wide portfolio of software testing services. The two companies have business relationship since 2012, when T-Soft started developing software together with Acronis.
Acronis sees T-Soft’s acquisition as an opportunity to build a key European development center that will focus entirely on computer security and data protection. According to the press release, the company also plans to create development teams in Bulgaria engaged in web technologies. In an interview with Capital.bg, the leading business media in Bulgaria, Acronis’ founder Serguei Beloussov says he has ambitions to build one of the largest development teams in Bulgaria partnering with local universities and offering own in-house trainings.
T-Soft’s revenues for 2017 amount to BGN 1.74 M with a profit of BGN 338,000 and a staff count of about 20. Acronis was founded by Beloussov in Singapore in 2003 and in 2008 it was registered in Switzerland. Company’s products are sold in more than 150 countries and its cyber security solutions are used by about 5 million people and 500,000 companies worldwide.
