Bucharest / January 5th, 2023 – We are excited to share with you that QUALITANCE has become part of ALTEN Group, following the approval of the acquisition transaction by the Romanian Competition Authority. At this point, our founders will be pursuing the paths they have been focusing on for the past few years. Radu Constantinescu will continue to act as our Managing Director, as QUALITANCE remains an independent entity within the group. Ioan Iacob will further develop FLOWX.AI, the technology start-up initially incubated in our company, which attracted the second largest seed investment in Europe at the end of 2021 – 8.5 million dollars, and has expanded its international presence.
After a year defined by transformation on all levels, we are proud to have ended 2022 with an estimated turnover of EUR 17.5 million, which amounts to a 35% increase from the previous year. We are continuing our upward trend, targeting a 20% annual growth and an improvement of our profitability through a continuous development of our two business lines – technology innovation services, including product design and development, and technology outsourcing services. As part of the ALTEN Group, we will keep our identity and autonomy, both in terms of business growth and governance, and we will integrate ALTEN’s operational model in several stages.
Together with the ALTEN Group, we will prioritize our international expansion, with a core strategy that aims at the development of technology partnerships in Central and Eastern Europe, but also in the USA. In 2022, we grew our client portfolio across industries which have been our main target in recent years, namely financial services (banking and insurance), utilities and energy, technology, manufacturing. We will continue to develop our current partnerships, with companies such as IBM (our partner for almost 15 years), Banca Transilvania, Raiffeisen Bank, BCR Erste, OMV Petrom and with the biggest players in the insurance market, such as BCR Asigurări de Viață VIG, as well as our international partnerships with organizations such as the burgeoning US fintech Finstro or White Glove. At the same time, we will also advance our partnerships with innovative technology companies that quickly and efficiently solve the complex needs of large organizations, and FLOWX.AI is a technology partner that has the proven capacity to make such complex digital developments fully sustainable.
“By joining forces, as part of the ALTEN Group, we are confident that the strong synergy in our digital transformation services and competencies will enable us to create even greater value for the clients we are supporting in the local and international market, helping them accomplish their digital strategies in an agile, robust, and sustainable way. As companies at a global scale are facing huge challenges in their digitalization processes, QUALITANCE can now have a radical and immediate contribution in the evolution of such organizations“, states Radu Constantinescu, Managing Director of QUALITANCE.
“The QUALITANCE team brings in the ALTEN Group a deep understanding of technology and of the development of digital solutions, experiences, and businesses, as well as a shared vision of what customer success entails. Through this valuable addition, which is exciting for us, we anticipate an expansion of the geographical footprint of our group, especially in Central and Eastern Europe,” adds Axel Girardetti, Director of ALTEN Group Central & Eastern Europe.
We will continue to maintain our autonomy and current team, which relies on 220 technology and design specialists. This year we are anticipating to grow our team by 20%, an increase which is closely tied to the development of our projects and client portfolio.