Siveco Romania turnover falls to EUR 49 million in 2009

Siveco Romania posted a turnover of EUR 49 million in 2009 using International Financial Reporting Standards (IFRS), said company officials. The figure compares with the EUR 66.5 million it posted in 2008.

While industry insiders say that 2008 was a year of exceptional growth for the software industry in Romania – both compared to previous years and for the region – in 2009 there were profound economic mutations globally which sent it into decline, according to the company’s statement. The firm estimates a growth of 25 percent in revenues this year which will come from the export of solutions and know-how in the implementation of eLearning, eAgriculture, eCustoms and eHealth solutions as well as the consolidation of its position as a supplier of IT services for institutions in the European Union.

Siveco Romania has a share of 21.2 percent on the local market of EAS (Enterprise Application Software) solutions. The company also has 8.9 percent of the local market of IT services, according to the most recent study by International Data Corp (IDC).

According to BloomBiz, Magyar Telekom is interested in taking over the Romanian outfit with negotiations currently in progress. The company did not confirm the report. The Romanian software firm is owned by Siveco Netherlanden (with 42.2 percent of shares), Intel Capital Corporation & Enterprise Investors (32.5 percent) and its own management (25.3 percent).

Recently, company officials announced that it would become the main supplier of information services to the Ministry of National Education in Morocco. Within the Emergency Program for Reform, Siveco will implement an integrated IT system based on the AeL solution over the next three years, with the possibility of furthering this collaboration for the next ten years.