Industry Report Computer programming, consultancy and ...

Industry Report

Computer programming,

consultancy and related

activities

2018

BULGARIA

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CONTENTS

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT

1 SeeNews Industry Report

I. KEY INDICATORS

The Computer programming, consultancy and related

activities industry in Bulgaria was represented by 8,819

companies at the end of 2018, compared to 8,188 in the

previous year and 7,567 in 2016.

The industry's net profit amounted to BGN 742,204,000 in

2018.

The industry's total revenue was BGN 6,013,248,000 in

2018, up by 18.70% compared to the previous year.

The combined costs of the companies in the Computer

programming, consultancy and related activities industry

reached BGN 5,186,502,000 in 2018, up by 13.59% year-on-

year.

The industry's total revenue makes up 6.08% to the

country's Gross domestic product (GDP) in 2018, compared

to 5.28% for 2017 and 4.63% in 2016.

A total of 50,988 people were employed in the Computer

programming, consultancy and related activities industry in

2018, compared to 46,787 in 2017 and 42,710 in 2016.

Most of the companies in the industry are based in Sofia,

followed by Varna and Plovdiv.

II. INTRODUCTION

In 2018 the companies in the Computer programming,

consultancy and related activities industry numbered 8,819,

distributed in 4 sectors.

INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES

3,811

2,510

1,654

844

Other information technology and computer service activities

Computer programming activities

Computer consultancy activities

Computer facilities management activities

In 2017 there were a total of 8,188 companies operating in

the industry. In 2016 their number totalled 7,567.

NUMBER OF COMPANIES IN COMPUTER PROGRAMMING,

CONSULTANCY AND RELATED ACTIVITIES INDUSTRY BY SECTORS

SECTOR 2018 2017 2016

OTHER INFORMATION TECHNOLOGY AND

COMPUTER SERVICE ACTIVITIES

3,811 3,618 3,294

COMPUTER PROGRAMMING ACTIVITIES 2,510 2,334 2,226

COMPUTER CONSULTANCY ACTIVITIES 1,654 1,411 1,280

COMPUTER FACILITIES MANAGEMENT

ACTIVITIES

844 825 767

III. REVENUES

The total revenue in the industry was BGN 6,013,248,000 in

2018, BGN 5,065,967,000 in 2017 and 4,289,939,000 in 2016.

0

1,000,000,000

2,000,000,000

3,000,000,000

4,000,000,000

5,000,000,000

6,000,000,000

7,000,000,000

2016 2017 2018

BG

N

4,289,939,000

5,065,967,000

6,013,248,000

4,102,243,000

4,844,365,000

5,668,690,000

Total revenue

Net sales revenue

The companies in the Computer programming, consultancy

and related activities market of Bulgaria earned combined net

sales revenues of BGN 5,668,690,000 in 2018.

In annual terms, sales marked a rise of 17.02% compared to

2017. In comparison to 2016 they went up by 38.19%. In 2017

sales increased by 18.09% year-on-year.


activities industry total revenue make up 6.08% to the

country's GDP in 2018, compared to 5.28% for 2017 and

4.63% in 2016.


0

1

2

3

4

5

6

7

2016 2017 2018

4.63%

5.28%

6.08%

Share in GDP

In 2018 the Computer programming, consultancy and related

activities industry contributed to GDP BGN 5,428,656,000 in

Gross value added (GVA) accounting for 2.97% of the total for

the country's economy.

In the previous year, the industry's GVA amounted BGN

4,344,285,000, accounting for 2.55% of the total for the

country in 2017. In 2016 the GVA of the Computer

programming, consultancy and related activities was BGN

3,694,783,000, or 2.42% of the GVA for the country's

economy.

GVA BY SECTORS

RANK SECTOR BGN SHARE OF THE

COUNTRY'S

GVA (%)

1 OTHER INFORMATION TECHNOLOGY AND


2,468,907,000 1.35

2 COMPUTER PROGRAMMING ACTIVITIES 1,895,473,000 1.04

3 COMPUTER CONSULTANCY ACTIVITIES 833,285,000 0.46

4 COMPUTER FACILITIES MANAGEMENT

ACTIVITIES

230,991,000 0.13

We expect, based on the trend in the last three years, the total

revenue of the Computer programming, consultancy and

related activities industry to change at a compound annual

growth rate (CAGR) of 18.39% in 2019.

NET SALES REVENUE BY SECTORS

RANK SECTOR NET SALES REVENUE

(BGN)

1 OTHER INFORMATION TECHNOLOGY AND COMPUTER

SERVICE ACTIVITIES

2,698,829,000

2 COMPUTER PROGRAMMING ACTIVITIES 1,830,258,000

3 COMPUTER CONSULTANCY ACTIVITIES 876,769,000

4 COMPUTER FACILITIES MANAGEMENT ACTIVITIES 262,834,000

INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS

47.61%

32.29%

15.47%

4.64%





The highest growth, of 24.84%, was recorded by Computer

programming activities. There was no industry's sector to

report a drop in net sales revenues.

TOP COMPANIES' REVENUE BY SECTORS

SEGMENT COMPANY TOTAL REVENUE

(BGN)

NET SALES

REVENUE (BGN)

COMPUTER FACILITIES MANAGEMENT ACTIVITIES

CEZ INFORMATION AND

COMMUNICATION TECHNOLOGIES

BULGARIA EAD

18,496,000 18,482,000

KPMG IT SERVICE OOD 15,518,000 15,515,000

GP DAT EOOD 15,390,000 15,390,000

COMPUTER PROGRAMMING ACTIVITIES

PROGRESS SOFTWARE EAD 205,698,000 94,128,000

SAP LABS BULGARIA EOOD 88,609,000 87,977,000

SBTECH (GLOBAL) LIMITED - SUBSIDIARY

BULGARIA BRANCH

59,238,000 59,223,000

COMPUTER CONSULTANCY ACTIVITIES

IBM BULGARIA EOOD 130,125,000 129,767,000

EXPERIAN BULGARIA EAD 67,642,000 67,642,000

BULPROS CONSULTING AD 34,754,000 34,550,000

OTHER INFORMATION TECHNOLOGY AND COMPUTER SERVICE ACTIVITIES

ENTERPRISE SERVICES BULGARIA EOOD 231,106,000 231,063,000

PAYSAFE BULGARIA EOOD 150,988,000 150,471,000

VMWARE BULGARIA EOOD 108,255,000 108,255,000

The top 10 companies in terms of total revenue in Computer

programming, consultancy and related activities accounted

for 20.23% of the industry's total in 2018, 21.54% in 2017 and

23.94% in 2016.


TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE

INDUSTRY

RANK COMPANY TOTAL REVENUE

(BGN)

NET SALE

REVENUE (BGN)

1 ENTERPRISE SERVICES BULGARIA EOOD 231,106,000 231,063,000

2 PROGRESS SOFTWARE EAD 205,698,000 94,128,000

3 PAYSAFE BULGARIA EOOD 150,988,000 150,471,000

4 IBM BULGARIA EOOD 130,125,000 129,767,000

5 VMWARE BULGARIA EOOD 108,255,000 108,255,000

6 SAP LABS BULGARIA EOOD 88,609,000 87,977,000

7 SITEGROUND HOSTING EOOD 82,109,000 80,544,000

8 HEWLETT-PACKARD GLOBAL DELIVERY

BULGARIA CENTER EOOD

76,891,000 76,535,000

9 VISTEON ELECTRONICS BULGARIA EOOD 75,327,000 74,988,000

10 EXPERIAN BULGARIA EAD 67,642,000 67,642,000

The total revenues of the top 10 companies in the Computer

programming, consultancy and related activities were 1.23%

of GDP in 2018, compared to 1.14% for 2017 and 1.11% in

2016.

The top 10 by assets in the Computer programming,

consultancy and related activities market made up BGN

543,505,000, or 9.59% of the total net sales revenue.

TOP 10 BY TOTAL ASSETS IN THE INDUSTRY

RANK COMPANY BGN

1 PROGRESS SOFTWARE EAD 207,223,000

2 SPETSIALIZIRANI LOGISTICHNI SISTEMI AD 170,915,000

3 SUMUP EOOD 111,995,000

4 PAYSAFE BULGARIA EOOD 97,468,000

5 SOFTWARE GROUP BG AD 62,804,000

6 SIRMA SOLUTIONS AD 61,033,000

7 IT SOFT EAD 59,475,000

8 SITEGROUND HOSTING EOOD 52,445,000

9 VMWARE BULGARIA EOOD 49,249,000

10 HAOS SOFTWARE OOD 48,548,000

TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN

OPERATING REVENUE IN COMPUTER PROGRAMMING,

CONSULTANCY AND RELATED ACTIVITIES

RANK COMPANY Y/Y GROWTH

1 VK VOLAND EOOD 157033.33%

2 A& R CONS EOOD 89500.00%

3 ALLCOMTRADE EAST EUROPE EOOD 81300.00%

4 FOR FIT EOOD 29308.77%

5 VETINARI OOD 29200.00%

6 VIDEO TECHNOLOGIES OOD 27550.00%

7 BULSOURCE CONSULTING EOOD 21000.00%

8 DZZD STEMO-GAMA KONSULT 20775.00%

9 CRI SERVICES EOOD 18850.00%

10 GM PIXELS EOOD 11300.00%

TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY

COMPUTER FACILITIES MANAGEMENT ACTIVITIES WERE:

COMPANY BGN

CEZ INFORMATION AND COMMUNICATION TECHNOLOGIES

BULGARIA EAD

18,496,000

KPMG IT SERVICE OOD 15,518,000

GP DAT EOOD 15,390,000

SIS TECHNOLOGY AD 10,714,000

EPAY AD 9,025,000

LIREX HIGH TECH AD 7,394,000

SPETSIALIZIRANI LOGISTICHNI SISTEMI AD 6,642,000

METHODIA AD 6,578,000

COMSOFT OOD 6,391,000

COBUILDER INTERNATIONAL EOOD 6,252,000

The 10 largest companies in terms of total revenue in sector

Computer facilities management activities earned total

revenue of BGN 102,400,000 and accounted for 1.70% of the

industry's total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR

COMPUTER PROGRAMMING ACTIVITIES WERE:

COMPANY BGN

PROGRESS SOFTWARE EAD 205,698,000

SAP LABS BULGARIA EOOD 88,609,000

SBTECH (GLOBAL) LIMITED - SUBSIDIARY BULGARIA BRANCH 59,238,000

EGT INTERACTIVE EOOD 52,023,000

SIRMA SOLUTIONS AD 41,823,000

HAOS SOFTWARE OOD 36,807,000

SCALE FOCUS AD 36,419,000

MUSALA SOFT AD 31,099,000

MM SOLUTIONS EAD 31,092,000

SOFTWARE GROUP BG AD 26,206,000


Computer programming activities earned total revenue of

BGN 609,014,000 and accounted for 10.13% of the industry's

total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR

COMPUTER CONSULTANCY ACTIVITIES WERE:

COMPANY BGN

IBM BULGARIA EOOD 130,125,000

EXPERIAN BULGARIA EAD 67,642,000

BULPROS CONSULTING AD 34,754,000

TECH EXPERTS EOOD 28,882,000

COCA-COLA HELLENIC IT SERVICES EOOD 25,051,000

CODIX BULGARIA EAD 24,438,000

ADASTRA BULGARIA EOOD 19,860,000

STRYPES EOOD 19,323,000

UNITEDLEX BULGARIA EOOD 17,778,000

CAD R&D CENTRE PROGRESS GROUP AD 17,115,000


Computer consultancy activities earned total revenue of BGN

384,968,000 and accounted for 6.40% of the industry's total

revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD OTHER

INFORMATION TECHNOLOGY AND COMPUTER SERVICE

ACTIVITIES WERE:

COMPANY BGN

ENTERPRISE SERVICES BULGARIA EOOD 231,106,000

PAYSAFE BULGARIA EOOD 150,988,000

VMWARE BULGARIA EOOD 108,255,000

SITEGROUND HOSTING EOOD 82,109,000

HEWLETT-PACKARD GLOBAL DELIVERY BULGARIA CENTER EOOD 76,891,000

VISTEON ELECTRONICS BULGARIA EOOD 75,327,000

STEMO OOD 57,664,000

TELELINK BUSINESS SERVICES EAD 53,787,000

HP INC BULGARIA EOOD 50,346,000

MODIS BULGARIA EOOD 43,902,000




earned total revenue of BGN 930,375,000 and accounted for

15.47% of the industry's total revenue.

IV. EXPENSES

The combined costs of the companies in the Computer


reached BGN 5,186,502,000 in 2018.

0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2,500,000,000

3,000,000,000

3,500,000,000

4,000,000,000

4,500,000,000

5,000,000,000

5,500,000,000

6,000,000,000

2016 2017 2018

BG

N

3,823,347,000

4,565,868,000

5,186,502,000

3,761,738,000

4,470,835,000

5,098,752,000

Total Expenses

Operational expenses

In annual terms, total expenses rose by 13.59% compared to

2017 and increased by 35.65% in comparison to 2016.

The total operating expenses of the companies in the

Computer programming, consultancy and related activities

industry were BGN 5,098,752,000 in 2018.

Operating costs grew by 14.04% compared with the previous

year and rose by 35.54% when compared to 2016.

We expect, based on the trend in the last three years, the total

costs of the Computer programming, consultancy and related

activities industry to change at a compound annual growth

rate (CAGR) of 16.47% in 2019.

TOTAL COSTS BY SECTORS

RANK SECTOR TOTAL COSTS (BGN)


SERVICE ACTIVITIES

2,504,140,000

2 COMPUTER PROGRAMMING ACTIVITIES 1,648,523,000

3 COMPUTER CONSULTANCY ACTIVITIES 777,710,000

4 COMPUTER FACILITIES MANAGEMENT ACTIVITIES 256,129,000

INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS

48.28%

31.78%

14.99%

4.94%





Computer programming activities marked the highest annual

increase in total expenses, of 20.54%.

In terms of operating expenses, the highest increase, of

21.40%, was recorded by the Computer programming

activities sector.

The biggest spenders in the industry, with costs of over 10%

of industry's costs, numbered 33, including ENTERPRISE

SERVICES BULGARIA EOOD, SITEGROUND HOSTING EOOD,

HAOS SOFTWARE OOD, MENTORMATE BULGARIA EOOD,

SIRMA SOLUTIONS AD. The medium spenders, or those in the

5% and 10% range count 54 and include LA DIET OOD,

ABRITES OOD, GP DAT EOOD, NET INFO AD,

TECHNOLOGICA EAD. Below 5% threshhold are 8,732

companies, including SMARCH STUDIOS OOD, SOLEKS 7

EOOD, HAYTEK INDASTRIS EOOD, TIM PARVANOVA I SIE SD,

ES DI KONSULTING EOOD.

Employment expenses in the Computer programming,

consultancy and related activities industry increased by

19.58% on the year to BGN 2,591,938,000 in 2018.


0

260,000,000

520,000,000

780,000,000

1,040,000,000

1,300,000,000

1,560,000,000

1,820,000,000

2,080,000,000

2,340,000,000

2,600,000,000

2016 2017 2018

BG

N

1,793,010,000

2,167,485,000

2,591,938,000

1,589,236,000

1,909,527,000

2,289,091,000

185,866,000

226,846,000

282,809,000

Employment expenses

Salaries expenses

Social security expenses

The highest growth in labour costs, of 21.85%, was registered

by Computer consultancy activities.

The monthly costs per employee in the Computer


averaged BGN 4,236 in 2018, BGN 3,861 in 2017 and BGN

3,498 in 2016.

The monthly social security costs per employee in the

industry averaged BGN 462 in 2018, versus BGN 404 in 2017

and BGN 363 in 2016.

EMPLOYMENT EXPENSES IN COMPUTER PROGRAMMING,

CONSULTANCY AND RELATED ACTIVITIES BY SECTORS IN 2018

RANK SECTOR EMPLOYMENT

EXPENSES (BGN)

AVERAGE

EXPENSES PER

EMPLOYEE

(BGN)



1,117,977,000 48,017

2 COMPUTER PROGRAMMING ACTIVITIES 980,554,000 56,134

3 COMPUTER CONSULTANCY ACTIVITIES 426,850,000 51,243


ACTIVITIES

66,557,000 34,901

THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER

EMPLOYEE IN THE INDUSTRY

RANK COMPANY BGN

1 SCALE FOCUS AD 1,670,583

2 INFORMATION SERVICES AD 376,972

3 DIGITAL HOUSE EOOD 190,083

4 STEMO OOD 152,167

5 EUROPEAN MED TECH AND IVD REIMBURSEMENT

CONSULTING EOOD

149,333

6 VESSELFINDER EOOD 128,000

7 IT INNOVATIONS INTERNATIONAL EOOD 127,500

8 CERTRIA EOOD 115,583

9 FUTUREMEDIA EOOD 63,042

10 FOR FIT EOOD 60,883

The industry's tax expenses stood at BGN 84,542,000 in 2018.

In 2017 it paid taxes of BGN 57,910,000. In 2016 the industry

paid BGN 52,780,000 in taxes.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2016 2017 2018 B

GN

6,975

7,072

9,586

Average taxes expenses by company

EXPENSES ON TAXES BY SECTORS

RANK SECTOR BGN Y/Y CHANGE

1 COMPUTER PROGRAMMING ACTIVITIES 35,696,000 72.10%



33,154,000 31.83%

3 COMPUTER CONSULTANCY ACTIVITIES 13,077,000 37.19%


ACTIVITIES

2,615,000 5.10%

V. PROFITABILITY

The industry's net profit amounted to BGN 742,204,000 in

2018, compared to a net profit of BGN 442,189,000 in 2017

and a net profit of BGN 413,812,000 in 2016.

0

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

700,000,000

800,000,000

900,000,000

2016 2017 2018

BG

N

413,812,000

442,189,000

742,204,000

466,592,000

500,099,000

826,746,000

Net profit/loss

Operating profit/loss


TOP 10 COMPANIES BY HIGHEST NET PROFIT IN COMPUTER

PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES

RANK COMPANY BGN

1 PROGRESS SOFTWARE EAD 134,398,000

2 SITEGROUND HOSTING EOOD 40,372,000

3 EGT INTERACTIVE EOOD 34,673,000

4 ENTERPRISE SERVICES BULGARIA EOOD 16,114,000

5 PAYSAFE BULGARIA EOOD 12,425,000

6 MM SOLUTIONS EAD 10,804,000

7 IBM BULGARIA EOOD 9,127,000

8 LANET EOOD 7,423,000

9 RUNNER RUNNER OOD 6,790,000

10 HAOS SOFTWARE OOD 6,630,000

TOP COMPANIES BY HIGHEST NET LOSS IN COMPUTER


RANK COMPANY BGN

1 VMWARE BULGARIA EOOD 12,527,000

2 ENIGMA SOFTWARE GROUP BULGARIA EOOD 11,382,000

3 FADATA EOOD 6,141,000

4 SAMAP LIMITID, KLON BULGARIA KCHT 4,938,000

5 BROADCOM BULGARIA LLC EOOD 3,571,000

The combined operating earnings of the companies in the

Computer programming, consultancy and related activities

sector grew by 65.32% y/y to BGN 826,746,000 in 2018.

OPERATING PROFIT/LOSS BY SECTORS (BGN)

SECTOR 2018 2017 2016

COMPUTER PROGRAMMING ACTIVITIES 379,736,000 205,663,000 171,520,000

OTHER INFORMATION TECHNOLOGY

AND COMPUTER SERVICE ACTIVITIES

295,909,000 176,270,000 200,741,000

COMPUTER CONSULTANCY ACTIVITIES 125,160,000 90,886,000 67,594,000


ACTIVITIES

25,941,000 27,280,000 26,737,000

The profit margin for the Computer programming,

consultancy and related activities industry stood at 13.95% in

2018, while in 2017 it amounted to 10.00% and 11.05% in

2016.

PROFIT MARGIN BY SECTORS

RANK SECTOR PROFIT

MARGIN

1 COMPUTER PROGRAMMING ACTIVITIES 19.11%

2 COMPUTER CONSULTANCY ACTIVITIES 14.00%


SERVICE ACTIVITIES

10.68%

4 COMPUTER FACILITIES MANAGEMENT ACTIVITIES 9.52%


activities industry's return on equity (ROE) is 31.24% compared

to 22.68% in 2017 and 22.91% in 2016.


activities's return on assets (ROA) was 16.31%, while in 2017 it

amounted to 11.61% and 12.73% in 2016.

0

3.2

6.4

9.6

12.8

16

19.2

22.4

25.6

28.8

32

2016 2017 2018

22.91%

22.68%

31.24%

12.73%

11.61%

16.31%

ROE

ROA

LEADING INDUSTRY'S SECTORS BY ROA

0

2

4

6

8

10

12

14

16

18

20

22

Computer programming

activities

Computer consultancy

activities

Other information

technology and

computer service

activities

20.73

20.06

13.84

LEADING INDUSTRY'S SECTORS BY ROE

0

3.5

7

10.5

14

17.5

21

24.5

28

31.5

35

38.5

42

Computer consultancy

activities

Computer programming

activities

Other information

technology and

computer service

activities

40.37

36.14

25.56


TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER

EMPLOYEE IN COMPUTER PROGRAMMING, CONSULTANCY AND

RELATED ACTIVITIES

RANK COMPANY BGN COMPANY HEA

DQUARTERS

(CITY)

1 CERTRIA EOOD 3,823,000 SOFIA

2 SCALE FOCUS AD 3,560,000 SOFIA

3 GLOBAL INTERACTIVE SOLUTIONS EOOD 2,442,000 SOFIA

4 CASYS BULGARIA EAD 1,790,000 SOFIA

5 SEYF PART OOD 1,638,000 PLOVDIV

6 FARMIT OOD 1,370,000 VARNA

7 SA SERVICES EOOD 1,200,000 SOFIA

8 JP SPECIAL EOOD 1,071,000 SOFIA

9 LOCKCHAIN OOD 864,000 SOFIA

10 LANET EOOD 674,818 SOFIA

About 80.00% of the 10 leading companies in terms of net

profit per employee are located in SOFIA, while 10.00% are

VARNA-based and 10.00% are headquartered in PLOVDIV.

The average net sales revenue per employee in the Computer


amounted to BGN 111,177 in 2018, up by 7.37% compared to

2017 and up by 15.75% compared to 2016.

The industry's average operating revenue per employee grew

by 8.67% year-on-year in 2018 to BGN 116,214. It rose by

17.52% compared to 2016.


activities industry generated an average BGN 117,935 in total

revenue per employee. In 2017 and 2016 the figure was BGN

108,277 and BGN 100,443, respectively.

The average total revenue per company in the Computer


increased to BGN 681,851 in 2018 from BGN 618,706 in 2017.

The 2016 value was BGN 566,927.

A company in the Computer programming, consultancy and

related activities industry made on average a net sales

revenue of BGN 642,781 in 2018, compared to BGN 591,642

in 2017 and BGN 542,123 in 2016.


activities industry made 1.95% of the overall sales country-

wide, increasing its market share by 0.16 pp.

Operating profit per employee for the industry as a whole was

BGN 16,215 in 2018. For comparison in 2017 it amounted to

BGN 10,689 and BGN 10,689 in 2016.

THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN COMPUTER


RANK COMPANY BGN

1 CERTRIA EOOD 4,439,000


3 GLOBAL INTERACTIVE SOLUTIONS EOOD 2,714,000

4 SEYF PART OOD 1,820,000

5 CASYS BULGARIA EAD 1,790,000

TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING

REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES*

RANK COMPANY NAME CORRELATION

(BGN)


2 CERTRIA EOOD 12,995,000

3 STEMO OOD 7,779,000

4 NTH MEDIA BULGARIA EOOD 5,411,000

5 ASEBO EOOD 4,629,000

6 ORACLE EAST CENTRAL EUROPE LIMITED - BRANCH

BULGARIA

3,977,125

7 CASYS BULGARIA EAD 3,945,000

8 LANET EOOD 3,837,364

9 NOVOMEDIA EOOD 3,196,000

10 GLOBAL INTERACTIVE SOLUTIONS EOOD 3,016,000

*The correlation is calculated by subtracting the quotient of the operating profit, and

the employment expenses to the number of employees.

AVERAGE REVENUES PER EMPLOYEE IN COMPUTER

PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES IN

2018

SECTOR AVERAGE NET

SALES

REVENUE

(BGN)

AVERAGE

OPERATING

REVENUE

(BGN)

AVERAGE

TOTAL

REVENUE

(BGN)

NUMBER OF

EMPLOYEES

COMPUTER FACILITIES

MANAGEMENT ACTIVITIES

137,826 142,830 147,913 1,907

COMPUTER PROGRAMMING

ACTIVITIES

104,778 113,774 116,113 17,468

COMPUTER CONSULTANCY

ACTIVITIES

105,254 107,340 108,388 8,330

OTHER INFORMATION

TECHNOLOGY AND COMPUTER

SERVICE ACTIVITIES

115,914 119,040 120,262 23,283

AVERAGE REVENUE PER COMPANY IN COMPUTER

PROGRAMMING, CONSULTANCY AND RELATED ACTIVITIES IN

2018

SECTOR AVERAGE NET

SALES

REVENUE

(BGN)

AVERAGE

OPERATING

REVENUE

(BGN)

AVERAGE

TOTAL

REVENUE

(BGN)

NUMBER OF

COMPANIES

COMPUTER PROGRAMMING

ACTIVITIES

729,186 791,795 808,071 2,510

OTHER INFORMATION

TECHNOLOGY AND COMPUTER

SERVICE ACTIVITIES

708,168 727,265 734,728 3,811

COMPUTER CONSULTANCY

ACTIVITIES

530,090 540,596 545,871 1,654

COMPUTER FACILITIES

MANAGEMENT ACTIVITIES

311,415 322,720 334,206 844

The total indebtedness of the companies in the Computer

programming, consultancy and related activities industry was

BGN 1,949,003,000 versus BGN 1,626,921,000 a year ago. In

2016 the industry's indebtedness totalled BGN 1,249,549,000.

INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN)

SECTOR 2018 2017 2016

OTHER INFORMATION TECHNOLOGY

AND COMPUTER SERVICE ACTIVITIES

790,311,000 683,024,000 582,266,000

COMPUTER PROGRAMMING ACTIVITIES 605,006,000 484,166,000 369,433,000


ACTIVITIES

292,421,000 243,709,000 115,573,000

COMPUTER CONSULTANCY ACTIVITIES 261,265,000 216,022,000 182,277,000

Debt-to-assets ratio of the companies in the industry is 0.43

in 2018. It was 0.43 in 2017 and 0.38 in 2016.


According to market experts, the greatest impact on the

development of the Computer programming, consultancy

and related activities industry has Concessions, patents,

licenses, trademarks, software and similar rights and assets

value. In 2018 it stood at BGN 212,526,000, according to the

financial statements of the companies in the industry. In 2017

the figure was BGN 176,897,000 and BGN 156,998,000 in

2016.

VI. EMPLOYMENT

A total of 50,988 people were employed in the Computer

programming, consultancy and related activities field at the

end of 2018, compared to 46,787 in 2017 and 42,710 in 2016.

NUMBER OF EMPLOYEES BY INDUSTRY SECTORS

SECTOR NUMBER SHARE OF

INDUSTRY

TOTAL

OTHER INFORMATION TECHNOLOGY AND COMPUTER

SERVICE ACTIVITIES

23,283 45.66%

COMPUTER PROGRAMMING ACTIVITIES 17,468 34.26%

COMPUTER CONSULTANCY ACTIVITIES 8,330 16.34%

COMPUTER FACILITIES MANAGEMENT ACTIVITIES 1,907 3.74%

ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS

23,283

17,468

8,330

1,907





The analysis on companies' sizes by the number of

employees, shows that 3372 firms have less than 50

employees*, 133 have between 50 and 250 employees* and

21 companies employ more than 250*.

* Companies without data in the number of employees at end of the year are not

taken into consideration.

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES

340

680

1 020

1 360

1 700

2 040

2 380

2 720

3 060

3 400

Small Medium Big

3 372

133

21

The employees of the leading 10 companies when it comes

to numbers make up 23.39% of the workforce in the industry

in 2018.

TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF

EMPLOYEES

RANK COMPANY NUMBER OF

EMPLOYEES

SHARE

1 ENTERPRISE SERVICES BULGARIA EOOD 3,126 6.13%

2 IBM BULGARIA EOOD 1,787 3.50%

3 HEWLETT-PACKARD GLOBAL DELIVERY

BULGARIA CENTER EOOD

1,129 2.21%

4 MODIS BULGARIA EOOD 1,031 2.02%

5 PAYSAFE BULGARIA EOOD 960 1.88%

6 EXPERIAN BULGARIA EAD 833 1.63%

7 VMWARE BULGARIA EOOD 793 1.56%

8 VISTEON ELECTRONICS BULGARIA EOOD 783 1.54%

9 SBTECH (GLOBAL) LIMITED - SUBSIDIARY

BULGARIA BRANCH

744 1.46%

10 SAP LABS BULGARIA EOOD 741 1.45%


activities industry is the 13th largest employer in the country

with 50,988 employees with the largest employer being Retail

trade, except of motor vehicles and motorcycles with 222,070

and Extraction of crude petroleum and natural gas at the

bottom with 28 employees.


activities's share in the country's total employment was 2.20%

in 2018, 2.55% in 2017 and 2.21% in 2016.

We expect, based on the trend in the last three years, the

number of employees of the Computer programming,

consultancy and related activities industry to change at a

compound annual growth rate (CAGR) of 9.26% in 2019.


The industry is represented by the

following companies

SMARCH STUDIOS OOD

SOLEKS 7 EOOD

HAYTEK INDASTRIS EOOD

TIM PARVANOVA I SIE SD

ES DI KONSULTING EOOD

ARIADNA - HRISTOV I S-IE SD

QOOB EOOD

ALIMOS EOOD

ERSIKS OOD

INFLY TECHNOLOGY OOD

UBERPORTAL SERVICES EOOD

ET KANISKO - KRASIN BOYANOV

ONMEDIA OOD

AAA PARTNERS OOD

KUPIDOMAIN BG EOOD

BLUE SKY LIMITED EOOD

IMKO-3 SD

BI BUSINESS INVESTMENT TRADING EOOD

DSMARTER OOD

TECHSUMMITS EOOD

EPHEDRA-TK OOD

GIDR BULGARIA EOOD

3 MG SOLUTIONS EOOD

INTERNATIONAL TELECOMMUNICATION GROUP

EOOD

EZI TRADING EOOD

DEYTA SALUSHANS

ISYST EOOD

ITSL EUROPE EOOD

E DNEVNIK EOOD

SEASHELL EOOD

PROFESSIONAL SOFTWARE DEVELOPMENT EOOD

DIDZHITI OOD

PROSTUDIO OOD

MEDIA HUB AD

NEXTAD MEDIA GROUP OOD

IKT KLAUD KLASTER DZZD

MISTRAL SOFTWARE EOOD

KEEP CALM EOOD

SKINOA OOD

SAVINA DEIANOVA KREATIVNI USLUGI EOOD

INTERSOFTPRO EOOD

RA OGNYAN TSARKOV EOOD

WEB LABS EOOD

KOLMA-KOLYO HRISTOV ET

LSTI EAST EUROPE EOOD

DGCORP TECHNOLOGIES EOOD

FLUID CODES OOD

EMBODEE BG EOOD

FORUM KOMPYUTARS OOD

CHOLAKOV IT EOOD

FIO SYSTEMS BULGARIA EOOD

WI-MAX NET OOD

MUGEN TEKNOLODZHIYS EOOD

MAYNINGPUL EOOD

PAMSTAR EOOD

SOTIROV TREYD EOOD

DA UEB SEYLS EOOD

VESSELFINDER EOOD

SUPER 12 EOOD

ADORAMED OOD

TRION EOOD

DIGISFERA EOOD

ENRICHD DESIZHANS EOOD

SEMIRA EOOD

CTNS OOD

FORYOUANDYOURCUSTOMERS SOFIA EOOD

STORPOOL STORAGE AD

LUMINOUS EOOD

PIKSI DAST ENDZHINIYRING EOOD

SKALIA

ET VSS - VLADIMIR STOEV

SOFTUER REVOLYUSHAN GRUP EOOD

MEREO TECHNOLOGY GROUP LLC EOOD

OMNIFARIOUS PAN-GALACTIC SERVICES EOOD

BI DIGITAL EOOD

AVATON EOOD

CANDOSS EOOD

CROSSROAD OOD

HEISENBERG ONLINE MARKETING EOOD

COMPUTER SOFTWARE DEVELOPMENT

COMPANY EOOD

ALTERA SYSTEMS EOOD

BRAVO KONSULT EOOD

'DIRECTORY BG'' EOOD

BODIL40 EOOD

EVGENIUS EOOD

TBG BULGARIA OOD

LA DIET OOD

CONTROLBOX EOOD

ET VEZNI - PLAMEN ZHELEV

TRANSMETRICS AD

OST INVEST EOOD

LOORIX OOD

ASIMO EOOD

REGULIGENCE EOOD

INSAYD FUL SISTEMS EOOD

AY-SOL EOOD

LOGIKGEYT OOD

FB01 EOOD

INSPIRE SOFT EOOD

BIG POLAR OOD

NEW SERVICES SOLUTION EOOD

LABELAS EOOD

NIMLOT EOOD

HOSTER EOOD

TSENTAR 42 EOOD

SOFTGIG ATANAS BOMBOV ET

DI BI SOFT EOOD

KOSTAL SOFIASOFT BULGARIA EOOD

DEV STUDIO EOOD

INFO TOP OOD

PROMOGRAD OOD

SA SERVICES EOOD

ADAR GRUP OOD

DAB GRUP EOOD

CONNEXXA OOD

MSG GLOBAL SOLUTIONS BULGARIA EOOD

FINRAKS OOD

ELITE SOFTWARE OOD

2P WEB DESIGN EOOD

GLOBAL AY OU TI PARTNERS BULGARIA OOD

NETPICKBG EOOD

SOLVENA EOOD

SOFTELECTRONIC 1 EOOD

M V T SAPORT EOOD

SMULE BULGARIA EOOD

PHOTO PANORAMA EOOD

REMOTEAM EOOD

FILTCHEV CONNECT EOOD

CONET SOFT EOOD

RS SOFT OOD

SUPPORT BULGARIA OOD

EYPEKS INVESTMANTS EOOD

TRAFFIC CONTROL OOD

ITBS EOOD

RODEO MEDIA EOOD

PRO ERA OOD

ALIUM 48 OOD

RT TECHNOLOGIES OOD

ET DES - VLADIMIR GERGANOV

NYU TEHNOLADZHIS BULGARIA EOOD

RGBITS OOD

MINDVECTORS EOOD

DZHORDZHI YANIS ET

ZULU OOD

ET SVET SOLYUSHANS INTERAKTIV - SVETOSLAV

IVANOV

AQME CONSULTING EOOD

ABAC-2000-HRISTOVI S-IE SD

EXODUS MINING OOD

NEUVENTS OOD

BBF-ZEAT OOD

ENVIZIMO VNEDRIAVANIA I PODRAJKA EOOD

VINCIT EOOD

MULTIMEDIA OOD

BOUC CONSULTING EOOD

EXETER RISK MANAGEMENT CORPORATION

EOOD

KOMPYUTARNET KONSULTING OOD

KLAYMB KONSULTING EOOD

G& D CONSULTING EOOD

INFOEL EOOD

VLADISIE EOOD

SERVBG OOD

STROYINVEST ATI EOOD

KORR. KINDLING ORIGINALITY EAD

INVOICING SOLUTIONS BULGARIA AD

HIPERMETER OOD

TROUBLESHOOTER EOOD

BYNET DATA COMMUNICATIONS BULGARIA

EOOD

MULTIMEDIYA INHENSMANT GRUP EOOD

THERMACOTE CONSULTING CORP EOOD

SQILLINE BUSINESS SOLUTIONS OOD

SMARTAPPS BG OOD

ALPHANET SERVICE OOD

RABIT BULGARIA EOOD

WEB ADVERTISEMENT EOOD

UEB MINISTAR OOD

SHARPENDER OOD

SOLIT EOOD

ESTIMA OOD

PXP SERVICES EOOD

DATASTORK BULGARIA OOD

INTERACTIVE VIDEO EOOD

MH MEDIA EOOD

SD BIS-PAVLOV I SIE

BRANDEY MARKETING AGENTSIYA EOOD

PRINO EOOD

KALISI - VI AR EOOD

GERLOVO NET EOOD

ENTERPRISE SERVICES BULGARIA EOOD

TABER INVEST EOOD

KUPON BG OOD

SEMIKA EOOD

NEARCOM EOOD

FANDREYZ SPEYS EOOD

ABRITES OOD

YOANA-KRISTI OOD

LINK MOBILITY DEVELOPMENT HUB EOOD

DMARCIAN BULGARIA EOOD

NTECH SYSTEMS EOOD

MYPRO CONSULTING EOOD

SCI TRONIK EOOD

PAYSOF TLTD OOD

MAYSIX CONSULTING EOOD

ABRITES TRADE EOOD

HIM SOFT STARA ZAGORA EOOD

C+C AUTOMATION OOD

PATECCO EOOD

VINSOLUTIONS EOOD

GROUP K HOLDINGS EOOD

SITEGROUND HOSTING EOOD

PIRIN ADVISORY & MANAGEMENT SERVICES

EOOD

SINAPS IDEAS EOOD

ET MEMOREKS - ALEKSANDAR HRISTOV

ULTIMA OOD

PREON EOOD

HELYUZIV EOOD

INKOST EOOD

ACCEDO BG EOOD

ELECON EOOD

TIK TEK EOOD

SB SOFT EOOD

ADVANTISOFT OOD

MEDIA LAND OOD

DZZD KONOSORTSIUM PROKON

PUZZEL SOFIA EAD

GLOBAL SOFTUER SOLYUSHANS EOOD

GOLDEN ORBS EOOD

VONIKS EOOD

AZ KONSULTING OOD

ANTYUSH EOOD

ONLIME OOD

7SECURITY EOOD

SAMARCO WEB ENGINEERING EOOD

VES - COMPUTERS - VLADIMIR EVSTATIEV ET


HOPAR BULGARIA EOOD

SYNC SOLUTIONS OOD

S-3 LAB OOD

FAR - ALEXANDER VELKOV ET

IT BUSINESS CONSULTING EOOD

GLOBAL KANTENT SALYUSHANS EOOD

ZOVILU EOOD

CANTANEA EOOD

LAYTIKS UEB SOLYUSHANS EOOD

GLOBALNETBOX INVESTMENT OOD

INCODE OOD

VAL GLOBAL TREYD OOD

SHAYN ON EOOD

TECHNOSOFT - PROJECT EOOD

NYU ERA AYDIAS EOOD

STANSOFT EOOD

ALI EXPRESS SUPPORT EOOD

ENDOT EOOD

VIKONTO EOOD

STILSOFT EOOD

IN RANGE EOOD

SOUTH GATE TECH OOD

BORIX IO EOOD

ELEMARK EOOD

CRO EFFECT EOOD

STARM EOOD

BUSINESS SERVICE AGENCY EOOD

UARKISRAUND OOD

BESTE OOD

GP DAT EOOD

GM TECH EOOD

NET INFO AD

EKOPRINT 2017 EOOD

RADOSTIN VALEOV - VALRON ET

4 30 RM OOD

SPAY ONLINE SPLTD EOOD

MOBILETECH OOD

YP FIBRE OPTIC SOLUTIONS EOOD

KOSTECHEVA KONSULTING EOOD

J B ELECTRONICS EOOD

SENSIKA TECHNOLOGIES OOD

VIP BUILD SERVICE EOOD

FINANCIAL SYSTEMS AND SOFTWARE EOOD

VIDEOHUB OOD

KIMINO TECHNOLOGIES EOOD

EVRO CONSULT PETKOV EOOD

IT INFUSION EOOD

INDEAVR CONSULTING OOD

UNICAD EOOD

ASPARUHOVO NET OOD

VELINGRAD INN EOOD

MAYNA KRICHARS EOOD

TECHNOLOGICA EAD

UAYZMANKAKS EOOD

TOREDO GROUP OOD

DREAM INNOVATIONS EOOD

LIREX HIGH TECH AD

UCHTECHCOM EOOD

VEKTOR SISTEMS BG EOOD

INFOSPED 09 EOOD

2 GREEN HOMES OOD

SOFT ZEN OOD

MAXSOFT EOOD

REZON- BULGARIA EOOD

REGIWARE BULGARIA OOD

AY TI DI SOFTUER EOOD

KRISTANEA OOD

GRIPMANKIS EOOD

ASEBO EOOD

CTDEV EOOD

FINTHESIS GROUP OOD

STAM SOFT OOD

DYNAMIC PRICING OOD

TEHNOLODZHI KONSULTING EOOD

COOL SPOT EOOD

PRESPA BOSILKOV EOOD

SAMAP LIMITID, KLON BULGARIA KCHT

KLEVRET OOD

DRUSOFT EOOD

DXFACTORY OOD

DOLCE EXPORT OOD

KRIEYTIV SALYUSHANS OOD

SEVEN SKILLS SOFTWARE EOOD

COMPART GROUP OOD

365 KONSULTING EOOD

ET ZLATINA IV - ZLATKA SKENDERSKA

RANKUR OOD

OASIS - BD EOOD

ALINA DIZAYN EOOD

DENCH EGAMING SOLUTIONS AD

MIMARKE EOOD

M G TECHNOLOGY EOOD

PLAN-VISION SERVICE EOOD

FASTOGRAM OOD

CENTER FOR INVESTMENT CONSULTING AND

SOFTWARE SOLUTIONS - IL

MARTITI 2 EOOD

INTELIBO OOD

SHARP - TSK EOOD

MASTERSEO OOD

MADE EOOD

GRAFIXOFT OOD

KAT CONSULTING EOOD

SOFTUERNI TEHNOLOGII EOOD

BITSHOP EOOD

RS KONSULT BG OOD

TARDIGRADE EOOD

NETES EOOD

BALKAN FINANCIAL SERVICES EAD

EXPERTSOFT OOD

KARAVELOCOM EOOD

ECASTING EOOD

NETX - NG OOD

SMART X MEDIA EOOD

MAKESOFT EOOD

I-STYLE EOOD

MIREVSKI IT EOOD

ESANS OOD

ORTEM R EOOD

TELLUS OOD

COMMETRIC EOOD

SQUARE CAT EOOD

VETKLAUD EOOD

ONE WEB EOOD

420 SOFT EOOD

SEMANTIC CORE OOD

LUFTRAUM EOOD

POLI EOOD

IAM EXPERT CONSULTING EOOD

KOLIBRI SOFT OOD

ITEKA ITS EOOD

NOTFABRIK EOOD

PERFENLI EOOD

DEVTRADE EOOD

KONSORTSIUM TIKSEU DZZD

INVEITIX OOD

RESPECT S AND C EOOD

UOLPEYPAR EOOD

BILEVSOFT EOOD

DATA PLUS OOD

GLOBILL EOOD

ORION CONSULTING SERVICES EOOD

PROSOFT STUDIO OOD

KD EOOD

PROEKTI ZA YUGOIZTOCHNA EVROPA OOD

STRAYPS NIARSHORING EOOD

RELISTIX EOOD

BI4U EOOD

NIMAGA EOOD

EDESIGN INTERACTIVE AD

NOVI MOBILNI TEHNOLOGII OOD

DELTANET OOD

VISION 4 EOOD

DATAVEND OOD

OPMIA OOD

TAYMINVEST BV OOD

ROAD RUNNER AD

REDLARK EOOD

LINDEAS EOOD

ENVENTRON EOOD

I Q PLATINIUM OOD

PROKOSOFT EOOD

SIMATIKS EOOD

IFOS OOD

MOVEN SOFT EOOD

ILLUMI BULGARIA EOOD

AY KYU SOLYUSHANS BG EOOD

NML EOOD

MAP SOFT OOD

LOUNGE LOGIC BULGARIA OOD

ZEUS SERVICES EOOD

AM STUDIO EOOD

MELON AD

INFORMATSIONNI BIZNES SISTEMI OOD

KITE EOOD

PLAYWING EOOD

4 SOFT EOOD

I-E EOOD

LIMONADA EOOD

KA KONSULT - 76 OOD

ADORMO OOD

INTEPRO SOLUTIONS OOD

JUND EOOD

ET ART - DARINKA NIKOLOVA

EY TI ES PLOVDIV OOD

UEB DIZAYN 359 EOOD

OBEDINENIE DA SI DZZD

KOVMI OOD

ADEVO EOOD

COGNITY BULGARIA EOOD

COMSOFT OOD

EURO CRYPT EOOD

INNOCITY EOOD

GRAPKO EOOD

OUTSOURCING INTERNATIONAL EOOD

ADISS LAB OOD

NVG - NINA GEORGIEVA EOOD

EPISTARK OOD

FOXYSOFT EOOD

UONDERLAND OOD

T-CONSULTING IT EOOD

ET PARALEL - IVAN KODINOV

DZZD MIRAL

VITEMA OOD

PRAIMEDIA SERVICES EOOD

ALCIONA EOOD

LARNING ADVENCHARS EOOD

3 11 OOD

GO 60 EOOD

DZZD AY ES OU

TRIO-INTERACTIVE INTERNATIONAL OOD

BRAYT SARVISIS EOOD

DZZD SIRMA

PAKTI OOD

SOLIX EOOD

UEBKOM GRUP OOD

NOXIOUS EOOD

DEVCLOUDBG OOD

CAMPLIGHT OOD

COMAR MARKETING EOOD

MEDIAHUB EOOD

NOUBALKOM KOMPYUTARS EOOD

HAEMIMONT GAMES AD

NISOMA OOD

BAVACHKI EOOD

MMSTAT EOOD

SOFT PRODZHEKT EOOD

RANITSA TIYM OOD

IGM ESTATE EOOD

FLEKSIKOD EOOD

DEYTA EKS EOOD

WHITE HAT INTERNATIONAL EOOD

TERA 2012 OOD

BETA PRAYM EOOD

INDRA SISTEMAS S.A. KLON BRANCH

DZZD SOLYUSHAN

ECOMDEV STUDIO OOD

NEXT GENERATION SERVICES OOD

CATERIN CONSULTING & INVESTMENT EOOD

M7TECH EOOD

NETWORK TECHNOLOGY EOOD

DIANEL EOOD

UPMIND SERVICES EOOD

AB STUDIO DESIGN EOOD

IMAGINARICA EOOD

AKTOPIS EOOD

AFFILIATE NETWORK SOLUTION EOOD

DZZD PRAYM DD

QAIWARE OOD

SA-PRECISE EOOD

PRO- I T EOOD

STYLE NET OOD

FORSCHUNG-DIREKT GMBH OOD

SSD VARNA OOD

CODE EOOD

BEGSO OOD

OMNICUS EOOD

NET BILD GRUP EOOD

BG IMOT BG EOOD

PRIME IN TIME EOOD

RADIVU EOOD

AKSIEROS EOOD


KOMPYUTARNA KASHTA EOOD

ASTOUND COMMERCE BULGARIA EOOD

DUO SOFT EOOD

MENA SOFTUER EOOD

TECHNOFY EOOD

INFINNO OOD

INNO HOUM KEAR EOOD

VIZICOMP EOOD

DYUMPE BIZNES I AYTI KONSULTING EOOD

EXTENSA WEB DEVELOPMENT OOD

AT SOFTUERNI PRILOZHENIA EOOD

FLOWMINDS OOD

IT - ADVANCED EOOD

ZON STUDIO EOOD

IT EOOD

ET ANTONINA GARGOVA

TLL CONSULTING EOOD

EOS SOLUTIONS EOOD

STRASHEN VALK EOOD

ET ROZA OTASHLIYSKA-VIKI

INTEGRIS OOD

VIZIKOMP - DOBRICH OOD

ADMIN SISTEMI EOOD

EM VI ADMINS OOD

NOVIYA OOD

GETIKS EOOD

ELKTIS EOOD

SOLDAUT OOD

SMPL OOD

T - TRACK OOD

KOMPSERVIZ EOOD

ART SPOT OOD

NEWCRYPTOBLOCK OOD

SERVICE BG EOOD

EMIR REPORTING READY EOOD

GALMAR EOOD

RTECH EOOD

DATA DEVELOPMENT EOOD

SEVEN LEVEL OOD

ARSYST EOOD

PIRIN ITK EOOD

VI AY DZHEY KONSULT EOOD

PERPETO BG OOD

AY SI ES - 2016 OOD

TRAFIC SYSTEMS EOOD

ARMAROK OOD

ABFI EOOD

BG UEB SPORT EOOD

MARKETS PLACE EOOD

FINITE SOFTWARE SYSTEMS EOOD

VISEO EOOD

DIVE STUDIO EOOD

BEYSIKPOYNT SOFTUER EOOD

NELIBA OOD

TP INTERSHOP KAMYUNIKEYSHANS

PROINTEGRA OOD

DIGITAL TIME SAVERS EOOD

BULSOURCE CONSULTING EOOD

ADVDIDZHITAL YUNION EOOD

TRBT EOOD

PT ENTRETENIMIENTO ONLINE EAD

BL-SEARCH OOD

NYUTREYD - YURAP OOD

AUTOMATED ONLINE CONSULTING EOOD

STIB CONTROL EOOD

TM VENTURES OOD

CYCLAM SOFTWARE OOD

ATHRACIAN EOOD

XCOM EOOD

INET SOLUTIONS OOD

ARTALEX EOOD

ET AGRESIA-ILCHO VUCHKOV

DAAS BG OOD

MANSION TECHNOLOGY AND OPERATIONS

CENTRE EOOD

GLOBAL IT SOLUTIONS EOOD

PRO-NOVA CREATIVE EOOD

MAXLAB EOOD

TLM SOFT OOD

TMX EOOD

AFM UARLD EOOD

ECTECH EOOD

IVAYLO ILCHEV RUSINOV

GM STUDIOART OOD

HELIAMPHORA EOOD

PRO POS EOOD

FRAKTEYL OOD

KSORS EOOD

DISCOM KO EOOD

IT BUSINESS PROJECTS EOOD

KALINKA TECHNOLOGY EOOD

UEB HAB EOOD

RIAL SISTEMS OOD

3ES CONSULTING EOOD

VARIANTI OOD

DATA SOLUTIONS EOOD

AY SI TI SOLYUSHANS OOD

BYURO-1 SOFIYA OOD

ET POLIMEKS SB - STEFAN BAGASHEV

NETSTAR - GR EOOD

G-NET IT- CONSULTING & SERVICES EOOD

FAKE IT EOOD

YUPITER SOFT EOOD

ALTEA SOFT EOOD

DEV 0 EOOD

6 AM OOD

LA BITE - BULGARIA EOOD

RESULTS BG EOOD

INTERNET GROUP EOOD

ROTOP EOOD

SYSTEMFIX EOOD

RAYTARS BLOK OOD

ACTIM OOD

TICHON TECH EOOD

EVER TECHNOLOGIES OOD

DA PENSHAN KAMPANI OOD

RILASOFT EOOD

TEYKAN EOOD

PROVITECH SOLUTIONS EOOD

EFFICIENCY EOOD

IT SOLUTIONS GROUP EOOD

ALTAIRE EOOD

PROSUITE OOD

FUTURE TECHNOLOGIES EOOD

SYMMETRIC COMMUNICATION EOOD

EKLIKTIKA EOOD

LP TECH V EOOD

ZHI EF ES OOD

MIT KO DIMITAR IVANOV ET

CARENDAR OOD

ACSIOR EOOD

WEB INTERACTIVE OOD

VA CONSULT OOD

ARTNOISE DESIGNERS EOOD

VLADSTER EOOD

WEBFRENCHMARKETING EOOD

SMART AY TI SALYUSHANS EOOD

V MEDIA DESIGNS SPLTD EOOD

DEVZONE TECH EOOD

DATA INFORMATICS EOOD

EXPERTISE EOOD

STOYAN BOROV EOOD

SIGNAL - 5 EOOD

OBJECTIVE IT EUROPE EOOD

CYBER SOFT EOOD

SHKOLO OOD

TELCOSOFT EOOD

NET-KANEKSHAN EOOD

GATTOSOFT EOOD

GATEWAY EOOD

SPARTANCI EOOD

IYZIMATIK TEKNOLADZHIS OOD

MAUD-MARIE EOOD

NOTEZAPP OOD

PROSPEKT GRUP OOD

MISTAR BOKS EOOD

KONTRAST - 7 EOOD

MARKOV AND MARKOV OOD

SHIELD UI EOOD

ENFORCER OOD

KOBRIX EOOD

HOSTPLYUS EOOD

BGM SOFT OOD

OMEGA FINANS 2016 OOD

NET IT EOOD

CHECKFLOW EOOD

ENHENSIV RD AD

MAGICSOFT EOOD

ELECTA COMMUNICATIONS EOOD

BLACKWALL EOOD

RELATION WISE BG EOOD

NBIS EOOD

ET PETAR PARAPUNOV-NETKOM

NASOFT EOOD

ATEL SISTEMI ZA UPRAVLENIE EOOD

ANDONOV CONSULT EOOD

TATANKATA EOOD

VT SOFT OOD

MICRO MEGA OOD

BISENGINEERING EOOD

LASAKOM OOD

VP SISTEMS EOOD

FLIIBY EOOD

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INTELSOFT-GRIGOROV KANEV I SIE SD

DOMINION 777 EOOD

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XYZ EOOD

PARAGON KONSULTING EVROPA EOOD

PRIMULA NETUARKS EOOD

INOVENTEK OOD

INNOVA CREW OOD

ASEKO KONSULTING EOOD

BI ES BI EM OOD

BGCONSULTANCY EOOD

ET DEMA - VESELINA DIMITROVA

PIKSEL VIZHAN EOOD

EYDIES - BG EOOD

DEV SKEYL OOD

SMART APPS EOOD

SILISTRA TELECOM SOLUTIONS OOD

STANDART CONSULT EOOD

HOSTING SERVICE EOOD

VEDI SOFT OOD

NABLA OOD

13AM OOD

BARISOFT EOOD

ONBOXMEDIA EOOD

FYUCHAR BILDARS EOOD

LUXHAUS EOOD

GOND RANDIR EOOD

NAVA SOLUTIONS EOOD

MAGNY EOOD

L6 TEX EOOD

SHALOM - BLAGOVEST BELEV ET

RORDIN EOOD

FOI KONSULT OOD

EMDISOL EOOD

R& D SOLUTIONS OOD

GKSOFTWARE EOOD

BLU HET EOOD

HA STUDIO EOOD

AOTEAMANA EOOD

SEASGAN INNOVATIONS OOD

3T COM EOOD

IVELIKO EOOD

UNBORED PRO OOD

MSMMST MARKETING EOOD

TECHNOLOGY SOLUTIONS OOD

NISET OOD

BIZWARE INT EOOD

LUCIDLINK EOOD

ALLSAT BULGARIA OOD

HOTINGER INTERNESHANAL BAN EOOD

EZNET EOOD

G M 100 EOOD

MICROVISION LAB EOOD

APAUNTING EOOD

KLOROPHILA EOOD

ANVILSOFT EOOD

UPNHIGH SOLUTIONS EOOD

SUMMIT SOFT EOOD

BG WEB OOD

WISH DEVELOPMENT EOOD

REYNDZHLAYF OOD

MM DEYTA SISTEMS EOOD

EARSTEYDZH EOOD

CHILDISH OOD

FLEKSIO EOOD

BANKWARE EOOD

IT ASTI BULGARIA EOOD

GATESYS EOOD

IT MARKT EOOD

ARTWARE SYSTEMS OOD

ARMSOFT M EOOD

MERKURIY INVEST EOOD

CHE MEDIA GROUP EOOD

TECHNOLOGICA - PLOVDIV OOD

ITRACK BG OOD

IT ST TECHNOLOGY EOOD

ESENSIO EOOD

ARIMAX EOOD

OKOTO NETWORKS EOOD

AD AKSENCHAR - ITALIYA

DWARE EOOD

MIHAYLOVET VEDASOFT - YORDANKA KOSTOVA

VELOX MEDIA OOD

ET ANOG - 50 - BOYKA TSARKOVA

APPCENTURE OOD

STUDIO SOKEROV EOOD

NETEA EOOD

ODD STORM EOOD

GOOSE AD

ALPHAMATIC EOOD

ET DNV-SOFT-DIMITAR VLAHOV

CONTENT INSIGHTS EAD

VMS PRO CONSULTING EOOD

MOORCODE SOFIA EOOD

ELENA SDC EOOD

MOLLOV APS EOOD

SMARTEK EOOD

SHORTBRIDZH SISTEMS EOOD

TODO UEB EOOD

BIT OOD

L-CLASS-SERVIZ OOD

ALVIAN EOOD

ELITSYS EOOD

SYNCHRONOUS CONSULTANCY EOOD

SIMPAL SOLYUSHAN EOOD

KSD INVEST OOD

FORZA CONSULTING BULGARIA EOOD

BRAINTREE SOFTWARE SERVICES EOOD

LIBERTI INVEST GRUP OOD

EDNA FIRMA EOOD

TOP BRAND OOD

ESCAPE TECH OOD

UEBVELA OOD

DIKMAN SYSTEMS OOD

INTERNATIONAL BROADCASTING SOLUTIONS

EOOD

XANDIRIA EOOD

KURABIA EOOD

INTELITI EOOD

RVH TELEKOM OOD

JP SPECIAL EOOD

SPAY SISTEMS OOD

VAYU AP UNIVERSE EOOD

PROCOMP EXPRESS OOD

POWERBOX BG EOOD

LIR BG EOOD

INFORMATSIONNI, BIO I KOMUNIKATSIONNI

TEHNOLOGII AD

PRODUKSHAN HAOS PRODZHEKT OOD

INSIGHT DYNAMICS EOOD

THINK LAB EOOD

INFO RAMPA EOOD

GIGALAN EOOD

TIXI AD

JNE SOFTWARE AND MARKETING SERVICES

EOOD

AGRO ADLER EOOD

DAN ELECTRONIC OOD


DOBRICH NET EOOD

LEVAL PLYUS OOD

PROKON SOFT OOD

GP - NET EOOD

PLUSH SOFT OOD

CHERVENATA KRUSHA EOOD

MASHIYN.RIPORT EOOD

ELECTRON PROGRES EAD

THS CONSULT EOOD

KUANTUM SOLYUSHANS OOD

NIKEM NET OOD

RAYTEX ENGINEERING OOD

REWARDS LABS OOD

MAXCART INTERNATIONAL OOD

ROTAX.BG EOOD

INAT - IVAYLO BOZHINOV ET

EXPEERY EOOD

YU PI DI KONSALTING EOOD

FAST TRAK DIDZHITAL SARVISIS EOOD

STACKPORT EOOD

BUSINESSOFT OOD


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