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Bulgarian group Sirma completes exit from Sirma AI unit

SOFIA (Bulgaria), September 5 (SeeNews) – Bulgarian software developer Sirma Group Holding [BUL:SGH] declared that it had finalized the sale of its majority stake in the subsidiary Sirma AI to a fund of the London-based investment firm Integral Venture Partners, for an overall valuation of the target business of 28.5 million euros (28.3 millions of dollars).

Under the terms of the deal, approved by the Bulgarian company’s board of directors in May, Luxembourg fund New Frontier Technology Invest has also invested 10.75 million euros in a capital increase of Sirma AI, said Sirma Group Holding in a stock exchange filing last week.

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New Frontier Technology Invest acquired the entire company, also buying back the shares held by Sirma Solutions and Ontotext.

The total value of the purchased shares is approximately €19.5 million, of which €6.6 million was received by Sirma Group Holding.

Following completion, New Frontier Technology Invest holds 76.2% of the capital of the target company, while Sirma Solutions retains the balance of 23.8%.

The software group held 517,901 shares in artificial intelligence (AI)-based technology and semantic database developer Sirma AI, according to an earlier statement.

Sirma AI merged semantic technology company Ontotext in 2019 for 21.25 million levs, with the resulting company providing AI-based technology services to clients including S&P, Financial Times, Johnson Controls, car conglomerate Stellantis , the BBC and the British Parliament.

Integral Venture Partners has offices in London, Budapest and Belgrade. It advises and manages the institutional capital of investors such as the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), a subsidiary of the World Bank, as well than individual funds held by global entrepreneurs and family offices. .

($ = 1.00751 euros)