The IT solutions integrator Siveco Romania has drawn up a policy for this year targeting the expansion of operations outside Romania, through "more than certain" million-dollar acquisitions on the domestic market and investments in research and development worth 6-8 million dollars (4.9-6.6 million euros).
The area the company''s representatives have in view for expansion is Central and Eastern Europe. "At this moment, the most interesting market for us is the one organising tenders for the solutions we are offering. We are aware that neighbouring countries are and will be feeling the need for the type of solutions we are providing," Irina Socol, Siveco general manager, told ZIARUL FINANCIAR.
"Our company''s growth pace is considerably superior to that on the Romanian IT market and this is the very reason we are seeking opportunities outside the country," Socol specified.
The solutions which Siveco officials want to provide outside Romania include eLearning, eHealth and eBusiness, domains in which 6-8 million dollars have been earmarked for research. For instance, in terms of potentially complex projects developed in the European Union, the solutions provided by Siveco may be just a component. Beside governmental projects, Siveco is also likely to be interested in private education, as well as in corporate eLearning.
"The best recipe for entering a new market is through partnerships, using the expertise of local partners," Socol noted. Still, Siveco officials are not ruling out acquisitions outside the country, should this prove to be a more useful and profitable move. "What I can assure you of this year is that we will make acquisitions on the domestic market," Socol explained.
The acquisition will be worth millions and Siveco will probably be considering a company with expertise which it lacks in a particular field, or which it could not develop from scratch.
Another project held in view by the company is the Siveco Academy: students joining the academy would receive a scholarship from the company and would have the obligation to work with Siveco for three years following graduation. Initial investments in this project would revolve at around 100,000 dollars (82,000 euros).
While at present Siveco Romania products are used by 450 domestic beneficiaries and 1,800 customers in another 35 countries, according to the company''s statements, during the current year the company''s officials plan to add 120 new names to the company''s customer portfolio. At this moment, most contracts concluded by Siveco Romania outside the country are related to the delivery of outsourcing services, for instance for HP Germany.
Siveco Romania last year derived turnover worth 37.6 million dollars (31 million euros), 40% higher than in 2004.
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