Eleco buys Vertical Digital and Sons of Coding, Romanian software development companies

Adnumus, a Romanian M&A consulting company with international experience, successfully brokered the acquisition of Vertical Digital and Sons of Coding, software companies based in Oradea and Timișoara, by UK-based Eleco plc, a specialized software provider listed on the market Alternative Investment Market of the London Stock Exchange.

Vertical Digital and Sons of Coding, acquired for an initial consideration of €1.3 million and earn-out [contingent value] of €250,000, have a proven track record in providing agile and innovative software development solutions, technical consulting and refinement to numerous European and multinational end customers including Lufthansa Technik, PwC, VW Financial Services and Zoopla.

“We thank all parties for the trust placed in a purchase that confirms the traction that Oradea is gaining, both in terms of business potential and local talent and capabilities. We are delighted to have managed to attract a renowned international company – Eleco, listed on the London Stock Exchange – and to open international markets to the exceptional technical talent that Romania has to offer”, said Alex Suciu, Managing Partner, Adnumus.

Eleco is an international specialist provider of software and related services for the built environment, through its brands Elecosoft, BestOutcome and Veeuze, from centers of excellence in the UK, Sweden, Germany, the Netherlands, the USA and now Romania.

Alex Suciu and Marius Rusu from Adnumus coordinated the acquisition process in which the buyer was legally represented by Dorsey & Whitney (Europe) LLP and Schoenherr Romania and by Baker Tilly for financial and fiscal aspects, and the seller’s team was formed by Cabinet Andrea Staicu for legal assistance and Optimal Tax Consulting for financial and tax consulting.

acquisitionAdnumusElecoM&Aoradeasoftware companiesSons of CodingtimisoaraUKVertical Digital
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