The companies pull out of a contemplated merger plan due to complexities involved with the integration process.
AUSTIN, TX, November 07, 2019 /24-7PressRelease/ — On October 30, 2019 Agiliway has announced that it has stopped further discussions on a contemplated merger agreement with Bizico, a software development company based in Chernivtsi, Ukraine. Only one team of professionals left Bizico and joined Agiliway company in Ukraine.
Early October Agiliway went public about its intention to enter into the merger with Bizico and continue to work as one company. This plan came as a direct consequence following two years of close cooperation on several projects. Over that period the companies with a long history as independent entities have aligned their services and reinforced tech expertise by pulling together core competencies. Planned merger was developed to achieve cost synergy due to economies of scale and assets consolidation. From the client’s perspective such merger would offer wider product range along with enhanced services that were not available previously and at a faster pace.
However, after the repeated talks the managers of two companies mutually agreed that the contemplated merger faced too many, sometimes insurmountable challenges, from team and process integration, to cultural differences to management practices to client expectations.
As a result of termination of merger discussions, Agiliway and Bizico will continue their existence as separate and independent business entities under their respective business names. Only one team of professionals decided to leave Bizico and join Agiliway company in Ukraine. This team will be based in Chernivtsi, Ukraine.
Agiliway is a group of companies providing software development outsourcing and consulting services worldwide under Agiliway brand. The development centers are located in Lviv and Chernivtsi in Ukraine. Sales and marketing are provided by Agiliway Group Inc., located in Austin, Texas.
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