Dorsum Bulgaria Ltd.

Dorsum Bulgaria Ltd. – The first subsidiary of Dorsum Ltd., Hungary abroad, was registered on the last working day of 2004 by the Sofia City Court.
Dorsum Bulgaria Ltd. is a Bulgarian-Hungarian joint venture established by Dorsum Ltd. Hungary and Kontrax Ltd. – one of the leading participants of the Bulgarian information technology market. The strategic purpose of the establishment was to carry out all the activities of implementation, support and upgrade of Clavis products in Bulgaria. The birth of Dorsum BG is the result of the mutual efforts of Dorsum and Kontrax project teams worked together for more than 2 years to accomplish their plans.

The company currently has 10 employees ( 1 general manager, 6 financial experts, 2 developers and an assistant).
Dorsum Bulgaria employs a team of highly qualified specialists who have taken part in special training at their headquarters in Budapest and have received a special certificate from Dorsum Ltd. Hungary. The planned number of employees will be 12 by the end of 2007.
The annual net revenues were 10,000 Euros in 2005  and 80,000 Euros in 2006.
Dorsum Bulgaria Ltd. also succeeded in contracting the Bulgarian Citibank for Primary Dealer implementation in December of 2006. Without the participation of the Hungarian experts, our Bulgarian colleagues independently and successfully implemented the Clavis4 Fund Product at UG Market Company last year. Dorsum Bulgaria has also signed a contract with Allianz Bulgaria for the Treasury Management System implementation at the beginning of 2007. The localization is currently under way.
The main goal by the end of 2007 is to have over 50% of the transactions of the Bulgarian Stock Exchange and over 50% of the managed assets of Bulgarian Funds managed with Clavis.

Main Projects

2005

• First Financial Brokerage House: ClavisBroker implementation
• ING Pension Insurance Company: ClavisPension implementation

2006

• Karoll Brokerage Company: ClavisBroker implementation
• First Financial Brokerage House: Portfolio Management implementation
• ING Bank Bulgaria: C4 Broker implementation
• UG Market: C4 Fund implementation

2006-2007

• Economic and Investment Bank: C4 Broker implementation
• UG Market: Clavis implementation
• DSK Bank: Investment System implementation
• CEE Securities: ClavisBroker, ClavisBook, Clavis Portfolio Management implementation
• CitiBank Bulgaria: Clavis implementation
• CCB Asset Management: Clavis implementation
• Allianz Bank Bulgaria: ClavisTreasury implementation

The implementation of DSK Investment System is our first project that contains different countries’ integrated systems. It transacts the trading of investment certifications of the Hungarian OTP on an international platform. Through a direct interface, the system is connected to the Hungarian and Bulgarian Funds. OTP plans to extend the trading of its investment certifications to additional countries in the region, therefore, according to  international requirements, we develop the system with the ability to trade securities issued by different countries.

Implemented Products

• ClavisBroker
• ClavisAsset
• Clavis Portfolio Management

Planned Products For Implementation

• Clavis Pension
• ClavisBook
• ClavisTreasury