Bulgarian-founded Codery has announced the acquisition of Elfshock, a specialist in robotic process automation (RPA) and AI-driven solutions for the financial services sector. Effective immediately, Elfshock will operate under the new brand Codery Automations, marking a step in Codery’s expansion across Southeast Europe.
Building an AI-driven automation leader
At the center of the newly formed Codery Automations division is Elfshock’s proprietary platform, designed to identify inefficiencies within organizations and deploy AI-powered “digital employees.” These software agents automate repetitive and data-intensive tasks, enabling financial institutions to improve operational speed and productivity.
A key feature of the platform is its AI Trainer agents, which analyze employee workflows over a 30-day period to detect repetitive tasks and automate them — all while maintaining full anonymity and built-in privacy protections.
To date, the platform has deployed more than 400 digital employees across financial institutions, supporting processes such as compliance, claims processing, loan origination, customer onboarding, and reporting. According to company data, clients have achieved an average return of €5 for every €1 invested in automation, alongside efficiency gains exceeding 300%.
A case in point is tbi bank, where automation initiatives have delivered a fivefold return on investment and introduced over 300 digital agents to support operations.
Strategic expansion through acquisitions
The Elfshock deal follows Codery’s 2025 acquisition of Devision, reflecting a broader strategy to consolidate specialized technology firms and build an AI-ready enterprise group.
The company’s nearshore outsourcing model, serving clients in the US, UK, and Germany, integrates AI tools directly into development workflows, boosting productivity by up to ten times. This approach focuses on augmenting human engineers with AI, rather than replacing them.
The efficiency of this model is already evident: Codery Automations, with fewer than 20 employees, is capable of managing more than 1,000 digital agents.
Leadership Changes and Integration
As part of the transaction, Elfshock founder Nikolay Hristov retains a 20% stake and joins Codery as Chief Information Officer. He will lead the expansion of automation solutions across Bulgaria and Southeast Europe.
Codery AD continues to be led by CEO Philip Balkanski, who described the acquisition as “a defining moment” for the company’s ambitions.
“By combining Elfshock’s proven track record in financial automation with our engineering capabilities and growth ambitions, we are building something that can genuinely transform how banks and insurers operate — not just in Bulgaria, but across the region,” Balkanski shared.
Growth оutlook
Following the integration of Elfshock, Codery AD employs more than 120 professionals alongside its growing fleet of digital employees. The company aims to scale to 200 human employees and over 1,000 digital agents by the end of 2026.
Backed by Silverline Capital, Codery is planning additional acquisitions throughout 2026, with up to three more deals expected, followed by a fundraising round to accelerate expansion.
