“We believe that Romania will outperform the group from a growth rate perspective,” Kobe Verdonck, CEO of Belgian group SD Worx, Europe’s leading provider of HR and payroll solutions, told ZF.
Normally, SD Worx’s business grows in the rest of Europe at rates between 10% and 15% and the group really believes that the Romanian market will be a market with a growth rate of more than 20% in the coming years, he added.
Verdonck was in Bucharest in the context of receiving approval for the acquisition from the Romanian authorities, and thus finalizing the deal announced in December 2023.
SD Worx, an EUR1 billion annual business, acquired 80% in Romanian Software, and is to buy the remaining 20% in 2025. According to market sources, the deal was completed at an EBITDA multiple of 10, so it should have been worth more than EUR10 million.
In 2022 Romanian Software posted growth of 22% in revenue to RON24 million and of 24% in net profit to RON3 million.
(English version by Loredana Fratila-Cristescu)