Romanian start-up Oves Enterprise to invest 1.5M euros in complex projects, world expansion

Romanian start-up Oves Enterprise specialising in software development will invest 1.5 million euros in software development, company acquisitions and strategic partnerships, the company announced in a press statement on Thursday, Agerpres reports.

At the same time, the company is expecting its turnover to double in 2022 to 30 million lei.

Earlier this year, Oves Enterprise partnered with the British company OutThink, the developer of the world's first human security management platform in the field of cybersecurity. Under their agreement, the Romanian company will develop several integrated modules of the OutThink solution, contributing to the creation and completion of the the Machine Learning (ML) and Artificial Intelligence (AI) modules that help establish employee /user profiles.

The new partnership is said to be a part of Oves Enterprise's strategy to diversify its portfolio of solutions and skills to access more sophisticated projects aimed at integrating new technologies in the areas of artificial intelligence and big data.

"Another direction considered by Oves Enterprise this in order to diversify its portfolio of skills and solutions is to acquire smaller companies, but with know-how and expertise in solutions that round up those already developed by them and in the use of new technologies that in the end allow the provision of better and more technologically advanced products. This year's investment plan is part of expanding its world presence and accessing more complex projects for increasingly larger companies."

Oves Enterprise is a Romanian software development company founded in 2015 in Cluj-Napoca. In 2019, the company's strategy included offering more complex software development services for projects in the automotive, eCommerce, fintech, telecom, international government institutions.

Currently, 80% of the company's turnover is generated by projects outside Romania that integrate new technologies in the field of artificial intelligence and big data. OVES Enterprise currently employs 71 people at its offices in Romania and Germany.

As part of its world expansion strategy, the company aims to enter five countries by the end of 2022: Germany, the United States, the United Arab Emirates, the United Kingdom and Spain.