Sovereign backed the Zenitech management team in November 2020 to significantly scale the business to meet the increasing demand for its services in this rapidly growing UK and international market.

Zenitech has near-shore technical software development capabilities in Romania, Lithuania and Hungary, as well as its headquarters in the UK. Hungary is a key strategic location for Zenitech because of its central location within Europe and its access to some of the best technology talent in the region.

The acquisition of Autsoft, originally founded by the Budapest University of Technology and Economics, will add c.150 people with complementary skills to Zenitech's growing team in Hungary, bringing the total number of employees at Zenitech to more than 520 (c.200 at the time of Sovereign’s original investment).

The Autsoft acquisition is part of Zenitech's existing organic strategy to expand into Hungary, having launched a technology centre in Miskolc in 2021 and recruited Kinga Daradics as Country Manager for Hungary and Head of Global Partnerships.

Jonathan Thorne, Partner, Sovereign Capital Partners, said: "Autsoft is a hugely respected organisation in Hungary that already works closely with Zenitech on a number of client projects. The two companies are a natural fit and the addition of Autsoft will further enable Zenitech to deliver complex, cutting-edge technology projects for its international client base. We look forward to continuing to support the Zenitech and Autsoft teams with their ambitious growth plans."

Ed Batrouni, Director and joint CEO, Zenitech, said: "This deal is a perfect fit of two companies that share the same vision and have complementary skillsets. Autsoft has a fantastic team of skilled developers and has its roots in technology innovation."

Christopher Lacy-Hulbert, Director and joint CEO, Zenitech, added: "Zenitech focuses on the creation of innovative technology to transform clients’ businesses. Together, our proposition for new and existing clients is made even stronger."

Hassan Charaf, Founder, AutSoft, commented: "This transaction with Zenitech is an excellent opportunity for AutSoft. It cements our future as leading the way in development and innovation, and will expand our capabilities into a global market, giving our team the opportunity to work with international clients under the umbrella of an organisation which we respect and admire."