Bulgaria provides favourable economic conditions for IT start-ups
“Bulgaria’s outsourcing industry is expected to generate 6,18% of the country’s GDP by 2020. Cloud services and shared service centres are becoming the most promising sectors,” said Stefan Bumov, HeleCloud COO, Co-founder and Chairman of the Bulgarian Outsourcing Association (BOA) until March 2017 at the Sourcing in Emerging Europe conference in London. The event brought together decision-makers and service providers representatives from 23 countries to share their experience and vision for the development of the outsourcing industry in the region. „Joining as a co-founder of the Emerging Europe Alliance for Business Services, Innovation and Technology is an important step for BOA in affirming Bulgaria’s position as one of the most attractive outsourcing destinations in Europe and worldwide”, commended Stefan Bumov after the official ceremony.
“The companies operating in the sector in Bulgaria made a transition from traditional to transformational outsourcing with a focus on creating added value. The favourable market conditions in the country featuring skilled labour force and a low flat corporate and income taxes are among the main drivers for development. IT outsourcing is evolving fast. It incorporates the latest technology and implements best practices. The demand for more complex, value-added processes drives the stable growth of IT companies and creates a favourable environment for technological start-ups,” explained Stefan Bumov, COO of HeleCloud.
HeleCloud is a fast-growing technology consultancy utilising Amazon Web Services (AWS) services with offices in Maidenhead, UK and Sofia, Bulgaria. It provides strategic technology consultancy, engineering, and Cloud-based managed services. By taking advantage of everything the Cloud has to offer, organisations can reduce operational costs, accelerate innovation, focus on their core business, and have more confidence around data security and compliance. HeleCloud develops a high-performance, resilient, secure, compliant and cost-effective solutions for the organisation using a variety of Cloud services from hyperscale cloud provider AWS.
HeleCloud consultants work with clients to identify their digital needs in the context of corporate vision and goals. As a Cloud competency centre, HeleCloud consultants have the knowledge and proven experience to guide and support through the implementation of client’s Cloud strategy.
“Human resource requirements in the field of outsourcing and IT services are changing with the growth of the cloud services, Internet of Things, artificial intelligence and process automation technologies. The sector attracts highly qualified employees who are not only fluent in two or more foreign languages but also have specialised knowledge and skills in business administration, economics and engineering among others”, added Stefan Bumov. Over 97% of Bulgarians between 19 and 34 years speak at least one foreign language. 40% speak at least two, and 20% are fluent in three foreign languages.
Bulgaria ranks 2nd in Europe and 7th worldwide among the most attractive BPO destinations according to the Business Process Outsourcing and Shared Service Location Index. Bulgaria was named Offshoring Destination of the Year 2015 by the European Outsourcing Association (now Global Sourcing Association) and won the Outsourcing Destination of the Year for 2015 award by UK’s National Outsourcing Association.