Majority Stake in Bulgarian Software Company Fadata Bought by British Insurance Co, US PE Firm

Bulgarian software company Fadata, a leading vendor of software solutions for financial and insurance business, has new owners - UK-based insurance services group Charles Taylor, and The Riverside Company, a global private equity firm.

Riverside and Charles Taylor have acquired an 80% stake in Fadata, with the current management of the software company retaining a 20% stake, according to a media statement of Fadata.

The deal is to be finalized by October 2015.

The press release does not specify the price of the deal.

According to reports of Bulgarian business daily Capital, the Bulgarian company was estimated at EUR 20.4 M.

This is the second-largest deal in Bulgaria's IT sector after the sale of Bulgarian software developer Telerik to Progress Software for USD 262.5 M in 2014.