Noventiq acquires majority stake in Serbian Saga Group
With this acquisition, Noventiq will reinforce its global portfolio and presence in Central and Eastern Europe.
- (1888PressRelease) November 22, 2022 - • Belgrade-based digital solutions provider Saga Group has operations in more than 25 countries. It is an advanced partner of Microsoft, Oracle and Cisco, amongst others.
• The acquisition brings over 400 expert staff to Noventiq, with plans to expand expertise from Saga’s and its IP across Noventiq’s customer base worldwide
• Saga’s digital banking IP has been adopted by financial institutions across Europe, Africa and the Middle East
Noventiq (LSE: SFTL), the global digital transformation and cybersecurity solutions and services provider, has today announced the signing of an agreement to acquire the majority of Serbian software and digital solutions leader Saga Group. The acquisition represents a significant addition to Noventiq’s portfolio thanks to Saga´s offerings from Microsoft, Oracle, Cisco and many others.
Following Noventiq’s three-dimensional growth strategy announced at last year´s IPO, this transaction further accelerates Noventiq´s business expansion. It also strengthens Noventiq’s operations and competences in digital infrastructure, managed solutions and services in Central and Eastern Europe. The incorporation of Saga Group to Noventiq also brings an extraordinary team of over 400 people, including more than 300 highly skilled and experienced IT professionals, to build and deliver critical components of the digital infrastructure and transformation process to regional customers.
With this acquisition, Saga Group's local customers will now have access to Noventiq´s full portfolio of solutions and services. And will also benefit from the expertise of Noventiq’s almost 4,000 people in the 60 countries where the company operates.
For more than 30 years, Saga Group has secured its place as a market leader operating in 25 countries, and growing fast thanks to the over 400 employees located in four countries of Western Balkans. The group has become a leading end-to-end next generation digital infrastructure and mission critical solutions provider, not only in the core countries but also in the Middle East and Africa with technology partners such as Oracle, Cisco, DELL, Hewlett Packard Enterprise, Juniper, VMWare, among others.
Saga Group has also built a portfolio of their own digital products, including its own IP for digital banking, Fintense, created by Saga’s subsidiary NF Innova, which is an omnichannel digital banking platform (Internet banking, Mobile banking, Kiosks, ATMs) offering process automation, data management and personal advisory. Fintense has already been chosen by multiple international banking entities based in Malta, Serbia, Romania, Montenegro, Qatar, Republic of South Africa, and North Macedonia. Saga’s other sophisticated IP platform, Weaver which is a mature AI developed chatbot, and Selecta, which is a next generation AI-empowered CRM platform are owned and created by Intellya, another subsidiary of Saga Group.
Herve Tessler, President and COO at Noventiq, commented: “We are very proud to welcome Saga’s team to Noventiq. Saga’s solutions offerings and sophisticated own IP will help Noventiq to not only expand its geographical presence, but also entrench our portfolio capabilities. Saga’s fintech solutions are about transforming legacy banks and institutions into digital leaders, and thanks to this transaction, our customers from a wide array of sectors will be able to benefit from Saga’s extraordinary technology.”
Dejan Popovic, President of Saga Supervisory Board, said: “By joining Noventiq, Saga will be able to add more value to its clients by providing better and broader solutions and services. At the same time, this transaction will help to fulfill strategic ambitions of Saga’s team to bring its expertise, solutions and IP to more customers globally. Noventiq is a fast-growing company with excellent vendor relationships worldwide and a team of almost 4,000 people and we are keen to see what we can do to help further accelerate Noventiq’s growth.”
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