Siveco Romania opens Dubai office, aims for 40% international sales

Romanian software company Siveco Romania has opened an office in Dubai, hoping to gain more subcontracting contracts in the Gulf states, and targets a 40 percent of its turnover from international sales. Siveco signed the first contract in the United Arab Emirates in 2007, to develop the national education portal, followed by an eContent system, ended in 2011. Siveco exports eLearning solutions to 17 countries and hopes to expand to 10 more export destinations by the end of this year, most of them in the Middle and Near East. “Solutions for education will generate 30 percent of our turnover in 2012,” said Irina Socol, president and general manager of Siveco (in picture). The company plans to expand with projects in the schools in Oman and Bahrain, while starting the iPad content project in Kuwait. Siveco, started in 1992, now employs 1,200 people. It is owned by Intel Capital, Polish Enterprise Fund V, a fund managed by Enterprise Investors, SIVECO Netherlands B.V and SIVECO Management Team. Siveco Romania posted a profit of EUR 2.4 million in 2010 and a turnover of EUR 53.6 million. Corina Saceanu, corina@romania-insider.com