Encora Announces the Acquisition of Softelligence, Establishing first European Delivery Capabilities

Encora Holdings Limited,an Encora Group company,has signed a definitive agreement to acquire Softelligence SRL,a Romanian software engineering services company

SCOTTSDALE,Ariz.,May 16,2023 -- Encora,a global next-gen digital engineering provider,today announced that it has signed a definitive agreement to acquire Softelligence,a Romanian software engineering services provider,to establish Encora's first delivery centers in Europe. Encora's growing global presence enables the company to deliver nearshore services to clients in the Americas,Asia Pacific,Australia and now Europe as well.

"Softelligence is expected to greatly expand our global reach and strengthen our ability to provide high-quality,nearshore services for customers across the world," said Anand Birje,CEO,Encora. "We are delighted to welcome Adrian Blidarus and his team,as they will provide critical expertise to enhance our capabilities and further our mission of being the leading global engineering solutions provider."

Softelligence offers a comprehensive array of software engineering services and digital solutions for banking,insurance and other industries. Through its offices and delivery sites in Bucharest and Craiova (Romania) and in Skopje (Macedonia),Softelligence enables organizations in the Insurance and Banking industries to accelerate data-driven growth with next generation InsurTech,automation,AI,machine learning and software engineering.

"We're very pleased to become part of the Encora family and we feel that this partnership will greatly strengthen our ability to serve customers in the U.K,continental Europe and beyond," said Adrian Blidarus,founder and CEO,Softelligence. "Softelligence and Encora fit very well together culturally,and we feel that our capabilities will provide critical value to current and future customers."

"Today's announcement signals Encora's formal entry into the European market. We are thrilled to partner with the Softelligence team to bring world-class software engineering services to clients across every economic center in the world," said Venu Raghavan,Founder and Executive Chairman,Encora.

Encora has grown to more than 9,000 associates across the U.S.,Europe,Latin America,India and Asia Pacific. Softelligence will support Encora's strategic expansion into Europe and bolster its capabilities to serve clients in new markets.

Terms of the transaction were not disclosed. Under the agreement,Softelligence will continue to operate with its existing leadership and staff as a wholly owned subsidiary of Encora. The transaction is subject to customary regulatory approval and is expected to close in mid-2023. Upon the closing,Softelligence will begin implementing rebranding to operate under the Encora brand.

To learn more about Encora and its digital engineering services,please visitwww.encora.com.

About Encora

Headquartered in Scottsdale,Arizona and backed by renowned private equity firms Advent International and Warburg Pincus,Encora is the preferred innovation partner to some of the world's leading technology companies. It provides award-winning digital engineering services including data science & engineering,generative AI,software product engineering,cloud services,devops,digital experience,quality engineering and cybersecurity. Encora has deep cluster vertical capabilities in HealthTech,FinTech,HiTech,IAM & Cybersecurity,Digital Commerce,Travel & Hospitality,Supply Chain & Logistics,Telecom and other specialized industries. With over 9,000 associates in 50+ offices and innovation labs across the U.S.,U.K.,Canada,India,and Asia Pacific,Encora's global talent pool,industry vertical expertise and proprietary agile engineering capabilities enable clients to deliver superior business outcomes through accelerated innovation cycles. For more information,please visit www.encora.com.

About Softelligence

Softelligence enables organizations in Financial Services to accelerate growth with next generation InsurTech through Automation,AI and Machine Learning. It has extensive industry knowledge and a broad expertise in digital projects covering paperless quote-and-bind flows,automation of the claims process through AI,fraud detection using Machine Learning algorithms across personal and commercial lines,corporate and specialty as well as digital lending,Know Your Customer (KYC) and other digital banking flows. From data to insights with compelling dashboards,from manual processes and forms to pure digital customer journeys,Softelligence is the partner of choice for many top-tier insurance companies and banks in Europe.