Why the major Greek IT groups are expanding their presence in Cyprus

Most of the leading Greek IT groups, while pursuing efforts to strengthen their international presence across various countries and continents, have in recent years increasingly focused on developing their activities and presence in the Cypriot market, according to a report on Greek news site newmoney.gr.

The revenue opportunities it offers are numerous, across many sub-sectors of the industry, and the key “players” in Greece are not letting them go untapped. On the contrary, a double-digit number of companies from Greece are now active in Cyprus, either through subsidiaries, previous acquisitions, or other types of partnerships.

Some of these groups or IT companies expect greater financial returns from their operations in Cyprus, others perhaps less, but ultimately no one ignores a market that can yield notable revenue on their balance sheets—even if it is not their top priority. Indeed, in recent times, several new moves have been recorded on their part, focusing on the Cypriot market.

Value of software sector sales in Cyprus projected to rise to $66.4 million in 2025

According to available data, projections for the value of software sector sales in Cyprus are expected to rise to $66.4 million in 2025, with Enterprise Software leading at $27.46 million (source: Statista). Estimates point to an average annual revenue growth rate of 3.68%, targeting $79.53 million by 2030. Cyprus, according to the same sources, is emerging as a software development hub due to its skilled workforce and favorable business environment.

One of the most recent developments is the announcement of a strategic partnership between Epsilon Dynamics—a Business Unit of the Epsilon Net Group, one of the leaders in the business software space—and IDEAL Software Solutions, a member of IDEAL Holdings. The aim is to offer comprehensive end-to-end solutions to both the Greek and Cypriot markets. The partnership combines Epsilon Net's expertise and Epsilon Dynamics’ experience in Microsoft Dynamics 365 ERP and CRM business applications with IDEAL Software Solutions’ advanced Customer Communication Management (CCM) technologies.

It should be noted that Epsilon Net Cyprus Limited, a 100% subsidiary of Epsilon Net S.A., has maintained a long-standing presence in the Cypriot market, supporting and promoting the Group’s solutions to its significant and extensive clientele. IDEAL, for its part, already had a presence in Cyprus through its cybersecurity subsidiary Adacom, undertaking projects such as digital identities and digital keys in collaboration with JCC Payment Systems.

In the business software sector, the SoftOne–Entersoft group stated in its reports on current activities that the newly formed entity aims to enhance value for all stakeholders—including employees, partners, and clients—both in the domestic market and in neighboring countries in Southeastern Europe, with particular emphasis on Cyprus, Romania, and Bulgaria.

Additionally, QnR Group, listed on the Main Market of the Athens Stock Exchange, announced a few days ago during its General Shareholders’ Meeting that its subsidiary, Quality & Reliability Cyprus, has already secured two assignments (from the General Accounting Office and the National Betting Authority) and continues to develop its activities beyond its other areas of interest.

Another notable example is Real Consulting, which is completing its transition from the Alternative Market to the Main Market of the Athens Stock Exchange. In 2023, it executed one of its three acquisition deals in Cyprus (the others being in Germany and Romania), acquiring 60% of AMS (Advanced Management Solutions), with a provision for the remaining 40%. AMS is considered one of the top providers of SAP consulting and project implementation services, with experience in complex digital transformation projects using SAP solutions in both local and international markets.

Uni Systems, a subsidiary of the Quest Group, also established a Cyprus-based subsidiary—its sixth overall—as recently reported by Newmoney, expanding and upgrading its existing office there. The company also maintains similar corporate entities in Italy, Spain, Romania, Luxembourg, and Belgium.

Profile Group, another firm listed on the Main Market of the Athens Stock Exchange and a global leader in financial software, has established one of its ten global offices in Nicosia, Cyprus. Its other offices are located in Athens, Thessaloniki, London, Paris, Dubai, Stockholm, Oslo, Singapore, and Miami.

Space Hellas, listed on the Athens Exchange and active in telecommunications, IT, and security as a Digital Integrator and Value-Added Solutions Provider, also maintains a presence in Cyprus, as well as in Serbia, Malta, Germany, Jordan, the Netherlands, and Romania.

Cosmos Business Systems, a non-listed group, reported during its financial results presentation that Cyprus, alongside Greece, recorded significant sectoral growth, which contributed decisively to increased revenue and profits. Likewise, the rapidly growing listed company Performance Technologies noted in a press conference that its two foreign subsidiaries—in Cyprus and Bulgaria—have doubled their activity in recent years.

Neurosoft, listed in Milan, also operates in Cyprus in addition to the broader Southeastern Europe and Middle East. Meanwhile, the emerging digital products tech firm Quintessential is making its own international push—mainly in Canada, but also in the United States, UAE, Belgium, Lebanon, Germany, South Korea, and Cyprus.

Softweb, a small-cap company on the Athens Stock Exchange, is also a case in point, currently expanding its operations abroad beyond its established presence in Cyprus—for example, into the UAE through a local partner.

Adaptit, a non-listed tech company, had previously undertaken the installation of an anti-drone system to protect critical infrastructure in the Republic of Cyprus, acting as a systems integrator for an innovative project combining software and hardware. Witside, a company offering AI solutions to businesses, is also expanding its technological footprint abroad, with signed contracts in several countries, including Cyprus.

And these examples are far from exhaustive, the report concludes.