The acquisition of Crinsoft, which is headquartered in Bucharest and employs approximately 50 people, is part of Axway’s strategy to establish itself in the Eastern European market. The operation currently has European offices in Belgium, France, Germany, Italy, the Netherlands, Spain, the UK and Sweden.
Axway’s performance in 2004 was disappointing, with operating profit falling to 3m euros ($3.6m) from 6.7m euros ($8.1m) on revenue that fell 1.5% to 73.7m euros ($89.4m). However, Axway’s performance picked up in the first quarter of 2005, with revenue up 8.8% on the first quarter of the previous year to 18.6m euros ($22.6m), equivalent to 10.7% of Sopra Group’s total revenue.
