Noventiq (formerly Softline) acquires software development firm MMTR Technology Ltd, significantly growing its pool of global IT talent and strengthening its digital transformation offering
London, 25 January 2022 – Softline (LSE: SFTL), the global IT and digital transformation provider, today announces the signing of an agreement to acquire MMTR Technology. The deal will enable Softline to better supply customers around the world with the skills of top talent from emerging markets, helping to meet the ever-growing demand for IT specialists in application engineering, modernization, and testing. Additionally, MMTR’s tools for resource management will allow Softline to provide required expertise to customers more effectively.
Softline Holding plc began trading under the brand name Noventiq after divesting part of its business in October 2022.
MMTR Technology is a specialist in software development and application engineering employing over 440 software engineers, with a focus on business process automation and quality assurance testing. The company is particularly renowned for its expertise in the development of sophisticated and complex high-loaded systems, automated testing, business and data analytics, and data warehouses and marts. Its offering also includes quality assurance services and market-leading out-staffing tools, and the company is known for its training laboratory, which is geared towards upskilling English-speaking testers and developers.
The acquisition is another important step in Softline’s 2022 growth strategy and the company’s mission to extend its range of capabilities for next-generation application engineering and software development. Softline is now capable of providing customers with comprehensive support during the application development cycle, including hiring and training software engineering personnel. The range of training capabilities offered by MMTR Technology complements those of Academy IT, which Softline announced it was acquiring earlier this month.
Igor Borovikov, the Founder and Chairman of Softline Group explained:
“Our three-dimensional growth strategy of growing our geographical presence, our solutions and services portfolio and strengthening our sales channel is supported by our M&A activity. We promised our new investors that we will be investing the large majority of US$400 million capital raised on strategic and targeted M&A using advantageous multipliers. With this acquisition we strengthen our services capability by bringing hundreds of software engineers into Softline to complement our existing workforce of more than 1,000 software specialists. Together with the team which is joining us through the recently announced SoftClub’s transaction, this brings our total number of software engineers to approximately 2,500, meaning that we are at 50% of our plan of having 5,000 software engineers in near future.”
Sergey Chernovolenko, Softline’s CEO, said:
“What puts us head and shoulders above the competition in the eyes of customers is our unrivalled understanding of digital transformation and cybersecurity, and our ability to cater for every IT requirement that a modern business might have.”
“For many businesses that we encounter, plans to innovate and improve are totally dependent on software development, application engineering and modernisation. This is why the acquisition of MMTR Technology is so important – it enables us to mobilise a talented software engineering team, while giving us extra tools and training solutions for further growing capabilities and scale of Softline’s overall software development offering.”
“We see this acquisition as a strong catalyst for growth, aligning with our ambitious plans for 2022 and beyond.”
Roman Smirnov, MMTR technology’s CEO, said:
“We are very happy to be joining the Softline team at such an exciting time, and I believe that our team will bring a huge amount to the table, helping the company to meet its growth objectives. There has never been more demand globally for IT expertise in application engineering, modernisation and testing, and we’re perfectly placed to capitalise on this.”
Softline is a leading global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London. The company enables, facilitates, and accelerates the digital transformation of its customers’ businesses, connecting over 150,000 organizations from all industries with over 6,000 best-in-class IT vendors, and delivering its own services and solutions. Softline is executing its three-dimensional growth strategy of geographic, portfolio and sales channel expansion.
Currently one of the fastest growing companies in the sector, Softline achieved a turnover of US$1.8 billion in the fiscal year of 2020. In October 2021, the company listed on the London and Moscow stock exchanges. Since the end of fiscal year 2020, Softline has acquired several companies with the total annual turnover of roughly US$200 million.
Softline's 6,500 employees work in almost 60 countries throughout Asia, Latin America, Eastern Europe, and Africa – markets with significant growth potential. The company delivers a comprehensive range of IT solutions and is at the center of the digital transformation megatrend.
About MMTR technology
MMTR technology’s history goes back to 2000. It was established for working with high-tech startups and has grown into a system integrator and a full-service IT provider. It offers system and business analytics, architecture design, software development, quality testing and assurance, DevOps services, and technical user support.
The strength of the company is its emphasis on improving the quality of its internal processes, versatility, and focus on customers. A single location company, MMTR works in the global market and provides services to clients both in various countries by developing software projects for a wide range of industries. This is thanks to its accumulated expertise in software development, experience in employee training and development, and drive to expand services.