Industry Report Computer programming, consultancy and related activities 2016 BULGARIA
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This industry report is part of your subcription access to SeeNews | seenews.com/subscription CONTENTS
I. KEY INDICATORS
II. INTRODUCTION
III. REVENUES
IV. EXPENSES
V. PROFITABILITY
VI. EMPLOYMENT 1 SeeNews Industry Report
In 2015 there were a total of 6,851 companies operating in the industry. In 2014 their number totalled 6,123. I. KEY INDICATORS NUMBER OF COMPANIES IN COMPUTER PROGRAMMING, The Computer programming, consultancy and related CONSULTANCY AND RELATED ACTIVITIES INDUSTRY BY SECTORS activities industry in Bulgaria was represented by 7,567 SECTOR 2016 2015 2014 companies at the end of 2016, compared to 6,851 in the OTHER INFORMATION TECHNOLOGY AND 3,294 3,049 2,727 previous year and 6,123 in 2014. COMPUTER SERVICE ACTIVITIES COMPUTER PROGRAMMING ACTIVITIES 2,226 1,998 1,770 The industry's net profit amounted to BGN 413,812,000 in COMPUTER CONSULTANCY ACTIVITIES 1,280 1,099 979 2016. COMPUTER FACILITIES MANAGEMENT 767 705 647 ACTIVITIES The industry's total revenue was BGN 4,289,939,000 in 2016, up by 13.16% compared to the previous year.
The combined costs of the companies in the Computer III. REVENUES programming, consultancy and related activities industry
reached BGN 3,823,347,000 in 2016, up by 13.26% year-on- The total revenue in the industry was BGN 4,289,939,000 in year. 2016, BGN 3,791,169,000 in 2015 and 2,902,270,000 in 2014.
The industry's total revenue makes up 4.63% to the country's Gross domestic product (GDP) in 2016, compared Total revenue to 4.24% for 2015 and 3.38% in 2014. Net sales revenue 4,289,939,000 A total of 42,710 people were employed in the Computer 4,400,000,000 programming, consultancy and related activities industry in 4,000,000,000 3,791,169,000 2016, compared to 38,714 in 2015 and 32,354 in 2014. 4,102,243,000 3,600,000,000 Most of the companies in the industry are based in Sofia, 3,584,603,000 3,200,000,000 followed by Varna and Plovdiv. 2,902,270,000 2,800,000,000 2,733,610,000 II. INTRODUCTION 2,400,000,000 BGN 2,000,000,000
In 2016 the companies in the Computer programming, 1,600,000,000 consultancy and related activities industry numbered 7,567, distributed in 4 sectors. 1,200,000,000
800,000,000
400,000,000 INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES
0 1,280 2014 2015 2016
The companies in the Computer programming, consultancy 2,226 and related activities market of Bulgaria earned combined net sales revenues of BGN 4,102,243,000 in 2016. 767 In annual terms, sales marked a rise of 14.44% compared to 2015. In comparison to 2014 they rose by 50.07%. In 2015 sales increased by 31.13% year-on-year.
The Computer programming, consultancy and related activities industry total revenue make up 4.63% to the country's GDP in 2016, compared to 4.24% for 2015 and 3.38% in 2014.
3,294 Other information technology and computer service activities
Computer programming activities Computer consultancy activities
Computer facilities management activities
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Share in GDP 4.8 4.63% INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS
4.4 4.24% 31.67% 4 13.84% 3.63.38%
3.2
2.8
2.4 5.50%
2
1.6
1.2
0.8
0.4
0 2014 2015 2016 48.99% Other information technology and computer service activities In 2016 the Computer programming, consultancy and related Computer programming activities activities industry contributed to GDP BGN 3,694,783,000 in Computer consultancy activities Gross value added (GVA) accounting for 2.42% of the total for the country's economy. Computer facilities management activities
In the previous year, the industry's GVA amounted BGN The highest growth, of 20.41%, was recorded by Computer 3,199,169,000, accounting for 2.07% of the total for the programming activities. There was no industry's sector to country in 2015. In 2014 the GVA of the Computer report a drop in net sales revenues. programming, consultancy and related activities was BGN 2,526,853,000, or 1.76% of the GVA for the country's TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES economy. (BGN) REVENUE (BGN) COMPUTER PROGRAMMING ACTIVITIES GVA BY SECTORS PROGRESS SOFTWARE EAD 81,536,000 72,912,000 RANK SECTOR BGN SHARE OF THE COUNTRY'S SAP LABS BULGARIA EOOD 65,716,000 65,602,000 GVA (%) EXPERIAN BULGARIA EAD 32,778,000 32,778,000 1 OTHER INFORMATION TECHNOLOGY AND 1,704,833,000 1.12 OTHER INFORMATION TECHNOLOGY AND COMPUTER SERVICE ACTIVITIES COMPUTER SERVICE ACTIVITIES HEWLETT-PACKARD GLOBAL DELIVERY 292,814,000 292,514,000 2 COMPUTER PROGRAMMING ACTIVITIES 1,279,832,000 0.84 BULGARIA CENTER EOOD 3 COMPUTER CONSULTANCY ACTIVITIES 507,866,000 0.33 ALSO BULGARIA EOOD 161,024,000 158,611,000 4 COMPUTER FACILITIES MANAGEMENT 202,252,000 0.13 PAYSAFE BULGARIA EOOD 82,157,000 82,126,000 ACTIVITIES COMPUTER CONSULTANCY ACTIVITIES
IBM BULGARIA EOOD 115,891,000 114,785,000 We expect, based on the trend in the last three years, the total CAD R&D CENTRE PROGRESS GROUP AD 40,419,000 37,456,000 revenue of the Computer programming, consultancy and BULPROS CONSULTING AD 24,327,000 24,243,000 related activities industry to change at a compound annual COMPUTER FACILITIES MANAGEMENT ACTIVITIES growth rate (CAGR) of 21.58% in 2017. TEHNOLODZHI SERVISIZ BULGARIA EOOD 30,763,000 24,298,000 CEZ INFORMATION AND 19,144,000 19,138,000 COMMUNICATION TECHNOLOGIES NET SALES REVENUE BY SECTORS BULGARIA EAD RANK SECTOR NET SALES REVENUE (BGN) DZZD KONSORTSIUM YU TI AY GRUP - 14,897,000 14,281,000 1 OTHER INFORMATION TECHNOLOGY AND COMPUTER 2,009,663,000 INOVATIVNI TRAFIK SISTEMI SERVICE ACTIVITIES 2 COMPUTER PROGRAMMING ACTIVITIES 1,299,331,000 3 COMPUTER CONSULTANCY ACTIVITIES 567,678,000 The top 10 companies in terms of total revenue in Computer 4 COMPUTER FACILITIES MANAGEMENT ACTIVITIES 225,571,000 programming, consultancy and related activities accounted for 23.94% of the industry's total in 2016, 24.27% in 2015 and 22.21% in 2014.
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FADATA EOOD 26,350,000 TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE SBTECH (GLOBAL) LIMITED - SUBSIDIARY BULGARIA BRANCH 24,363,000 INDUSTRY MUSALA SOFT AD 21,402,000 RANK COMPANY TOTAL REVENUE NET SALE (BGN) REVENUE (BGN) 1 HEWLETT-PACKARD GLOBAL DELIVERY 292,814,000 292,514,000 BULGARIA CENTER EOOD The 10 largest companies in terms of total revenue in sector 2 ALSO BULGARIA EOOD 161,024,000 158,611,000 Computer programming activities earned total revenue of 3 IBM BULGARIA EOOD 115,891,000 114,785,000 BGN 367,552,000 and accounted for 8.57% of the industry's 4 PAYSAFE BULGARIA EOOD 82,157,000 82,126,000 total revenue. 5 PROGRESS SOFTWARE EAD 81,536,000 72,912,000 6 VMWARE BULGARIA EOOD 71,365,000 71,365,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR OTHER 7 SAP LABS BULGARIA EOOD 65,716,000 65,602,000 INFORMATION TECHNOLOGY AND COMPUTER SERVICE 8 TELELINK BUSINESS SERVICES EAD 63,736,000 59,900,000 ACTIVITIES WERE: COMPANY BGN 9 VISTEON ELECTRONICS BULGARIA EOOD 52,530,000 52,523,000 HEWLETT-PACKARD GLOBAL DELIVERY BULGARIA CENTER EOOD 292,814,000 10 CAD R&D CENTRE PROGRESS GROUP AD 40,419,000 37,456,000 ALSO BULGARIA EOOD 161,024,000 PAYSAFE BULGARIA EOOD 82,157,000
VMWARE BULGARIA EOOD 71,365,000 The total revenues of the top 10 companies in the Computer TELELINK BUSINESS SERVICES EAD 63,736,000 programming, consultancy and related activities were 1.11% of VISTEON ELECTRONICS BULGARIA EOOD 52,530,000 GDP in 2016, compared to 1.03% for 2015 and 0.75% in 2014. LANET EOOD 38,318,000
The top 10 by assets in the Computer programming, LIREX BG OOD 36,633,000 consultancy and related activities industry made up BGN HP INC BULGARIA EOOD 36,144,000 941,829,000, or 22.96% of the total net sales revenue. ORACLE EAST CENTRAL EUROPE LIMITED - BRANCH BULGARIA 29,434,000
TOP 10 BY TOTAL ASSETS IN THE INDUSTRY RANK COMPANY BGN The 10 largest companies in terms of total revenue in sector 1 SUMUP EOOD 94,835,000 Other information technology and computer service activities 2 PROGRESS SOFTWARE EAD 81,872,000 earned total revenue of BGN 864,155,000 and accounted for 3 TELELINK BUSINESS SERVICES EAD 71,386,000 20.14% of the industry's total revenue. 4 PAYSAFE BULGARIA EOOD 62,478,000 5 ALSO BULGARIA EOOD 53,763,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET 6 SIRMA SOLUTIONS AD 52,165,000 COMPUTER CONSULTANCY ACTIVITIES WERE: COMPANY BGN 7 HEWLETT-PACKARD GLOBAL DELIVERY BULGARIA CENTER 50,846,000 EOOD IBM BULGARIA EOOD 115,891,000 8 IBM BULGARIA EOOD 38,784,000 CAD R&D CENTRE PROGRESS GROUP AD 40,419,000 9 SAP LABS BULGARIA EOOD 33,937,000 BULPROS CONSULTING AD 24,327,000 10 VMWARE BULGARIA EOOD 33,677,000 KONGRES DZZD 19,399,000 CODIX BULGARIA EAD 18,293,000 STRYPES EOOD 14,893,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN ADASTRA BULGARIA EOOD 12,451,000 OPERATING REVENUE IN COMPUTER PROGRAMMING, INTELLIGENT SYSTEMS BULGARIA EOOD 11,804,000 CONSULTANCY AND RELATED ACTIVITIES COCA-COLA HELLENIC IT SERVICES EOOD 11,376,000 RANK COMPANY Y/Y GROWTH TECH EXPERTS EOOD 11,105,000 1 ENOTION EOOD 117700.00% 2 V-ONLINE SISTEMS EOOD 49000.00% 3 TRAVEL KLUB MARKETING OOD 39600.00% The 10 largest companies in terms of total revenue in sector 4 GAMELEAP OOD 25700.00% Computer consultancy activities earned total revenue of BGN 5 IHOLD EOOD 25400.00% 279,958,000 and accounted for 6.53% of the industry's total 6 ROKET ONLAYN EOOD 22100.00% revenue. 7 DZZD MATERNA SISTEMS 18550.00% 8 INFOLEVEN EOOD 17150.00% TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET 9 CYRILLIC OOD 16550.00% COMPUTER FACILITIES MANAGEMENT ACTIVITIES WERE: COMPANY BGN 10 DOTSOA EOOD 10400.00% TEHNOLODZHI SERVISIZ BULGARIA EOOD 30,763,000
CEZ INFORMATION AND COMMUNICATION TECHNOLOGIES 19,144,000 BULGARIA EAD TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET DZZD KONSORTSIUM YU TI AY GRUP - INOVATIVNI TRAFIK SISTEMI 14,897,000 COMPUTER PROGRAMMING ACTIVITIES WERE: TMS CO OOD 7,910,000 COMPANY BGN PROGRESS SOFTWARE EAD 81,536,000 KPMG IT SERVICE OOD 7,718,000 SAP LABS BULGARIA EOOD 65,716,000 EPAY AD 6,349,000 EXPERIAN BULGARIA EAD 32,778,000 SIS TECHNOLOGY AD 6,165,000 SIRMA SOLUTIONS AD 31,900,000 LIBERTY DIGITAL GROUP EOOD 6,113,000 ATOS BULGARIA KOMPETANSI TSENTAR EOOD 28,656,000 METHODIA AD 5,266,000 MM SOLUTIONS EAD 27,434,000 LIREKS HAY TEH EOOD 5,236,000 HAOS SOFTWARE OOD 27,417,000
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The 10 largest companies in terms of total revenue in sector Computer facilities management activities earned total TOTAL COSTS BY SECTORS revenue of BGN 109,561,000 and accounted for 2.55% of the RANK SECTOR TOTAL COSTS (BGN) industry's total revenue. 1 OTHER INFORMATION TECHNOLOGY AND COMPUTER 1,878,767,000 SERVICE ACTIVITIES PRODUCTION SALES FIGURES FOR COMPUTER PROGRAMMING, 2 COMPUTER PROGRAMMING ACTIVITIES 1,212,093,000 CONSULTANCY AND RELATED ACTIVITIES IN 2016 3 COMPUTER CONSULTANCY ACTIVITIES 515,580,000 SECTOR SALES IN BGN INCL. SALES ON INCL. EXPORTS 4 COMPUTER FACILITIES MANAGEMENT ACTIVITIES 216,907,000 THE DOMESTIC IN BGN MARKET IN BGN OTHER INFORMATION TECHNOLOGY AND 1,857,000 1,857,000 0 COMPUTER SERVICE ACTIVITIES
COMPUTER PROGRAMMING ACTIVITIES 1,105,720 398,720 707,000 INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS COMPUTER FACILITIES MANAGEMENT 539,000 539,000 0 ACTIVITIES 31.70% 13.49% IV. EXPENSES
The combined costs of the companies in the Computer programming, consultancy and related activities industry 5.67% reached BGN 3,823,347,000 in 2016.
Total Expenses Operational expenses 3,823,347,000 3,900,000,000
3,510,000,000 3,375,692,000 3,761,738,000
3,120,000,000 3,292,699,000
2,730,000,0002,533,335,000 49.14% Other information technology and computer service activities 2,340,000,0002,483,101,000 Computer programming activities 1,950,000,000 Computer consultancy activities BGN Computer facilities management activities 1,560,000,000
1,170,000,000 Computer programming activities marked the highest annual increase in total expenses, of 18.12%. 780,000,000 In terms of operating expenses, the highest increase, of 390,000,000 19.49%, was recorded by the Computer programming activities sector. 0 2014 2015 2016 The biggest spenders in the industry, with costs of over 10% of industry's costs, numbered 18, including TEHNOLODZHI In annual terms, total expenses went up by 13.26% compared SERVISIZ BULGARIA EOOD, SIRMA SOLUTIONS AD, FADATA to 2015 and went up by 50.92% in comparison to 2014. EOOD, EXPERIAN BULGARIA EAD, VISTEON ELECTRONICS BULGARIA EOOD. The medium spenders, or those in the 5% The total operating expenses of the companies in the and 10% range count 22 and include NET INFO AD, HAOS Computer programming, consultancy and related activities SOFTWARE OOD, CEZ INFORMATION AND industry were BGN 3,761,738,000 in 2016. COMMUNICATION TECHNOLOGIES BULGARIA EAD, INFORMATION SERVICES AD, PLAYTECH BULGARIA EOOD. Operating costs rose by 14.24% compared with the previous Below 5% threshhold are 7,527 companies, including SOLEKS year and went up by 51.49% when compared to 2014. 7 EOOD, HAYTEK INDASTRIS EOOD, TIM PARVANOVA I SIE SD, ARIADNA - HRISTOV I S-IE SD, INFOKONSULT-TK EOOD. We expect, based on the trend in the last three years, the total costs of the Computer programming, consultancy and related Employment expenses in the Computer programming, activities industry to change at a compound annual growth consultancy and related activities industry went up by 27.95% rate (CAGR) of 22.85% in 2017. on the year to BGN 1,793,010,000 in 2016.
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Employment expenses Salaries expenses Average taxes expenses by company Social security expenses 8,000 1,793,010,000 7,178 1,800,000,000 7,062 6,975 7,000
1,620,000,000
1,401,339,000 1,589,236,000 6,000 1,440,000,000
1,260,000,000 1,126,989,000 5,000 1,248,417,000 1,080,000,000
4,000 900,000,0001,008,254,000 BGN BGN
720,000,000 3,000
540,000,000
2,000 360,000,000 185,866,000 117,300,000 150,940,000 180,000,000 1,000
0 2014 2015 2016 0 2014 2015 2016
The highest growth in labour costs, of 34.69%, was registered by Other information technology and computer service EXPENSES ON TAXES BY SECTORS activities. RANK SECTOR BGN Y/Y CHANGE 1 OTHER INFORMATION TECHNOLOGY AND 22,861,000 5.04% The monthly costs per employee in the Computer COMPUTER SERVICE ACTIVITIES programming, consultancy and related activities industry 2 COMPUTER PROGRAMMING ACTIVITIES 20,323,000 16.60% averaged BGN 3,498 in 2016, BGN 3,016 in 2015 and BGN 3 COMPUTER CONSULTANCY ACTIVITIES 7,149,000 -4.04% 2,903 in 2014. 4 COMPUTER FACILITIES MANAGEMENT 2,447,000 40.55% ACTIVITIES
The monthly social security costs per employee in the industry averaged BGN 363 in 2016, versus BGN 325 in 2015 and BGN 302 in 2014. V. PROFITABILITY EMPLOYMENT EXPENSES IN COMPUTER PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES BY SECTORS IN 2016 The industry's net profit amounted to BGN 413,812,000 in RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER 2016, compared to a net profit of BGN 367,091,000 in 2015 EMPLOYEE (BGN) and a net profit of BGN 324,980,000 in 2014. 1 OTHER INFORMATION TECHNOLOGY AND 759,942,000 39,255 COMPUTER SERVICE ACTIVITIES Net profit/loss 2 COMPUTER PROGRAMMING ACTIVITIES 737,987,000 47,435 Operating profit/loss 3 COMPUTER CONSULTANCY ACTIVITIES 247,909,000 41,256 466,592,000 4 COMPUTER FACILITIES MANAGEMENT 47,172,000 26,442 480,000,000 ACTIVITIES 440,000,000 417,166,000 400,000,000 369,269,000 413,812,000 THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER 360,000,000 EMPLOYEE IN THE INDUSTRY 367,091,000 RANK COMPANY BGN 320,000,000 1 MAYDO LT D EOOD 49,833 324,980,000 2 SAMSOURCING EOOD 41,417 280,000,000
3 MOA GROUP SERVICES KD 39,167 240,000,000
4 ADAGIO EOOD 35,417 BGN 200,000,000 5 BRAVO KONSULT EOOD 33,880 6 E SY SOFT EOOD 33,167 160,000,000 7 URC TELE SERVICE GMBH EOOD 31,917 120,000,000 8 GLOBAL SOLYUSHANS EOOD 27,750 9 FINVEST EOOD 25,250 80,000,000
10 OUTCONS OOD 23,917 40,000,000
0 The industry's tax expenses stood at BGN 52,780,000 in 2016. 2014 2015 2016 In 2015 it paid taxes of BGN 48,386,000. In 2014 the industry paid BGN 43,955,000 in taxes.
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ROE TOP 10 COMPANIES BY HIGHEST NET PROFIT IN COMPUTER ROA PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES 24.94% RANK COMPANY BGN 25 1 HEWLETT-PACKARD GLOBAL DELIVERY BULGARIA CENTER 19,485,000 22.91% 22.04% EOOD 22.5 2 PAYSAFE BULGARIA EOOD 16,147,000 3 ENIGMA SOFTWARE GROUP BULGARIA EOOD 12,016,000 20 4 MM SOLUTIONS EAD 10,888,000 17.5 5 LANET EOOD 10,104,000 6 IBM BULGARIA EOOD 7,809,000 15 7 ABRITES OOD 6,465,000
8 EGT INTERACTIVE EOOD 6,236,000 12.5 13.03% 12.73% 9 CONVERSION UNIVERSE OOD 5,932,000 12.19% 10 TICK42 OOD 5,628,000 10
7.5
TOP COMPANIES BY HIGHEST NET LOSS IN COMPUTER 5 PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES RANK COMPANY BGN 2.5 1 VMWARE BULGARIA EOOD 14,790,000
2 PROGRESS SOFTWARE EAD 3,986,000 0 3 FADATA EOOD 2,936,000 2014 2015 2016 4 OFICHINA EOOD 2,864,000 5 NET INFO AD 2,147,000
LEADING INDUSTRY'S SECTORS BY ROA 16 15.46 The combined operating earnings of the companies in the Computer programming, consultancy and related activities 14.4 13.58 industry grew by 11.85% y/y to BGN 466,592,000 in 2016. 12.8 11.78 OPERATING PROFIT/LOSS BY SECTORS (BGN) 11.2 SECTOR 2016 2015 2014 9.6 OTHER INFORMATION TECHNOLOGY 200,741,000 188,439,000 195,916,000 AND COMPUTER SERVICE ACTIVITIES 8 COMPUTER PROGRAMMING ACTIVITIES 171,520,000 138,358,000 108,471,000 6.4 COMPUTER CONSULTANCY ACTIVITIES 67,594,000 71,956,000 52,741,000 COMPUTER FACILITIES MANAGEMENT 26,737,000 18,413,000 12,141,000 4.8 ACTIVITIES 3.2
1.6 The profit margin for the Computer programming, 0 consultancy and related activities industry stood at 11.05% in Computer consultancy Computer programming Other information activities activities technology and 2016, while in 2015 it amounted to 11.27% and 13.04% in computer service 2014. activities
PROFIT MARGIN BY SECTORS LEADING INDUSTRY'S SECTORS BY ROE RANK SECTOR PROFIT 31.93 MARGIN 32 1 COMPUTER PROGRAMMING ACTIVITIES 12.64% 28.8 2 COMPUTER CONSULTANCY ACTIVITIES 11.71% 3 COMPUTER FACILITIES MANAGEMENT ACTIVITIES 11.28% 25.6 23.65 4 OTHER INFORMATION TECHNOLOGY AND COMPUTER 9.78% 22.38 SERVICE ACTIVITIES 22.4 19.2
The Computer programming, consultancy and related 16 activities industry's return on equity (ROE) is 22.91% compared 12.8 to 22.04% in 2015 and 24.94% in 2014. 9.6 The Computer programming, consultancy and related 6.4 activities's return on assets (ROA) was 12.73%, while in 2015 it amounted to 12.19% and 13.03% in 2014. 3.2 0 Computer consultancy Computer programming Computer facilities activities activities management activities
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TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING EMPLOYEE IN COMPUTER PROGRAMMING, CONSULTANCY AND REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* RANK COMPANY NAME CORRELATION RELATED ACTIVITIES (BGN) RANK COMPANY BGN COMPANY HEA DQUARTERS 1 KRUSCHE & COMPANY EOOD 4,375,000 (CITY) 2 LANET EOOD 2,864,923 1 HOSTILA EAD 2,352,000 SOFIA 3 ABRITES TRADE EOOD 2,851,000 2 HAYTOVA CONSULTING EOOD 798,000 VARNA 4 TELESOFT KONSULTING EOOD 2,793,000 3 LANET EOOD 777,231 SOFIA 5 NTH MEDIA BULGARIA EOOD 2,310,000 4 POLLOS EOOD 766,000 PLOVDIV 6 SAP BULGARIA EOOD 1,579,000 5 MEDEIA GRUP EOOD 723,000 SOFIA 7 K N N SOFIA OOD 1,503,000 6 CEPROCS TECHNOLOGIES EOOD 624,000 DOBRICH 8 TRAVEL KLUB MARKETING OOD 1,498,750 7 ADNEXT EOOD 565,000 SOFIA 9 DATA CENTRE INSTALLERS EOOD 1,473,000 8 ABS SOLUTIONS OOD 525,000 SOFIA 10 ALSO BULGARIA EOOD 1,422,327 9 KRUSCHE & COMPANY EOOD 520,000 SOFIA
10 NGN BIT EOOD 510,000 SOFIA
*The correlation is calculated by subtracting the quotient of the operating profit, and the employment expenses to the number of employees. About 70.00% of the 10 leading companies in terms of net profit per employee are located in SOFIA, while 10.00% are AVERAGE REVENUES PER EMPLOYEE IN COMPUTER VARNA-based and 10.00% are headquartered in DOBRICH. PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES IN 2016 The average net sales revenue per employee in the Computer SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES programming, consultancy and related activities industry REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) amounted to BGN 96,049 in 2016, up by 3.73% compared to COMPUTER PROGRAMMING 83,515 87,246 88,933 15,558 2015 and up by 13.68% compared to 2014. ACTIVITIES OTHER INFORMATION 103,810 106,001 107,418 19,359 The industry's average operating revenue per employee TECHNOLOGY AND COMPUTER increased by 3.44% year-on-year in 2016 to BGN 98,890. It SERVICE ACTIVITIES increased by 13.00% compared to 2014. COMPUTER CONSULTANCY 94,471 96,051 97,050 6,009 ACTIVITIES The Computer programming, consultancy and related COMPUTER FACILITIES 126,441 132,826 136,572 1,784 MANAGEMENT ACTIVITIES activities sector generated an average BGN 100,443 in total revenue per employee. In 2015 and 2014 the figure was BGN
97,928 and BGN 89,704, respectively. AVERAGE REVENUE PER COMPANY IN COMPUTER
PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES IN The average total revenue per company in the Computer 2016 programming, consultancy and related activities industry SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF increased to BGN 566,927 in 2016 from BGN 553,375 in 2015. SALES OPERATING TOTAL COMPANIES REVENUE REVENUE REVENUE The 2014 value was BGN 473,995. (BGN) (BGN) (BGN) OTHER INFORMATION 610,098 622,975 631,302 3,294 A company in the Computer programming, consultancy and TECHNOLOGY AND COMPUTER related activities field made on average a net sales revenue of SERVICE ACTIVITIES BGN 542,123 in 2016, compared to BGN 523,223 in 2015 and COMPUTER PROGRAMMING 583,707 609,779 621,569 2,226 ACTIVITIES BGN 446,449 in 2014. COMPUTER CONSULTANCY 443,498 450,913 455,605 1,280 ACTIVITIES The Computer programming, consultancy and related COMPUTER FACILITIES 294,095 308,945 317,658 767 activities industry made 1.66% of the overall sales country- MANAGEMENT ACTIVITIES wide, rising its market share by 0.22 pp.
Operating profit per employee for the industry as a whole was The total indebtedness of the companies in the Computer BGN 10,925 in 2016. For comparison in 2015 it amounted to programming, consultancy and related activities industry was BGN 10,776 and BGN 10,776 in 2014. BGN 1,249,549,000 versus BGN 1,153,056,000 a year ago. In 2014 the industry's indebtedness totalled BGN 1,051,515,000. THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN COMPUTER PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) RANK COMPANY BGN SECTOR 2016 2015 2014 1 HOSTILA EAD 2,396,000 OTHER INFORMATION TECHNOLOGY 582,266,000 540,994,000 487,084,000 2 HAYTOVA CONSULTING EOOD 911,000 AND COMPUTER SERVICE ACTIVITIES 3 LANET EOOD 863,538 COMPUTER PROGRAMMING ACTIVITIES 369,433,000 325,457,000 292,552,000 4 POLLOS EOOD 851,000 COMPUTER CONSULTANCY ACTIVITIES 182,277,000 161,073,000 179,076,000 5 MEDEIA GRUP EOOD 737,000 COMPUTER FACILITIES MANAGEMENT 115,573,000 125,532,000 92,803,000 ACTIVITIES
Debt-to-assets ratio of the companies in the industry is 0.38
in 2016. It was 0.38 in 2015 and 0.42 in 2014.
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According to market experts, the greatest impact on the development of the Computer programming, consultancy COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES and related activities industry has Concessions, patents, 3 100 3 042 licenses, trademarks, software and similar rights and assets 2 790 value. In 2016 it stood at BGN 156,998,000, according to the financial statements of the companies in the industry. In 2015 2 480 the figure was BGN 149,044,000 and BGN 109,179,000 in 2014. 2 170 1 860 VI. EMPLOYMENT 1 550 1 240 A total of 42,710 people were employed in the Computer programming, consultancy and related activities field at the 930 end of 2016, compared to 38,714 in 2015 and 32,354 in 2014. 620
NUMBER OF EMPLOYEES BY INDUSTRY SECTORS 310 114 SECTOR NUMBER SHARE OF 20 INDUSTRY TOTAL Small Medium Big OTHER INFORMATION TECHNOLOGY AND COMPUTER 19,359 45.33% SERVICE ACTIVITIES The employees of the leading 10 companies in terms of COMPUTER PROGRAMMING ACTIVITIES 15,558 36.43% numbers make up 24.95% of the workforce in the industry in COMPUTER CONSULTANCY ACTIVITIES 6,009 14.07% 2016. COMPUTER FACILITIES MANAGEMENT ACTIVITIES 1,784 4.18% TOP 10 FIRMS BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES
ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS 1 HEWLETT-PACKARD GLOBAL DELIVERY 4,333 10.15% BULGARIA CENTER EOOD 2 IBM BULGARIA EOOD 1,556 3.64% 3 PAYSAFE BULGARIA EOOD 774 1.81% 15,558 4 SAP LABS BULGARIA EOOD 636 1.49% 6,009 5 PROGRESS SOFTWARE EAD 612 1.43% 6 VISTEON ELECTRONICS BULGARIA EOOD 606 1.42% 7 C3I EUROPE EOOD 564 1.32% 8 INFORMATION SERVICES AD 545 1.28% 9 VMWARE BULGARIA EOOD 539 1.26% 1,784 10 EXPERIAN BULGARIA EAD 491 1.15%
The Computer programming, consultancy and related activities industry is the 12th largest employer in the country with 42,710 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 234,189 and Libraries, archives, museums and other cultural activities at the bottom with 54 employees.
The Computer programming, consultancy and related activities's share in the country's total employment was 1.84% 19,359 Other information technology and computer service activities in 2016, 1.95% in 2015 and 1.75% in 2014.
Computer programming activities We expect, based on the trend in the last three years, the Computer consultancy activities number of employees of the Computer programming, Computer facilities management activities consultancy and related activities industry to change at a compound annual growth rate (CAGR) of 14.89% in 2017. The analysis on companies' sizes by the number of employees, shows that 3042 firms have less than 50 employees*, 114 have between 50 and 250 employees* and 20 companies employ more than 250*.
* Companies without data in the number of employees at end of the year are not taken into consideration.
9 SeeNews Industry Report
The industry is represented by the following companies
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TELEMAKS INK EOOD KOR VALYU SARVISIS-BG EOOD ET KRIS-KO - KRISTIAN DIMOV LASI -DENISLAV DEYANOV SMARTWAVE BULGARIA EOOD VISISTEMS EOOD DEYTA SENS EOOD TRINITAS TEHNOLODZHIYS EOOD SIMIKS EOOD INIT SYSTEMS EOOD FLAT ROCK TECHNOLOGY EOOD SISTIKO LAPTOPMEDIA EOOD SICO BG OOD VI PI PARTNERS OOD PRAYM KOMPYUTARS EOOD 4 DZHI AY TI KONSULTING EOOD MOBIDEV EOOD DIZAYN MEDIYA GRUP EOOD STRATEGMA AGENCY OOD SHOP HAB EOOD YANADO OOD NETPEAK BULGARIA EOOD HAIDE BG EOOD STOYANOV I STOYANOV OOD ASGARD SALYUSHANS EOOD TSVETEN IMPULS EOOD TARGET INTERNATIONAL CONSULTING EOOD ET KAK-ST.GEORGIEVA FIKSIOMA KONSULTING OOD M2M SERVICES OOD GLOBAL SOLYUSHANS EOOD SIMEON MANOLOV ET MERCHANT INTEGRATION EOOD CODEINSIGHT OOD PT SERVICE OOD MEDISOFT EOOD VIP CAPITAL OOD ''ANSAR 42'' EOOD FLAING HAY EOOD IT PARTNER CONSULT EOOD FAVIKON EOOD DARVIYA KOMERS EOOD INLIVO BG AD SVS - SAPORT11 EOOD GIMAS OOD YANMARK 2002 EOOD ELMIKO CONSULTING EOOD BGO SOFTWARE OOD IKONIS EOOD M31SOFT EOOD ET TSETSKO'S LAB - TSVETAN STOYCHEV PSA. BG EOOD SMART CALL EOOD FIX 53 EOOD IMPRUV OOD DATAMPLANT OOD AIDA CONSULT EOOD BGDES EOOD INTERCO 1 EOOD RONA SOFT OOD ADMINSOFT PLUS OOD TRADEO BG EOOD M-SYSTEMS EOOD XSISTO OOD ARSS MEDIA EOOD ET ROLINA - STANKA KARADZHOVA UEB GEYT AD HARP STUDIO EOOD PLAMPRECIZ EOOD SYNC SOLUTIONS OOD MASTANG ATESH EOOD HIGH SERVICES OOD SEO BULGARIA EOOD ASISTA EOOD STEDO SOFT OOD MM FORNEKST EOOD DZZD MATERNA SISTEMS PIVOTNET EOOD NET INOVEYSHAN TSENTAR EOOD WOLLOW INTERNATIONAL EOOD TEA PLOVDIV EOOD DROOBLE BULGARIA EOOD 7M SOFTWARE EOOD PRODIS OOD IDIT WEB EOOD EM ER DZHI TE OOD ET KODINI DIMITAR KOTSEV NORM KONSULT EOOD EUROS BULGARIA EOOD TINESO BULGARIA EOOD INFOUARKS OOD GRIYN MUZ OOD ANECICO TRADING EOOD MAXI MODA OOD NTECH SYSTEMS EOOD IPACCT OOD E-PROP BULGARIA LIMITED EOOD LOGOWSKI EOOD MEGATRONIKS - 11 EOOD TELKO HOLDING EAD MIDA RUSE EOOD DREIKSOFT EOOD SINTEZ SOFT OOD HOYYA EOOD DZZD INFO MS COMTECHSYS EOOD PRIMULA NETUARKS EOOD STYLECRAFT EOOD DOTFLEX EOOD KODAR EOOD NORATEX EOOD JILANOV OOD EN SI FORS EOOD LINEAR REGRES FT EOOD NEW SMART SOLUTIONS EOOD ATI A OOD CLOUDLINE 7 EOOD DEYTASIST OOD ZELENITE EOOD ISTFA INTERNESHANAL OOD BULVORKS EOOD PROOF OOD ACCISA EOOD ET SOFTSISTEM - MIHAIL RUSEV ASI BG EOOD ENHANCV EOOD ALTUS REA EOOD PRODIO EOOD STAIL EKOTOUR EOOD SOLVER OOD VITA MARKETING-2016 EOOD REDBOT IT SERVICES EOOD ENERDZHI TRAST EOOD VR 93 EOOD EAST INTERACTIVE BULGARIA OOD PI EF DZHI TREYNINGS OOD NEVRON - BULGARIA OOD DRIYM STUDIO EOOD VEGASLED EOOD SIRMA SOLUTIONS AD NOVI BALGARSKI TEHNOLOGII AD DZZD PROAKS MEDICAL INFORMATION TECHNOLOGIES EOOD TSVAYS EOOD DZZD BALKAN GOLD - KONTRAKS ISM- COMPUTING SOLUTIONS EOOD MINCHEVSOFT EOOD SPRING TECHNOLOGIES EOOD UCHEBNO VAZSTANOVITELEN KOMPLEKS GUUD GREYS AD DRUZHESTVO ZA INFORMATIKA I TEHNOLOGII PROGRES OOD ZA PROIZVODSTVO INTEPRO EOOD ET DONKA ATANASOVA-DEA INTRASOFT INTERNATIONAL BULGARIA EOOD KRISMAR METAL EOOD S I T YUTILITI DZZD ET MINA TSVETKOVA WEBVISION OOD ET SPARKSOFT - TODOR MARHOLEV TELEKOMS NET OOD BANOVS EOOD DELERA EOOD PRO COMPUTER SERVICE EOOD VOTEG EOOD OFP EOOD COMSISTEM EOOD B-PAY EAD ET SIGMA - GEORGIY ALEKSANDROVICH ADRON AKTIV EOOD KSD SOFT EOOD ASED OOD CODERBOX EOOD SAMSOURCING EOOD EDZH KEYS EOOD SOLID CONSULT OOD DEVAZILLA EOOD GAMA/SOFIYA EOOD SIDUS IT EOOD SOLVEIT BG OOD MEYLTEMI EOOD FLANTORS BULGARIA OOD PRODUCTIVE EOOD TECH STORE EOOD SMETKO EOOD ZNANIETO EOOD AY TI SOFT BULGARIA EOOD KINDLINK OOD GEO GERMANY OOD WEB SERVICES EOOD SIMDIM EOOD KERENSKI EOOD TESSERACT SOFTWARE EOOD MEMOREKS - ALEKSANDAR HRISTOV GINES 2000 EOOD REPOND-A EOOD WEBVOX EOOD PERFORMANCE IT EOOD SKEYL FOKUS AMEKSIS EOOD OMEGASOFT KONSULT OOD STILSOFT EOOD TEHNEST - BULGARIA EOOD MATEV SOFT EOOD TSVYAT I PIKSEL OOD AGROMO OOD ITECO OOD DORSUM BULGARIA EOOD TEHNO KOPI INZHENERING BULGARIA EOOD ALPHA CONSULT OOD SN-SISTEMS EOOD MINDIT EOOD TARGET IT EOOD DEVOLO BULGARIA EOOD EURODIREKT OOD ESKEY OOD ESNET KORP EOOD YARILLO OOD TRIMEDIA KOMPYUTAR OOD IVIKO EOOD EKONSULT IT OOD OMO SOFT EOOD SNV KOMUNIKATSII OOD GLOBAL CONSULTING OOD SPRINGS NET OOD BIZNES ELEKTRONIK OOD TELESKEYP EOOD CODE RUSH EOOD EMG SOFT 3 EOOD ADVENTO EOOD DOPAMINE EOOD SPETCIALIZIRANI OFIS RESHENIA EOOD PICASSE BULGARIA EOOD ITSS EOOD SUMUP EOOD THINK TANK BG EOOD REMOTEK EOOD PG - CONSULTING EOOD VOXLAN EOOD SUNSOFT EOOD SELMATI EOOD I LAB EOOD TRAFIK BROUDBAND KOMYUNIKEYSHANS EOOD ALPHA SOFT OOD DATA GLOBUS EOOD MASTHEAD STUDIOS EOOD UNIMAKS SERVIZ EOOD DAMYANOVSOFT 2007 EOOD AP - ELEKTRONIKS EOOD EDREVA EOOD UEB INZHENERING EOOD MEDITSINSKA INFORMATIKA EOOD CEZ INFORMATION AND COMMUNICATION ATHLON DPS OOD ENSO.FM OOD ODIT SARVISIZ LAYBRARI OOD TECHNOLOGIES BULGARIA EAD SYSTECH EOOD INTERNET MARKETING SOLUTIONS EOOD COMITEX OOD MARIN SAPORT END SOFTUER OOD V MEDIA EOOD 14 SeeNews Industry Report
JI APPS OOD PLAM 13 EOOD PRONETWORKS OOD TINQIN D AD DEVOCEAN D OOD EMAGON EOOD EFFICIENT SOLUTIONS EOOD RONSOFT EOOD DP SOFTWARE DEVELOPMENT EOOD SOUTH VALUE EOOD REDI4APS OOD SEMIS TSANEV I SIE SD DATAGRAPH EOOD DI VI EM KONSULT EOOD IKOSOFT - 2005 OOD PROGEM EOOD XOGITO EOOD VESTA KOMFORT OOD DIALOGICAL EOOD BIZNES SOFTUER KONSULT SOFIYA OOD ZETTA SYSTEMS OOD STIN SOLYUSHANS EOOD NEXT LAB EOOD ET PROKSIMA - TSVETAN TSVETANOV TI END ES KORP OOD TSEKIN EOOD KVK KONSULTING OOD FM MENIDZHMANT EOOD DUARD OOD NADKA VALENTINOVA CHERGAROVA UEBIT INTERNET BIZNES SOLYUSHANS EOOD MAXMOMA EOOD TOTAL AY TI OOD NATNET- NNB COMMUNICATIONS EOOD AQX TECHNOLOGIES EOOD RIV OOD VENNY SYSTEMS EOOD STRIBOG KONSULT OOD ENDAVA EOOD WEBCOM OOD TEKO-AD LIMITLES 94 EOOD VESTEL - EMIL GORANOV ET CENTRYL EOOD NINOVSPEYS EOOD WEB ID EOOD ADO NET OOD MECHKI EOOD BED SOCIAL EOOD MS SOFT 2012 OOD AREO 1 EOOD SMART SITI SALYUSHANS EAD ET MIKROAKAUNT - KOLYO NESTOROV DISSECT EOOD RIZN EOOD BELANIMUS EOOD SHIP IP EOOD NIKE SOLUTIONS OOD CHITTA - COMMERCE OOD EVO OOD A - SHARP EOOD IYTGLOUB EOOD ONLINE CREATIONS OOD ET MIT'98 -TANKO IVANOV TRI-SEDEM-DVE-PET OOD RUST EOOD SPETSIALIZIRANI BIZNES SISTEMI MONTANA AUTOMATION EXPERTS EOOD OOD ZHABALAKA OOD SMART SOLYUSHANS EOOD PRESTO CONSULT EOOD TONEGAN OOD BSS EOOD EVOLWAY EAD ANIMAJOR GAMES OOD NEKST PRO SOFTUER EOOD A SHA SHLA EOOD PLAYTECH SOFTWARE BULGARIA EOOD TSL EOOD PACTECH SOFTWARE SERVICES EOOD ADZHAIL SARVISES OOD AY TI SOFT EOOD SOFT INFO EOOD ET STEFKA YORDANOVA - FIORDI RO TREYD EOOD GEOGRAPHICA OOD DEKS OOD TOP RANK - BG EOOD VALETIKS EOOD KRIEYTIV DIDZHITAL ARTS OOD PLYUS PI OOD E-SAR OOD SOFTUERNA KOMPANIYA KASHTATA EAD VIBO ENGINEERING EOOD DEZON ASSISTANCE EOOD MANDIMEKS EOOD ELINA-K EOOD KLIMASOF EOOD EURORISK SYSTEMS OOD NESTBOKS EOOD SINGENS EOOD DEVLABZ EOOD RUPELA EOOD KVS EOOD TELEBID PRO EOOD ET GROZDEV -PLAMEN GROZDEV NOV SAIT EOOD NARS OOD OVAL PIKSALS OOD AYTISISTEMI EOOD ARRAX BULGARIA EOOD BIANOR SERVICES EOOD WEEMSS OOD ELEKTRONIKA NS EOOD ASTRA PAGING EOOD KEYSTREK OOD FARANT EAD ADVANSSOFT SOLYUSHANS EOOD DOBRIN 17 EOOD EYVIESDI OOD MISTERI SOFT EOOD LEGIT EOOD LA REDITA OOD FADATA EOOD EKOFLIYT OOD AUXIONIZE AD SYDNEY TRISTAR DEVELOPMENT COMPANY PRO BG INFO EOOD EOOD C TEL 1 OOD DIMENTIEV SOFT EOOD RK ELECTRONICS EOOD WEBSITE BG EOOD VIRTUAL AFFAIRS BULGARIA EOOD MODPRO MEDIA EOOD EUROEXPRESS OOD URC TELE SERVICE GMBH EOOD KNIGOLUB OOD BON ART IMPULS OOD SOUTH LINK EOOD EUROSOLBG EOOD AYVARI EOOD LANCELOT MOBILE EOOD LOG INTEGRA AD CHOMIS EOOD DZZD KOREKT KONSULT SIS TECHNOLOGY AD AUTBOKSTI EOOD DNJELECTRONICS EOOD PIXEL DREAM EOOD DIDZHITAL MEDNES OOD PRIME SPOT EOOD SYSTEM SERVICES BULGARIA LLC EOOD PROVERI BG EOOD DELOR-DZHI EM OOD MULTIHOSTING EOOD KSGV OOD ET YANISLAV KAROV STUDIO KIPO EOOD TOUCHPOINT EOOD HI LEVEL PROJECTS EOOD UEYVLINK OOD PANGURA EOOD SISNET EOOD BL CONSULTING EOOD EVKO COM EOOD MEDKIT OOD TEMA SOFTUER KONSULT EOOD M Y SOFT EOOD HOUMUFORIYA OOD POSTEFEKTS EOOD NET SYSTEM COMMUNICATION EOOD BORCONSULT 15 EOOD ATONIA AD WEBINAR GLOBAL EOOD ROSMAR SARVISIS EOOD BILPORT BULGARIA EOOD VIPNET EOOD UIZIVA OOD TRAINER CONSULT EOOD Y - YANI GEORGIEV EOOD TATSIT KONSULTING EOOD ROZA HOLIDAYS EOOD RISK & INVEST CONSULTING EOOD SI PI DZHI BULGARIA OOD MIKROBAYTS EOOD AYDENTRIKS OOD UAYT RABIT-BG OOD UANUARLD SHEAR EOOD DZZD GALOA PIX& ART OOD DTP SERVICE EOOD INTEL INZHENERING EOOD RISCO GROUP BG EOOD MISHMASH I O OOD GOODLIFE SOLUTIONS OOD AWARE BG EAD DZHEY TI-SERVIZ EOOD TEHPRODZHEKT OOD BUDO FINDER OOD HAY KYU SOLUSHANS OOD SONITA KONSULT EOOD TRENDO MARKETING EOOD MAVERICK SOLUTIONS EOOD SSPD EOOD INTELLI SOLUTIONS BULGARIA EOOD TORRID LORE EOOD KAV DIZAYN EOOD ZONETECH BULGARIA OOD ET IVALKO IVAN ALEKSANDROV NORDSTAR GLOBAL SERVICES EOOD PARIZAGEYMS OOD KARINA HRISTO VELIKOV ET RKZ KOMPYUTARS OOD MASTER PLAN EOOD EKSPO BULGARIA OOD ET GEORGI ATANASOV - GETS MIKSO APS EOOD NTS ET NETGUARD OOD ANGELOVI EOOD 7D SERVICES OOD NTH MEDIA BULGARIA EOOD DILYS AMS EOOD ANARIYA EOOD BIKONS EOOD DATASOFT EOOD BS TEHNOLODZHIS OOD BLACK SEA DEVELOPMENT EOOD TRAMPLIN BULGARIA EOOD TOMI SOFT SISTEM EOOD MG SOLUTIONS EOOD PXL SECURITY EOOD VIP INOVATIONS EOOD LIP SYSTEM OOD HEMMERSBACH BULGARIA EOOD ATALOMA EOOD ASIA BUSINESS CENTRE EOOD KRESEARCHIS SO-LTD EOOD FINGAROV EOOD ITEAM BULGARIA OOD INGIMA BULGARIA EOOD ARESD EOOD TH - ART EOOD SOFTUERNI RAZRESHENIA EOOD DYNAMICS CONSULTANT EOOD BUSINESS CONSULTING EOOD I2K SYSTEMS EOOD INIS PROEKT OOD GRAFIOZO EOOD DZHEY END PI EOOD HOSTING UEL DAN EOOD RIVOV ELECTRONIK EOOD AYTI KOMFORT EOOD MEDIC SOFT EOOD BG WEB SERVICES EOOD VISIS INOVEYSHANS OOD PIXELMAKER- 2016 EOOD SATMANIYA EOOD FUL SPEYS AD ABC SOFT EOOD NYUTREYD - YURAP OOD 15 SeeNews Industry Report
AGENTSIYA PRINTSOFT EOOD NETWORKS BULGARIA EOOD COLUMBAM EOOD BAYT - 2000 EOOD VOIP COUNSEL EOOD ET INFORMER-MARIYA VOYNOVA ALLIED ASSETS CENTRAL AND EASTERN EUROPE PELOV GRUP EOOD EOOD B.E.R.S AD PAGANE EAD MAKESOFT EOOD ACCENT - D EOOD TENDRIK OOD KRATUNA EOOD SEAMEKS - PLAMEN KOPCHEV ET ET PISOFT - PETYO ZHIVKOV - GALABINA ET YORDAN VIDINLIEV ASSO AY TI KONTSEPT OOD SOFTUERNA KASHTA M-KONSULT IVANOVA STREAM EYE OOD HOTSPOT SOLUTIONS EOOD VALENT 58 EOOD SAONA TECH EOOD KORAL MULTIMEDIA EOOD MS GROUP 2008 OOD GLOWING EYE MEDIA OOD DZZD MAP RIAL FUTURETECH INTERNATIONAL OOD PERFECT DEVELOPMENT EOOD DYNAMIC SOLUTIONS OOD BULGARAN SOFTWARE TECHNOLOGIES EOOD AV CONSULT OOD JT SOFTWARE UG (HAFTUNGSBESCHRANKT) POLAR AYDIAS OOD DZHI TRANS NET EOOD EOOD RIT EOOD TREE FROG EOOD AP FOOD OOD AKTIVO EOOD GEEKS BG EOOD DRONKARTA EOOD RORUS OOD PAIYAK DEVELOPMENT EOOD HAYTOVA CONSULTING EOOD VERVIR EOOD BANWARE EOOD BARISHSOFT OOD DIGISTORE24 EOOD PITAGOR OOD IVAGA EOOD OPTIMAL BIG EOOD PANTERA SERVIZ OOD MAGNETARSOFT EOOD ET NOVA - IVAN HALACHEV STS INTERNESHANAL AD CLARITY SOLUTIONS BULGARIA OOD INTEZIO OOD DEVCOMM EOOD L I V A - CONSULTING SERVICES EOOD AKTSENT 2012 OOD BASIS EUROPE EOOD DEYLI SOFT OOD DOGI EOOD BALASOFT EOOD LK BULGARIA EOOD CLOUDBM EOOD ALPHA DOT NET OOD PROTEND OOD RILA - ITK EOOD APPCRAFT OOD OPTIMAL INDUSTRIES EOOD KREZ 999 EOOD B 2 B BULGARIA OOD ET MAKSIM VARONOV SOCIABLE EOOD PLATFARM OOD INDUSTRIAL FORWARDING EOOD ESOF BG OOD BG ITCONSULT EOOD TRAVELPORT DISTRIBUTION BULGARIA EOOD ROITI OOD WEB FASHION OOD TECHNO FARM OOD POWER MEDIA GROUP SPLTD EOOD EM TU INTELIDZHANS OOD SISLA BG EOOD PC SERVICES OOD TIGER TECHNOLOGY AD BTS - SOFT EOOD M CHAOV EOOD L TRADING EOOD VERTINITY EOOD PCLOGIC OOD 3 MG SOFT EOOD CELLUM BULGARIA AD E-NOVATOR EOOD NRS3 OOD AGENCY FOR SUBRENT OF STAFF OOD IES EOOD VERAKS OOD VOICE LINK EOOD RED SPOTS SOLUTIONS EOOD DATA SORSING EOOD CLOXTER OOD TARA SOFT EOOD NOBEL DIZAYN EOOD V3 LABS EOOD NORD M EOOD VERASOFT (BULGARIA) EOOD PROWEB-BG EOOD AMITEL EOOD KAMEYA SALUSHANS EOOD CREDOWEB SERVICES EOOD ALOMIKS 2016 EOOD RARE PINK BULGARIA EOOD TWINSOFT BULGARIA OOD GLOBAL SYSTEMS OOD VIB KONSULT GRUP EOOD HEDUEY EOOD BIZNES GRUP KONTAKT EOOD NORRE LAB OOD MEDIA TSW EOOD VIDZHILDEYTA OOD XIMAPS EOOD 4 BITS OOD ET OPTIMUM METODI DIMITROV NEW MEDIA BULGARIA EOOD ALIMA - M EOOD VERSO BULGARIA EOOD UINKAMPANI OOD BETAPEAK EOOD AIP SOLUTIONS OOD RIMEX OOD DTS SALYUSHANS EOOD EL GATO LO O EOOD INTRACOM BULGARIA EAD ET BETA SOLYUSHANS-MARGARITA NIKOLOVA 3 UEYS EOOD FEMILAB EOOD PARKING BG EOOD VETKLAUD OOD ET GRAVITRON-M-DIMITAR ANGELOV OPT KONSULT OOD SYCONT OOD TOMAS SYORENSEN EOOD VIRTUAL OUPAN SISTAMS DZZD W-IX EOOD TEMENOS BULGARIA EOOD TEAMLOOK OOD FTI-SOFTWARE OOD DZZD KONSORTSIUM ELEKTRONNO LYUBO DAYAR EOOD NOVINI BG EOOD ZDRAVEOPAZVANE ELICOM LIGHT EOOD PROMSOFT OOD ENTERPRISE ARCHITECTS SOFTWARE BRAIV EOOD TRACECOM EOOD DEVELOPMENT EOOD ZONAR 13 EOOD SOFTINS EOOD TM DESIGN EOOD ELECTRONIKA TLK OOD PRAKTIKORP BULGARIA AD CLINTECH EOOD TEVLA OOD NAUCHEN SVYAT EOOD SKY IT EOOD JAR CLUSTER OOD ALFA VEGA EOOD NK SOFTUER OOD TEA OOD ADAVOID OOD IT KONSULTING EOOD EYSISTEM OOD ES AY EL GRUP OOD NET AGENT EOOD BALK LABS EOOD DELTA SOURCE OOD LIVE OOD AVELOUN EOOD BALKAN FINANCIAL SERVICES EAD INBOUND MARKETING BG EOOD ENOTION EOOD IREYN OOD NGS EOOD UARKSHOP MANYUALS EOOD TRADE MARKETING SOLUTION EOOD E-WEB BG EOOD INTTECH GROUP CORPORATION AD INFODONI 2 OOD SERGATA BULGARIA OOD NORDELINK - BULGARIA EOOD TOMOV KONSULT EOOD IMIBO EOOD TRICKY CLICK EOOD DOKMAN INZHINERING OOD STANDART GRUP. BG EOOD MOBINA OOD DATA SYSTEMS ENGINERING EOOD AY ES PLYUS EOOD I FLY EOOD GLORIYA S EOOD NEYV EOOD BIG ANALYTICS OOD PONTECH OOD TEA COMMERCE EOOD SENSYTOUCH BULGARIA OOD M& G DEVELOPMENT OOD S S D OOD STENIK GROUP OOD SOFTWARE EOOD TECHNO CAPITAL AD AY TI TEHNOLODZHI OOD YANIKSID EOOD SELLERCLOUD EUROPE EOOD CRS BULGARIA EOOD KOMPYUTABILITI EOOD BIZCON EOOD MKS SOFTUER EOOD SLOT BG EOOD AUTLINK EOOD EOOD MEDIYASOFT RABOTNA DRUJINA WENDI-101 OOD NOVARTO OOD ET TEHNIKA - HRISTO BABANOV OSD DAYNAMIKS EOOD IT DEVELOPMENT EOOD ELANDO AD LEFI SOFTUER EOOD AT HOME OOD HARDWARE GROUP EOOD ET SILVIYA ALEKSANDROVA - MARIYKA DINKOVA BENET OOD CLEVERSOFT BULGARIA EOOD IVAN DONEV ET ITS COMPANY OOD SOSIETE TRAS EOOD ST SOFT EOOD ET ELEY - PARASKEVA DIMITROVA PI CONTROL EOOD TEMPUS 2000 OOD LA DIET OOD PERELIK MEDIYA EOOD STAG KONSULTING EOOD ZORA SOLYUSHANS EOOD BUSINESS MANAGEMENT SOFTWARE EOOD MM - COMPUTERS EOOD NEXIT EOOD FARST DIDZHITAL MEDIA OOD STUDJIS C S EOOD SOLVECO OOD TOR4E EOOD SIXMART EOOD TISIS ELEKTRONIK EOOD RT APPS EOOD POSITRON EOOD OBDZHEKTIS EOOD NISET SOFTUERNI SISTEMI EOOD 16 SeeNews Industry Report
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CUSTOMIZED BUSINESS SOLUTIONS OOD SD IVIDA-UZUNOV TENCHEV KOLEV FOXY BULGARIA EOOD OVER ICE PARTNERS OOD EKONSULTING EOOD BSV CONSULTING EOOD RADICSOFT EOOD ET ZEM -SOFT ZDRAVKO MILACHKOV HANA INVEST EOOD FLEXIBLE BIT EOOD PLAYLINE EOOD BANT KOMYUNIKEYSHANS OOD VB KONSULT OOD 3D PROJECTION EOOD SOLITEX IBS OOD ACCEDIA AD DO BEST RUN EOOD EM EM SI EN OOD M I S OTOMEYSHAN I DRAYVS OOD AYVIEL SOFT EOOD SMART WEB OOD COSMOS SOFTWARE ENTERPRISES EOOD MSOFT NG OOD ESTRELLE EAD KORA STUDIO OOD SECURE GROUP LAB OOD TECHNOFRET EOOD SOLITA EOOD PDS BULGARIA EOOD TAD GROUP EOOD DILTEX OOD SOFT INTELEKT OOD INTERNESHANAL PRODZHEKTS GRUP EOOD C AND L CONSULTING EOOD SPARKS SIMEONOV I S IE SD COPYSERVICE EOOD ET RUMEN SERTOV - RVS OPPORTUNITY BULGARIA EOOD FLEKS BRIKS EOOD INVENTO TEHNOLADZHI OOD KEY DEVELOPMENT OOD SECURITY SOLUTIONS INSTITUTE EOOD INNOVATION CENTER BULGARIA EOOD PLAYBOX NEO EOOD NASKOV TRADE EOOD PROPAR TEH OOD POGO EOOD AKADEMIYA KODEKS OOD ORMAN KUZA EOOD SIMBIOZA EOOD LYNX DATA SYSTEMS EOOD SDT 11 OOD DASKALOV ENGINE RING OOD HEES-IT EOOD MAKS TEHNOLADZHI EOOD COMMQUEST BULGARIA EOOD INTER ACTIVE TACTICS EOOD OPEN SQL INFORMATION SOLUTION EOOD TI AR DZHI SALYUSHANS EOOD CONCEP BULGARIA EOOD ET NKK- - NIKOLAY KONSTANTINOV OPTIC LINK EOOD SISPROAN EOOD WEBCHARM OOD KOVA IT EOOD MINDTV OOD DZZD BETELGIUS PROFESIONALNA ZASHTITA IVU WORKS EOOD ORAK XAXO CREATIONS OOD BEYE EOOD AKTAKON SISTEMNI INTEGRATSII EOOD YUNION STUDIO OOD ET ROAN - CH. 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ANTIDA EOOD HORHE SOFT EOOD TECHNOLOGICA - PLOVDIV OOD EKTOMA EOOD ITRACK BG OOD INAT - IVAYLO BOZHINOV ET IT ST TECHNOLOGY EOOD STACKPORT EOOD ESENSIO EOOD BUSINESSOFT OOD AA MOBILE OOD ARIMAX EOOD OKOTO NETWORKS EOOD AKSENCHAR SPA ITALIYA - MSD DWARE EOOD MARKET SAPIENS EOOD APPCENTURE OOD PKS EOOD STUDIO SOKEROV EOOD NETEA EOOD ODD STORM EOOD NIKEM NET OOD INSHURANS SOFTUER GRUP OOD ALPHAMATIC EOOD SIGMASOFT EOOD ET DNV SOFT CONTENT INSIGHTS EAD RUMYANA NIKOLOVA 69 EOOD KLIK KUOLITI OOD ELENA SDC EOOD MOLLOV APS EOOD SMARTEK EOOD BIT OOD L-CLASS-SERVIZ OOD ELITSYS EOOD SKYLEX EOOD KSD INVEST OOD LIBERTI INVEST GRUP OOD ANDROMEDA SOFTUER EOOD UEBVELA OOD INTERNATIONAL BROADCASTING SOLUTIONS EOOD INTELITI EOOD ET ARGOTRONIK - ANGEL APOSTOLOV VAYU AP UNIVERSE EOOD PROCOMP EXPRESS OOD LIR BG EOOD YUROSINERDZHI EOOD OKTOBERON EOOD INFO RAMPA EOOD GIGALAN EOOD KOMPANIA ZA PROEKTIRANE I RAZVITIE EOOD AGRO ADLER EOOD DAN ELECTRONIC OOD GRIFIN OOD DOBRICH NET EOOD LEVAL PLYUS OOD ET DEMA-VESELINA DIMITROVA PROKON SOFT OOD GP - NET EOOD DZHEY ES SISTEMS EOOD PLUSH SOFT OOD CHERVENATA KRUSHA EOOD IHOLD EOOD ET EKATERINA GEORGIEVA BONEVA - 2015 ELECTRON PROGRES EAD THS CONSULT EOOD QUINRON OOD DZZD ZHINA RAYTEX ENGINEERING OOD MAXCART INTERNATIONAL OOD 39 SeeNews Industry Report
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