Sirma Group Holding sets up a subsidiary in Albania

Sirma Group Holding

Sirma Group Holding

Sirma Group Holding (SKK BU) sets up a subsidiary in Albania, the Company announced in a statement to the stock exchange. The move is part of Sirma Group strategy to expand on the Balkans and grow its workforce as part of its sales expansion program in the US and Western Europe.

Sirma SHA is the new company

The new company is Sirma SHA and is based in Tirana. It was registered on 17 February 2017. The capital is 3.5 mln. Albanian Lek or about EUR 25 600. The company is managed by three-member board and an executive director.

The company will provide consultancy in ICT, develop and implement ICT products, etc.

Two Sirma Group new units in 2016

In 2016 Sirma set up several new subsidiaries in a bid to increase sales on the US market and to continue developing innovative high-tech solutions for its key business lines. The Group invested USD 2 million to set up in March its unit Sirma Group Inc, based in Jersey City, NJ, the USA.

In May 2016, Sirma Group Holding set up its subsidiary Sirma Medical Systems, targeting to develop software applications that would improve the diagnosis and prevention of major and chronic diseases. Apart from the working Diabetes: M application, Sirma Medical Systems seeks to develop more integrated and complex products for diagnosis and prevention of other common conditions and diseases.

Ambitious start of the year

Back in January Sirma Group Holding announced it hires a consultant to explore strategic opportunities for Ontotext. The consultant was to explore options in finding an external investor for Ontotext. The latter is Sirma’s key product company developing semantic web solutions used by clients in the BBC, Euromoney, AstraZeneca, John Wiley & Sons, etc. In addition, Sirma claimed will boost Ontotext capacity via capital increase. The planned investment is c. BGN 1m.

Check Sirma equity research report from ELANA Trading analysts