The long-standing question of why major tech players have overlooked Bulgaria seems to have been answered, albeit in a surprising manner. In a strategic move, Meta, the parent company of Facebook and Instagram, has quietly acquired a Bulgarian startup called Acutance Imaging.
While neighboring countries like Romania and Greece have attracted the likes of Google, Microsoft, and Amazon with office openings and data centers, Bulgaria had remained off the radar until now. The acquisition of Acutance Imaging marks Meta‘s first significant investment in the country’s tech landscape.
The deal, which finalized ownership transfer in October 2023 according to the Commercial Register, has not disclosed its value. Both Meta and Acutance Imaging have chosen to remain tight-lipped about the financial aspects of the transaction.
Acutance Imaging specializes in imaging technology, making it a valuable asset for Meta, particularly in enhancing the image quality across its platforms and advancing its artificial intelligence capabilities. The startup’s website has been taken down, indicating a transition for the entire team to join Meta‘s ranks.
Co-founder Alexander Nachev’s LinkedIn profile reveals his new role as an image quality manager at Meta since 2022, suggesting that the integration process is already underway. With this acquisition, Meta signals its intent to leverage cutting-edge technology from Bulgarian talent to maintain its competitive edge in the global tech landscape.
Source: https://www.novinite.com/
