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Software developer Oves Enterprise invests 200,000 euros in Silicon Valley office

Cluj-Napoca-based software developer Oves Enterprise announced on Tuesday the opening of its first US office, in Silicon Valley's Palo Alto, following an investment of 200,000 euros.

Currently, over 80 percent of the company's turnover is generated by its offices outside the country. The new office in the US is practically the company's fifth foreign location.

"We estimate that in the next three years, the US market will come to represent approximately 40 percent of Oves Enterprise's turnover. With our presence here, it will be easier for us to develop the innovation projects we are working on, especially in the area of cybersecurity. We want to launch other new projects in the defense segment, projects that will much easier find financing and development in the US. It's important that we will be in the same time zone with our clients, that we will be able to access new partnerships that require our presence in the US, develop the product area and build an infrastructure to raise financing," said Oves Enterprise CEO Mihai Filip.

For the next period, the international expansion of the Romanian software producer envisages two new countries - Belgium and the Netherlands, as well as opening a new office in New York.

Investments in international expansion will reach approximately 500,000 euros at the end of the year, including the 200,000 euros invested in the opening of the Silicon Valley office.

Last year, Oves Enterprise's turnover increased four times to approximately 14 million RON. For 2022, the company plans to at least double its revenues to 30 million RON.

Oves Enterprise is a Romanian software development company founded in 2015 in Cluj-Napoca. Starting from 2019, the company's strategy included offering more complex software development services for automotive, eCommerce, fintech, telecom, or international government agency projects.

The company currently employs 107 people who work in its offices in Romania, Germany and the United Arab Emirates.