Bulgaria: Schoenherr advises Exadel Inc. on acquisition of Anthill's IT business

The deal will establish Bulgaria as Exadel's second-largest delivery centre in Europe. The company's network comprises 30 delivery centres in 17 countries.

The acquisition enhances Exadel's specialised engineering capabilities and deepens its regional presence, as the company accelerates its AI-first strategy and global delivery network.

Schoenherr's work included conducting legal due diligence of the target business, structuring the transaction, and drafting and negotiating the going concern purchase agreement, escrow agreement, transitional services agreement and all other transaction documents. The complexity of the transaction stemmed from its structure as a transfer of a going concern, which required more specific and detailed advice on corporate matters and related rights, obligations and liabilities, as well as associated conditions, warranties and indemnities. The transaction is expected to close in Q3 2025, subject to the satisfaction of customary conditions precedent.

Founded in Sofia in 2019, Anthill builds and manages delivery teams for enterprise clients, focusing on data and enterprise software projects. Anthill also operates in the US and the DACH region (Germany, Austria, Switzerland).

Exadel currently employs over 2,000 professionals worldwide, delivering digital transformation and software engineering solutions across the US, Europe and Latin America. 

The Schoenherr team advising on the transaction was led by Alexandra Doytchinova (partner) and included Stela Pavlova-Kaneva (attorney at law), Gergana Roussinova-Ivanova (attorney at law), Tereza Shishkova (attorney at law), Marin Demirev (attorney at law), Yoana Strateva (attorney at law), Hristo Hadzhiiliev (associate) and Mariya Germanova (associate).