Radu Constantinescu will continue to lead the company operations as Managing Director of Qualitance, which remains an independent entity within the group. Ioan Iacob will further develop Flowx.AI, the technology start-up initially incubated in Qualitance, which attracted the second largest seed investment in Europe at the end of 2021 – USD$8.5 million and which has expanded its international presence.
“As companies at a global scale are facing huge challenges in their digitalization processes, QUALITANCE can now have a radical and immediate contribution to the evolution of such organizations”, stated Radu Constantinescu, Managing Director of QUALITANCE.
QUALITANCE ended 2022 with an estimated turnover of EUR17.5 million, which translates into a 35% increase from the previous year, and targets a 20% annual growth and an improvement of its profitability, driven by the continuous development of its two business lines – technology innovation services, including product design and development, and technology outsourcing services.
Following the transaction, the company will keep its identity and autonomy, both in business generation and governance, and will integrate ALTEN’s operational model in several stages.
“The QUALITANCE team brings in the ALTEN Group a deep understanding of technology and of the development of digital solutions, experiences, and businesses, as well as a shared vision of what customer success entails. Through this valuable addition, which is exciting for us, we anticipate an increase in the geographical footprint of our group, especially in Central and Eastern Europe”, said Axel Girardetti, Director of ALTEN Group Central & Eastern Europe.
Together with the ALTEN Group, QUALITANCE prioritizes its international expansion, with a core strategy that aims at the development of technology partnerships in Central and Eastern Europe, but also in the USA.
In 2022, the company grew its portfolio of clients and projects across industries which have been its main target in recent years, namely financial services (banking and insurance), utilities and energy, technology, manufacturing.
QUALITANCE will maintain its autonomy and current team, which numbers 220 technology and design specialists. This year the company anticipates growing the size of its team by 20%, an increase that is directly tied to the development of its projects and client portfolio.