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Bulgaria

Enterprise Software

Fund I

September 2022

In Portfolio

Integral Venture Partners (Integral), an investment firm, announced today that an Integral–led investment consortium (the Consortium) has entered into a definitive agreement with the Bulgarian IT group, Sirma Group, to acquire its subsidiary Ontotext, a deep-tech, enterprise software business operating in the graph database space. The Integral-led international investment consortium includes also PortfoLion Capital Partners, the venture capital and private equity arm of OTP Bank, and Carpathian Partners, a specialized technology focused investment platform based in London. The Consortium’s investment in excess of €30 million will be structured as a combination of a capital increase and a secondary share purchase as a result of which, Integral, alongside its consortium partners, will emerge as the largest shareholder in Ontotext, with a 76% stake.
Integral manages institutional private equity and growth capital and is focused on investments in the countries of central and south-eastern Europe. Integral’s fund is backed by leading international institutional investors including the EIF, the EBRD and the IFC. Integral covers its pan-regional target market out of hubs in London, Budapest and Belgrade.
Ontotext is a leading global enterprise software / semantic technology company, providing a powerful database engine for knowledge graphs, and a platform for text and data analytics. The company caters to an international blue-chip corporate clientele across both US and European markets.
Supported by new capital, Ontotext aims to accelerate its international expansion and go-to-market, with a focus on the US market, as well as further to develop vertical product stack through R&D investment while still maintaining horizontal product capabilities.
The transaction is not subject to any regulatory approvals and is expected to close by August 2022. The terms of the investment were not disclosed.