M&A advisory services in Romania
Romania has produced some of Europe's most significant technology exits in recent years, with the UiPath IPO and Tremend's acquisition by Publicis signalling deep buyer appetite for Romanian engineering and software assets.
Global PE firms and strategic acquirers are increasingly active in the Romanian market, drawn by strong unit economics in enterprise software, cybersecurity and AI - with Bitdefender and Druid AI among the companies attracting sustained institutional interest.
Flow advises both bootstrapped and venture-backed Romanian founders on their exit - bringing a strong network of PE and strategic acquirers, a lean end-to-end process and KPI-driven preparation that maximises deal certainty and valuation.
UK
Ireland
France
Germany
Spain
Portugal
Italy
Netherlands
Belgium
Switzerland
Austria
Denmark
Sweden
Norway
Finland
Iceland
Poland
Czech Republic
Slovakia
HungaryRomania
Greece
Croatia
Estonia
Latvia
Lithuania
Malta
US
Canada
Mexico
Brazil
Argentina
Chile
Colombia
Peru
Uruguay
Panama
Ecuador
Dominican Republic
Israel
UAE
Saudi Arabia
Qatar
Kuwait
Bahrain
South Africa
Nigeria
Kenya
Egypt
Morocco
Rwanda
India
Kazakhstan
Turkey
Australia
New Zealand8
Romania tech M&A deals in the last 12 months
$7.0M
Romania median tech M&A valuation
3.5x
Romania median tech M&A revenue multiple
$7.0M
Romania biggest tech acquisition in the last 12 months
Selling your tech company in Romania
Romanian M&A follows European mid-market conventions with country-specific overlays around the FDI screening regime, the participation exemption and Trade Register filings for share transfers.
Completion accounts and locked-box
Romanian private M&A uses both locked-box and completion accounts. Locked-box is growing in PE-led and tech deals; completion accounts remain frequent in traditional sectors.
W&I insurance is growing
Warranty & indemnity insurance is becoming more common in Romanian deals above roughly €15M. Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow as the primary protection mechanism.
FDI screening
Romanian FDI screening requires notification of acquisitions by non-EU investors of Romanian companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions to scoped transactions.
Capital gains for founders
Romanian individuals are taxed on share disposal gains at 10% (income tax) plus 10% health insurance (CASS) in some cases. Holding-company structures used to defer or reshape the tax bill - worth planning ahead of a sale.
Corporate participation exemption
Sales of subsidiary shares by a Romanian corporate seller can benefit from the participation exemption - typically requires 10%+ holding for one year and the subsidiary being a qualifying entity. Often drives whether a transaction is share or asset-structured.
Merger control
Consiliul Concurenței (Romanian Competition Council) reviews transactions where parties' combined Romanian turnover exceeds EUR 10M and each of at least two parties has EUR 4M+ Romanian turnover. Most tech deals don't trigger.
Recently acquired tech companies in Romania
Biggest M&A recently in Romania was a $7.0M acquisition of Hosterion by cyber_Folks in June 2025.
See all M&A deals in Romania| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jun-25 | Hosterion | | Hosterion is a Bucharest-based web hosting firm. The company offers shared Linux and Windows plans, VPS instances, and domain registrations for .ro and international TLDs. Its data centers in Romania provide SSD storage, daily backups, and one-click CMS installs for websites serving Eastern European clients. | cyber_Folks | $7.0M | 3.5x | |
Jan-26 | S | Superpont | | Superpont CT is a Romanian iGaming affiliate company founded in 2013 and formally established in 2015, based in Constanta, Romania. The company operates a portfolio of sports betting and casino affiliate websites including superpont.com, superponturi.com, and undepariem.com, offering betting tips, match predictions, and licensed operator reviews. Superpont CT holds a license from ONJN, the Romanian National Gambling Authority, and was co-founded by Cristian Miltaru and Tudor Popa. The company employs approximately 10 people and was acquired by Entez, a Latvian iGaming affiliate group, in January 2026. | Entez | - | - |
Jan-26 | Romanian Business Consult | | Romanian Business Consult is a Bucharest-headquartered IT integrator serving Romania's retail and food sectors. The company deploys point-of-sale systems, inventory management software, and e-commerce platforms for supermarket chains and food distributors. Key implementations include ERP solutions customized for local regulations, with clients such as major hypermarkets operating over 1,000 stores nationwide. | Mid Europa Partners | - | - | |
Oct-25 | dcs plus | | dcs plus is a Cyprus-headquartered travel technology provider founded in 2002 that delivers full-stack software for tour operators, TMCs, DMCs, and OTAs in over 45 countries. The firm integrates with GDS like Amadeus, Sabre, and Travelport, plus direct connects to Lufthansa and Emirates. Clients including BCD Travel, Egencia, FCM Travel Solutions, and American Express use its reservation, booking, and CRM systems. | Abingdon Software Group | - | - | |
Sep-25 | Bit Soft | | Bit Soft is a Romania-based developer of integrated software solutions for the hospitality sector. The company provides property management systems, point-of-sale terminals, and reservation engines for hotels, restaurants, and resorts. Its flagship product, HotelSoft, handles front desk operations, billing, and guest relationship management with multilingual support. Deployed in over 500 properties across Europe, the solutions integrate with payment gateways and channel managers like Booking.com. Founded in the early 2000s, Bit Soft maintains offices in Bucharest and Cluj-Napoca. | Volaris Group | - | - | |
Aug-25 | Cyber Smart Defence | | Cyber Smart Defence is a Dubai-based specialist in cybersecurity solutions, ethical hacking, and penetration testing services established in 2016. The firm conducts red team exercises and vulnerability assessments for UAE government entities and oil firms like ADNOC, holding CREST accreditation. Its training academy delivers CEH and OSCP certifications to over 2,000 professionals annually across Middle East branches in Riyadh and Doha. Cyber Smart Defence deploys custom pentest frameworks for OT/SCADA environments in energy sectors. | Stefanini | - | - | |
Jul-25 | B | British American Tobacco SAA Services | | British American Tobacco SAA Services is a shared services provider within the BAT group. It delivers IT-supported operations in consumer support, marketing, human resources, finance, procurement, and supply chain functions. Based in Bucharest, the unit handles digital transformation projects and process optimization for BAT's global consumer goods business. | Systems Ltd. | - | - |
Jun-25 | NextUp | | NextUp is a Bucharest-based software company delivering ERP solutions for business management and financial accounting tailored to Romanian enterprises. Its platform handles inventory, sales, CRM, and payroll modules integrated with local fiscal systems like ANAF e-Factura. Serving SMEs in retail and manufacturing, NextUp supports cloud and on-premise deployments with real-time reporting dashboards. Founded in 2015, the firm maintains partnerships with Microsoft Azure for scalability across Eastern Europe. | Symfonia | - | - |
Who is buying tech companies in Romania?
Symfonia, Volaris Group and Stefanini are the most active acquirers in Romania.
See all acquirers in Romania| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Symfonia | | Symfonia is a Warsaw-headquartered software developer offering ERP systems and business applications for Polish enterprises in accounting, HR, and e-commerce. The company provides Symfonia ERP with modules for payroll processing, warehouse management, production planning, and electronic invoicing compliant with Polish tax regulations. Symfonia serves over 20,000 small and medium businesses with cloud and on-premise deployments supporting multi-company consolidations. | NextUpSofteh Plus SRL | 2 | |
Volaris Group | | Volaris Group is a technology holding company that acquires and operates vertical market software businesses serving industries such as public transit, justice, environmental services, and communications. Based in Mississauga, Ontario, Canada, it manages over 25 independent operating companies worldwide, including Trapeze Group for transportation software and Kentico for content management. Established in 2011 as a division of Constellation Software Inc., Volaris Group emphasizes long-term ownership, providing centralized finance, HR, and M&A support while allowing portfolio companies autonomy. Its network spans North America, Europe, and Asia Pacific, with software deployed in more than 20 countries. | Bit SoftAccent TechnologiesInterplayers+2 | 1 | |
Stefanini | | Stefanini is a global IT consulting firm founded in 1987, delivering digital transformation, cybersecurity, cloud migration, and software engineering services to enterprises across the Americas, Europe, Asia, and Australia from its headquarters near Hamburg, Germany, and São Paulo, Brazil base with 25,000 employees serving clients like Banco do Brasil and Microsoft. | Cyber Smart DefenceScale 24x7Protega+1 | 1 | |
Systems Ltd. |  | Systems Ltd is principally engaged in the business of software development, trading of software, and business process outsourcing services. It is organized into business units based on their geographical areas and has reportable operating segments as follows: North America, the Middle East Africa, Pakistan and Europe. Geographically the company receives maximum revenue from Middle East. Its service portfolio comprises archiving services, indexing, data entry, systems re-engineering, application development and maintenance, process consulting, and staff augmentation. | British American Tobacco SAA ServicesConfiz | 1 | |
Abingdon Software Group | | Abingdon Software Group is a London-headquartered developer of embedded software for automotive, aerospace, and industrial sectors. Solutions include AUTOSAR-compliant stacks, real-time operating systems, and cybersecurity modules for ECUs and gateways. The group supports digital transformation through middleware for software-defined vehicles and IoT devices. | dcs plusPestScanBest SAP | 1 | |
Entez | | Entez is an iGaming affiliate marketing company founded in 2018 and headquartered in Riga, Latvia. The firm operates a network of content-rich websites that connect consumers to online gaming operators, generating leads through SEO, PPC, and content marketing strategies. Entez has established a dominant position in the Baltic states affiliate market and ranks among the fastest-growing iGaming affiliates in Europe. The company has pursued an aggressive acquisition strategy, purchasing Partial Match Media to expand into Nordic markets and Superpont CT in Romania in January 2026. The team consists of approximately 31 employees. | Superpont | 1 | |
Mid Europa Partners | | Mid Europa Partners is a London-headquartered private equity firm targeting buyouts in Central and Eastern Europe and Turkey. It has executed over 30 investments across 18 countries in consumer goods, retail, food and beverage, and services sectors. The firm manages multiple funds with exits including sales to strategic buyers and secondary transactions. | Romanian Business ConsultOptika AndaMlinar+1 | 1 | |
cyber_Folks | | cyber_Folks is a Bucharest-headquartered hosting provider founded in 2004 operating data centers in Romania and Poland. The company manages 500,000 domains, offers VPS and dedicated servers with NVMe SSDs, and monitors SEO positions for 100,000 sites via Ahrefs integration. Serving Eastern Europe e-commerce and media, it achieves 99.99 percent uptime with DDoS protection up to 10 Gbps. | Hosterion | 1 | |
Convergint Technologies | | Convergint Technologies is a global systems integrator for electronic security, fire and life safety, healthcare technologies, building automation, and communications systems. Schaumburg-headquartered with over 170 locations worldwide, the company engineers integrated solutions combining IP-based security platforms, nurse call systems, and HVAC controls for enterprise facilities. Founded in 2001, Convergint Technologies emphasizes 24/7 monitoring centers and proactive maintenance contracts to ensure operational continuity for clients in critical infrastructure. | HelinickNuSource FinancialA+ Technology & Security Solutions+2 | 1 | |
Piletilevi Group | | Piletilevi Group is a Baltic-based international ticketing company delivering sales solutions for concerts, theater, sports, and festivals. Tallinn-headquartered, it expanded from Estonia into Latvia and Lithuania with platforms supporting dynamic pricing, online pre-sales, venue inspections, and performance analytics. The group powers ticketing for events like the Riga International Film Festival and Vilnius basketball games. Established in 1997 as AS Piletilevi, it now serves over 1,000 venues regionally with integrated software for organizers and secure e-ticketing. | EntertixMyticket.ro | 1 |
Public tech companies in Romania
Aerostar is Romania's largest publicly listed tech company, with a market cap of $438M.
See all public companies in Romania| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Aerostar | Aerostar SA is a Romania-based company engaged in the aerospace and defense industry. Principally, it is involved in the production of aircrafts and spaceships. The company’s foremost business lines consist of maintenance of commercial aircraft, manufacturing of aviation products and aero and ground systems for defense, production, and integrations. Additionally, it distributes its products in domestic countries as well as internationally. | $2.88 | +42.2% | $438M | $381M | - | ||
Santierul Naval Orsova | Santierul Naval Orsova SA is engaged in the construction and repair of ships and floating structures. The company's two main activities are the Construction of ship hulls, which are intended for export, and the provision of vessels reparation services, for the internal and external market. Its product portfolio includes barges, container hulls, pontoons, tankers, hopper barges and pusher vessels. | $3.58 | +113.1% | $41M | $35M | - | ||
2B Intelligent | 2B Intelligent Soft provides quality IT services and solutions to the customers. It includes IT solutions, consulting, hosting services, application development for all platforms, including Windows, Android, and IaaS, PaaS, and SaaS. | $1.88 | -3.6% | $26M | $26M | - | ||
Turbomecanica | Turbomecanica SA is engaged in manufacturing aeronautical components and provides repair services for aircraft. It serves civil aerospace, defense aerospace and energy, and other sectors. The company's reportable segments are Manufacturing of aircraft parts, Repairs of engines, and Others. It earns the majority of its revenue from the Repairs of engines segment. | $0.061 | -35.7% | $23M | $27M | - |
Why Flow Partners as your M&A advisor
Access to relevant buyers
We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.
No corporate red tape
We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.
Thorough preparation
KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.
Optimize value, not valuation
Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.
We provide M&A advisory services across Romania and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Romania.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
Recently completed M&A advisory projects
Selected M&A transactions and prior deal experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.
Fractional CFO in Romania
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreVC fundraising in Romania
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO