• Romanian software engineering services provider Softelligence signed a definitive agreement to be acquired by Encora Group, a global product engineering provider based in Arizona, US.
• Softelligence works with companies in insurance, banking and other industries, offering insurtech, automation, AI, ML, and software engineering solutions.
• Through the partnership, the company will become Encora’s first European delivery center.
“Becoming part of Encora is quite a huge milestone for Softelligence, because it gives the company the force to grow a lot faster than we could, on our own forces. Being on the market for almost 17 years, we grew organically in this time and succeeded to expand our activity across Europe. The transaction was not done as an exit point but as an opportunity to grow faster and faster and be able to cater for the needs of our current customers better,” Adrian Blidarus shares with The Recursive.
Currently, Softelligence has offices in London (UK), two development centers in Romania (Bucharest and Craiova), and one in North Macedonia (Skopje).
By joining Encora, Softelligence enters a big family of 9000 employees, spread across 50 offices and innovation labs in the US, Latin America, India and Asia. Over the last few years, Encora has grown through a series of acquisitions such as Excellerate, Daitan, Avantica, Nearsoft and Söoryen Technologies, as well as the announcement of a new majority shareholder in Advent International.
“Softelligence is expected to greatly expand our global reach and strengthen our ability to provide high-quality, nearshore services for customers across the world. We’re thrilled to welcome Adrian Blidarus and his team, as they will provide critical expertise to enhance our capabilities and further our mission of being the leading global engineering solutions provider,” says Anand Birje, CEO, Encora.
Adrian Blidarus adds that the company specialized in delivering software and consultancy services for insurance and banking industries some years ago. Their growing experience in the insurance sector made a lot of large players choose Softelligence as their provider of choice for digital transformation services and thus becoming the biggest part of their turnover.
“As a geography, the UK is the largest contributor for us. When it comes to financial services the British market is one of the most sophisticated in the world and for sure is much bigger than anything in Eastern Europe. That’s why having a strong presence in London was the only sound decision that we could make,” Adrian Blidarus explains.
Softelligence has extensive industry knowledge and a broad expertise in digital projects, including covering paperless quote and bind flows, automation of the claims process through AI, fraud detection using ML algorithms across personal and commercial lines, corporate and specialty as well as digital lending, KYC and other digital banking flows.
Under the agreement, Softelligence is set to continue operating with its existing leadership and staff as a wholly owned subsidiary of Encora.