- Member SORTIS Invest
- Sector Business & Financial Services
- Date completed 3.10.2020
- Client DataStork
- Country Bulgaria
- Acquirer HeleCloud
- Country United Kingdom
SORTIS Invest advised the owners of DataStork, the Bulgarian software engineering company, specialized in cloud software, artificial intelligence and machine learning technologies, in the sale of 100% of the capital of DataStork to HeleCloud, the British managed services and cloud services company. The deal was completed for an undisclosed amount on 1 July 2020. DataStork was established by Mr. Doichin Yordanov in 2016 and since then has developed a range of technical capabilities including DevOps, BigData, microservices, Internet of Things (IoT) and Serverless, backend systems, frontend applications and search. In its short history, the company has been able to attract prominent international clients like the Financial Times, Bosch, HedgeServ and Uber. helping them to innovate, optimize costs, reduce downtime and improve the lifecycle management of their cloud applications. Dob Todorov, CEO and Chief Cloud Officer of HeleCloud commented the second acquisition of HeleCloud: â€œEvery modern business is digital and those businesses that focus on their data and innovate fast to convert this data into value for their customers, and into their own market advantage will be the leaders of tomorrow. The acquisition of DataStork is a natural next step for HeleCloud, on our way to providing the market-leading capabilities that modern organisations expect from HeleCloud. Together, HeleCloud and DataStork will be better equipped than ever to help our customers transform their legacy applications, innovate beyond conventional software to build Cloud-native systems, derive intelligence from their data and grow their business on the AWS Platform. The combination of DataStorkâ€™s software engineering and Artificial Intelligence/Machine Learning capabilities with our broad AWS specialist expertise and growing Pan-European footprint will provide our customers with the capabilities that they need to be successful. The acquisition is also expected to result in greater efficiencies and increases our market share, and clearly weâ€™ll make sure that all existing DataStork customers continue to receive the same high-quality services which they are used to and can also benefit from the wider group capabilities.â€ In the meantime, HeleCloud received a follow-on investment from BGF, the British growth capital fund, which provided GBP 2 million to the company in 2018 to facilitate its organic growth and the acquisition of OlinData, an AWS Advanced Consulting Partner based in the Netherlands, which specialises in Open Source Infrastructure. Doichin Yordanov, Founder and CEO of DataStork commented: â€œExperienced in scalable Internet of Things, Cloud and Big Data large systems for companies like Bosch, Uber and FT, DataStork is perfectly positioned to extend HeleCloudâ€™s AWS portfolio with Cloud-native software value-added services. The main challenge in the adoption of the already mature and rich Public Cloud services in recent years is the ability of the hosted software to efficiently leverage those and the management complexity of the composite Hybrid Cloud setups. DataStork, with its core VMware R&D legacy and AWS know-how, will accelerate the Public Cloud journey of HeleCloud customers through Cloud-native software re-architecting and AI-driven Hybrid Cloud solutions for the leading AWS/VMware stackâ€. DataStork will continue operating under its own brand, while Mr. Yordanov will remain in the company as Chief Technology Officer â€“ Cloud Software of HeleCloud.
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