Scottsdale-based Encora to acquire European software engineering services company
Encora is acquiring a Romanian software engineering services firm, marking its expansion into the European market, the company announced on Tuesday.
Scottsdale-based Encora agreed to acquire Softelligence, which is headquartered in Bucharest, Romania and provides software engineering, artificial intelligence and automation to the insurance and banking industries.
The acquisition allows Encora to establish its first delivery centers in Europe and bring services closer to clients in new markets across the globe, according to a company release. In addition to Europe, Encora serves clients in North America, Asia Pacific and Australia. Softelligence operates delivery sites in Bucharest and Craiova in Romania and Skopje in Macedonia.
“Softelligence is expected to greatly expand our global reach and strengthen our ability to provide high-quality, nearshore services for customers across the world,” Anand Birje, CEO of Encora, said in a statement. “We are delighted to welcome [CEO] Adrian Blidarus and his team, as they will provide critical expertise to enhance our capabilities and further our mission of being the leading global engineering solutions provider.”
Under the agreement, Softelligence will operate as a subsidiary of Encora and retain its existing leadership and staff, adding 250 employees to the Scottsdale-based company’s existing workforce of 9,000 worldwide.
The transaction is expected to close in mid-2023, subject to regulatory approval. Financial terms of the acquisition were not disclosed.
Founded in 2006, Softelligence will be renamed and operate under the Encora brand after the transaction closes.
“We’re very pleased to become part of the Encora family and we feel that this partnership will greatly strengthen our ability to serve customers in the U.K, continental Europe and beyond,” Adrian Blidarus, founder and CEO of Softelligence, said in a statement. “Softelligence and Encora fit very well together culturally, and we feel that our capabilities will provide critical value to current and future customers.”
Encora acquires five companies in five years
Encora’s acquisition of Softelligence marks the company’s fifth in five years.
In January, Encora acquired Excellarate, a global tech services company headquartered in Wayne, Indiana to boost its capabilities in artificial intelligence, analytics and automation.
Over the past five years, Encora has expanded its global delivery footprint via acquisitions of four companies: Daitain, Avantica, Nearsoft, and Söoryen Technologies, all of which added “significant technical expertise and geographical coverage in Latin America and India,” according to the company.
Encora’s acquisition comes as the company announced it named Birje its new CEO, effective May 15.
Encora provides technology companies with services including predictive analysis, machine learning, artificial intelligence, cloud and test automation. The company, which is backed by private equity firm Advent International, operates more than 40 offices and labs worldwide.