Connections, a technology company listed on the AeRo market of the Bucharest Stock Exchange (BVB), has completed the sale of its Back Office Services division in Bulgaria, Serbia, and Romania, held through its company Outsourcing Support Services (OSSR), to IGT Solutions, headquartered in India and with activity covering Europe.
The transaction value amounts to EUR 4.5 million, and part of the fixed component of the price has already been paid.
The signing of the SPA (Share Purchase Agreement) took place in March 2025, following a strategic decision by Connections to focus on developing the business in the core areas – artificial intelligence and cybersecurity, the company explained.
Following this transaction, IGT Solutions takes over the teams of approximately 150 employees from OSSR subsidiaries in Romania, Bulgaria, and Serbia. This is expected to “contribute to scaling operations and strengthening the company’s competitive advantage in Europe.”
“The completion of the sale process of OSSR Romania together with the subsidiaries in Bulgaria and Serbia provides us with part of the capital necessary to start a new investment phase: the development of advanced artificial intelligence and cybersecurity solutions – which we have been preparing since the beginning of 2025. The transaction concluded with IGT Solutions means consolidating Connections’ position, at a time when new technologies have the power to change the rules of the game in all fields and industries,” Bogdan Florea, Founder & Co-CEO of Connections, explained.
The next step, from a capital market perspective, is the company’s transition to the regulated market, the company said.
Connections has more than 300 employees and 20 years of experience in Central and Eastern Europe: Bulgaria, Serbia, sales offices in the USA and the UK, and representatives in Germany and the Middle East. The company specializes in Intelligent Automation, IT Infrastructure Support, Digital Business Process Management, and On-Demand Software Development.
Connections’ clients include global corporations and mid-sized Romanian companies from industries such as Banking, FMCG, Energy, Telecom, and Retail, as well as government institutions in Romania.
Since September 2021, Connections has been listed on the AeRo market of the Bucharest Stock Exchange, in the Premium segment.
IGT Solutions is a Customer Experience (CX) company that serves over 90 global clients, with a team of more than 25,000 CX experts managing customer processes across 31 global delivery centers located in 13 countries. IGT Solutions’ portfolio includes digital transformation services, platform integration, AI/ML and Gen AI-based solutions, intelligent automation and advanced analytics, as well as a full spectrum of BPM (Business Process Management) services and solutions.
(Photo: the company)
simona@romania-insider.com
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