Bulgarian Bianor Holding acquires 100% shares in Digital Lights and 51% in Prime Holding

The Bulgarian public company Bianor Holding has announced to AIN its agreement to acquire 100% shares in Digital Lights and 51% in Prime Holding, with an option to acquire the remaining 49% later down the line.

About Bianor Holding and participants

Bianor Holding CEO Kosta Jordanov

Bianor Holding is a Bulgarian public company operating several fully-owned specialized software development companies. Among its clients are companies from the telecommunications, technology, and defense industries in Europe and North America. Bianor Holding is led by CEO Kosta Jordanov.

  • Prime Holding is a technology consulting company that offers services in product design and prototyping, cloud strategy and DevOps, digital transformation, end-to-end product development, Data Science & Analytics, Salesforce solutions, and mobile application development. It is based in Bulgaria and working with partners from USA, Europe, and Asia 
  • Digital Lights is a software company specializing in mobility, enterprise, and space solutions. Digital Lights was founded in 2018, in Sofia, Bulgaria.

The deal details

  • The proforma consolidated revenue of Bianor, Prime, and Digital Lights for the past year is €28 million, and the combined team exceeds 500 people. This makes Wiser Technology the second-largest IT company listed on the Bulgarian Stock Exchange.
  • The deal is a merger of the companies already part of Bianor Holding, with Prime Holding and Digital Lights. A significant portion of the transaction will be executed as a share swap, so the founders and the key shareholders of Prime Holding and Digital Lights will become a shareholders in Wiser Technology.

The new, larger organization will enable us to deliver even more value to our clients and to undertake even more strategic projects for them. The more dynamic and larger organization will also offer all our colleagues more exciting and diverse opportunities for professional growth,

Kosta Jordanov, CEO of Bianor Holding, said.
  • Following the deal, the companies will continue to operate independently within their existing structures while the group centralizes corporate development, finance, marketing, and sales.
  • Additionally, Dimitar Dimitrov, CEO of Digital Lights, and Georgi Sokolov, CEO of Prime Holding, will be nominated as members of the Board of Directors of Wiser Technology. Kosta Jordanov, co-founder and CEO of Bianor Holding, will serve as CEO of Wiser Technology and will remain on its Board of Directors.

Before the deal, Bianor Holding’s software development company received €6.8 million from BlackPeak Capital. The deal was the second capital raise for the company in less than 12 months.