KeysFin: UiPath may have turned into the biggest Romanian software company

Romania's software industry grew by about 10% last year compared to 2019 and was 250% above the level of 2010, exceeding the threshold of EUR 8.3 bln, according to data from the Ministry of Finance compiled by economic data processing platform Keysfin.

The growth has continued, and the sector will reach a new all-time high of over EUR 9.2 bln (+11% YoY), according to KeysFin.

In 2020, almost 27,000 software companies were active in Romania, 9% more than in 2019 and 104% more than in 2010.

The largest local software company by turnover in 2020 is IBM Romania (EUR 168 mln), followed by Bitdefender (EUR 178.5 mln).

The 10 largest companies in the industry accumulated a turnover of approximately EUR 1.4 bln or 16.4% of the total.

KeysFin "doesn't rule out" that UiPath (Romania) - which hasn't published its 2020 results yet - turned into the new leader of the local software market in terms of turnover.

Software companies' share in the total IT&C sector, by turnover, increased from 32% in 2010 to over 57% in 2020 due to the much faster advance of the software segment: the software segment's turnover soared 3.5 times while the IT&C sector as a whole only doubled, compared to 2010.

At the level of the total turnover generated by the Romanian non-financial companies, the share of the software industry increased from 1.1% in 2010 to over 2.4% of the total in 2020.

The aggregated net result of the Romanian software companies reached nearly EUR 1 bln in 2020, 3.5% more than in 2019 and more than 6 times more compared to 2010.

Also, in 2020, the software companies generated 77% of the net result recorded by the entire IT&C sector and 4.6% of the net result of all non-financial companies in Romania.

(Photo source: Facebook/UiPath)