In 2024, the M&A environment urges investors to adjust to significantly altered conditions and outlooks, macroeconomics challenges, inflation, down valuations, and more. Apart from Bulgaria and Luxembourg, all markets in the area have seen a rapid decline in the number of transactions in 2023, according to Deloitte’s report. The European market underperformed both the US and the global market in transaction volumes.
Success in this field requires a deep understanding of shifting market dynamics. In an ever-evolving economic environment, those who embrace adaptability will be better equipped to navigate the M&A landscape.
Turning our attention to the Central and Eastern European region, the first quarter of the year witnessed a number of M&A activities, primarily involving Bulgarian enterprises. Below you will find a summary of the most recent CEE acquisitions. Take a moment to review it.
March
Bulgarian e-commerce tech startup Rush was acquired by Shop Circle, and it is now fully managed by it.
Shop Circle will directly integrate Rush into their portfolio of apps. The process is expected to take a few months to fully implement the new strategy.
Bulgarian Dreamix, a custom software development company, was acquired by Synechron, Inc., a leading global digital transformation consulting firm focused on financial services and technology organization. This move would enable the two companies to align synergies under a common aim of building and delivering tailored business solutions to clients.
Greek company InAccel has been acquired by global IT giant Intel. That will allow its FPGA business to extend its management, advancing the offerings in high-performance computing solutions.
Bulgarian-founded Paynetics, an e-money service provider, announced its strategic acquisition of Novus, a UK-Bulgarian challenger banking app. The deal highlights Paynetics’ commitment to advancing ESG goals.
Czech Convertim, an ecommerce checkout platform, has been integrated into Shopsys, marking the e-shop creator’s second recent acquisition. The aim is to incorporate Convertim’s tool to enhance the order completion process.
Bulgarian-led Pliant, an IT infrastructure automation company, was acquired by IBM. The acquisition of Pliant will support the IBM software portfolio and automate customers’ network and IT infrastructures.
Culture Amp is in the process of acquiring the Belgrade-based people analytics platform Orgnostic. It’s extensive organizational data will be integrated with Culture Amp’s AI technology, aiming to result in the development of advanced people analytics capabilities with multiple dimensions.
Slovak fulfillment operator Swiss Point Data is now the fourth company in Bulgarian euShipments.com’s logistics group, strengthening its position in Central Europe. The investment is backed by private equity fund BlackPeak Capital, part of euShipments.com’s accelerated growth strategy.
BETA CAE Systems International AG, a company that makes software for analyzing car and jet engine designs, with a Greek R&D Team, will be acquired by California-based Cadence Design Systems (CDNS.O) this year. Under the terms of a definitive agreement, the deal will be executed in cash (60%) and stock (40%), at a total amount of $1.24B.
February
The US investment fund Advent International has finalized the acquisition deal of the Bulgarian fintech company myPOS. Initially announced in November 2023, the deal has passed regulatory approval, reported myPOS. The transaction was conducted via the established British entity, Al Circle BidCo Ltd, in June.
Czech investment crowdfunding startup Roier acquired Nafirmy.cz, a platform that specializes in peer-to-peer investments and loan mediation for small and medium-sized businesses.
January
Bulgarian school management platform Shkolo.bg has been acquired by the UK-based Juniper Education, a leader in classroom solutions. Shkolo.bg is implemented in more than 1,800 educational institutions in Bulgaria to enhance communication among teachers, students, and parents. With plans to adapt to the UK market, this acquisition marks a strategic move for EdTech’s further expansion.
Luigi’s Box, a fast-growing Slovak company specializing in advanced product search and recommendation solutions, has acquired its Czech competitor Persoo in a multi-million deal. Luigi’s Box deploys AI and machine learning to enhance search optimization for e-retailers. The deal also marks the first full exit for the Czech VC fund Presto Ventures.
Bulgarian coworking company Networking Premium expanded its reach by acquiring Coworking Bansko Ltd. Currently, Bansko is one of the top consistently growing remote work hubs in the world.
