Telco pushes penetration, funds Stemo’s national ambitions
A1 Telekom Austria has acquired Bulgarian ICT company Stemo for an undisclosed fee. Stemo has been a privately held company since it was founded by four computer specialists in 1991 to develop software and deliver computer equipment. It is now recognised by analysts as a leader in telecoms infrastructure.
Following the acquisition, Stemo will still operate independently but will be offering its knowledge of finance, technical infrastructure, sales and customer service to its new owner A1 Bulgaria. A1 Group will finance the transaction, subject to merger control clearance, via existing cash flow.
Natural step
The A1 Group said the deal is a natural step in the development of its IT expertise and allows it to solve more complex technological problems for the private, public and government organisations it services. “Our experience in software services, infrastructure services and cyber security combined with Stemo’s expertise will lead to development of technology solutions that benefit the whole country,” said Alexander Dimitrov, chairman of the management board and CEO of A1 Bulgaria.
The deal with A1 Group will help Stemo to help more international clients, according to its co-founder and CEO Georgi Tihov. “I am sure that the cooperation will improve the level of technological development of Bulgaria,” said Tihov.