In 2024, Sirma achieved significant milestones, reinforcing its position as a leader in the Bulgariaн IT sector. The company completed over 190 projects across 10 industries, including healthcare, logistics, and finance, as well as the development and enhancement of internal systems. This accomplishment highlights Sirma’s adaptability and commitment to providing innovative solutions tailored to diverse business needs.
One of the highlights for Sirma in 2024 was the consolidation of six subsidiaries under a unified brand. This strategic move aimed to optimize operations, expand service offerings, and strengthen client relationships. The consolidation already has positive financial effects, with improved processes and increased efficiency leading to expanding business opportunities.
Momchil Zarev, Chief Growth Officer at Sirma, commented on the restructuring process:
“We are working towards providing maximum transparency so that more people can understand the potential of the business we are developing. Whenever there is a merger, there are initial structural changes, but that is part of the process.”
Momchil Zarev, Chief Growth Officer at Sirma
As part of its expansion strategy, Sirma acquired a majority stake in the Romanian technology company Roweb Development. This acquisition not only expands Sirma’s market presence but also aligns with the company’s ambition to become the leading IT provider in the Balkan region. The Romanian market, being three times larger than Bulgaria’s, presents significant growth opportunities. Sirma is actively seeking companies with more than 100 employees in the region, particularly those, expanding into Western European markets.
Employee development remained a top priority for Sirma in 2024. Over 90 professionals participated in skill development programs, reflecting the company’s commitment to the personal and professional growth of its team.
“Unlike many other software companies, we have chosen to invest in our team and enhance their qualifications at this moment. Sirma sets long-term goals that require continuous development of high-quality specialists and know-how,”
Zarev added.
Although consolidation is often associated with cost optimization, Sirma has taken a different approach:
“Almost always, when companies restructure, there are optimizations (in terms of staff). In our case, these optimizations have been minor – below 1% so far. The goal of the merger was not about optimization but rather the opposite – to achieve better results with our existing resources. Our approach was somewhat different – we aimed to generate business growth rather than just optimization.”
Among the company’s long-term objectives is listing on the Frankfurt Stock Exchange and expanding into the German market, where Sirma already has significant clients. Positive feedback from these clients further strengthens the company’s confidence in this direction. The NASDAQ remains the ultimate long-term goal for Sirma, making its shares accessible to a broader range of investors.
For Sirma, 2024 was a year of transformation, marked by successful projects, strategic acquisitions, and a strong commitment to employee development. Moving into 2025, the company will continue to expand its services in key verticals such as software development, business and technology consulting for banking, fintech, insurance, transportation, digital healthcare, logistics, hospitality, e-commerce, public sector, cross-industry, and packaging industries. Sirma’s dedication to innovation remains a driving force in redefining industry standards and supporting business growth across various fields.
Content and images courtesy of Sirma
