Inatech, a supplier of risk management systems for energy transactions (ETRM) owned by Swiss commodities trader Glencore, will open an IT hub in Romania.
The company has already hired five programmers in Bucharest, who will work on a new ETRM product necessary in oil transactions. The product, which is called Techoil, will allow traders to see the profit and loss on any oil deal in real time. The team in Bucharest will be complentary to the product development department Inatech has in Chennai, India.
The company explained that it decided to open this IT hub in Bucharest due to the high local IT competencies, professionalism and education, as well as due to the costs, which are 20-30% lower than in Western Europe. The company also argued that Romania has a significant talent pool in the technical area as the share of gifted children is double the world average and the country has ranked first in Europe at the International Math Olympiad this decade.
Glencore also has a trading business in Romania, Glencore Agriculture Romania SRL, which had a turnover of over EUR 390 million in 2016.