Qualitance, an international tech and innovation company founded in Romania, has been sold by its founders Radu Constantinescu and Ioan Iacob to Alten, a French technology and innovation consultancy and services group with international operations in 30 countries.
Qualitance builds digital products and businesses for global organisations and start-ups. Through this acquisition, Alten Group will strengthen its presence in Romania and increase its ability to access new projects and clients from Central and Eastern Europe.
"Sharing a common vision with regard to the impact and evolution of technology in business and society, we are all the more confident that together we will be able to help even more organisations across Central and Eastern Europe to design and implement their digital transformation strategies fast and in a sustainable manner,” said Axel Girardetti, Central & Eastern Europe director at Alten Group.
Constantinescu owned 48.4% of the company and Iacob 38.7%, with the remaining shares distributed as incentives or under sale contracts.
The sale was “a natural step in the evolution of the company,” said Constantinescu.
"The opportunity to become part of Alten Group delights us as we are sharing not just complementary know-how and talent, but also the same business philosophy centered on the needs and success of organizations, their clients, and employees,” he added.
Completion of the transaction is subject to approval by the Competition Council and other conditions precedent agreed by the parties.
ROPTR law firm acted as a sell-side consultant.