16 March 2023 – ITIDO joins “Bianor Holding” AD (BSE: BNR), a publicly traded IT group. Together with Bianor Services, Bianor Inc., and the other newcomer Databreathe, the holding represents an ecosystem of Bulgarian software development companies, providing high-technology services in video streaming, machine learning, and artificial intelligence to telecommunications, media, trade, and defense companies.
According to the deal’s terms, “Bianor Holding” AD acquires 100% of “ITIDO Technologies” OOD and “Databreathe” EOOD. The founders of ITIDO and Databreathe are expected to become significant shareholders in the holding.
The newly joined companies retain their brand, management, strategy, team, and focus and will operate as independent subsidiaries of Bianor Holding.
The support from the holding will enable ITIDO to reach new markets and provide more comprehensive services for our clients. We will complement Bianor Holding’s technological expertise, which will allow the group to take part in more sophisticated projects in the field of defense and data flow processing.
“ITIDO will reinforce the joint structure with product development know-how, technical resources, excellent financial indicators, and a stable portfolio of customers mainly in Northern Europe. Joining forces with the new companies, the holding will reach new markets and new types of customers,” shares Christian Makedonsky, Managing Partner of ITIDO. “Big thank you to the stellar team of ITIDO! This milestone would not have been possible without you – our awesome colleagues.”
“As part of one corporate family the teams of our companies will have access to more and more interesting projects and professional challenges. We will work actively to bring our teams closer in terms of functions – e.g. engineering and administration, as well as regarding the operational practices and processes”, adds Christo Stoyanov, operations director of ITIDO.
Developing the holding
“For the teams of ITIDO and Databreathe, the deal represents an opportunity for access to the capital market for financing and liquidity as well as risk management through diversification of the customer base. Both companies rely on awesome teams. We can’t wait to work with them even more closely in order to develop the group as a whole”, says Kosta Jordanov, CEO of Bianor Holding.
Databreathe specializes in machine learning and artificial intelligence and works on dozens of projects, from sales analytics and forecasting to intelligent, personalized product recommendation systems. The company’s primary market is the US.
“The team of Databreathe is excited to join Bianor Holding’s growing family of companies. This is an environment of professionals that will enrich and complement our portfolio. It will enable new opportunities and development perspectives”, shares Nickolay Rashev, Managing Partner of Databreathe.
The deal comes as a fulfillment of Bianor Holding’s strategy to complement the organic growth of the business with the consolidation of other software companies. As a result, the subsidiaries will be able to collaborate easier, exchange know-how, consolidate each other’s competencies, and provide a complete service to their customers.
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