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EconomyResilient IT companies continue to hire in Bulgaria amidst global tech layoffs...

Resilient IT companies continue to hire in Bulgaria amidst global tech layoffs and hiring freezes

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By Abdenour (Nour) Bezzouh, Group CTO at myPOS

In the US, over 340,042 tech employees have been laid off since late 2022, with at least 56,042 layoffs in 2024 alone. While Bulgaria is also affected, resilient companies continue to hire local IT talent, positioning for future growth.

Abdenour (Nour) Bezzouh, Group CTO at myPOS, with leadership experience in Silicon Valley, explains the main factors that differentiate resilient companies: strategic leadership, stable investments, innovative solutions, and career opportunities.

For instance, myPOS has maintained a positive trajectory: 27% staff increase in 2023, reaching 500+ employees in Bulgaria out of over 700 across Europe, and currently listing over 45 new job openings in Sofia and Varna.

More information in the attached press release and below.

Press release

Abdenour (Nour) Bezzouh, CTO at myPOS: Resilient IT companies continue to hire in Bulgaria amidst global tech layoffs and hiring freezes

IT companies proved resilience as they continue hiring people on the local market despite global challenges, with c. 2,500 job openings available in June.

Bulgaria’s IT sector remains the most socially responsible, paying 3x the national average in taxes and social security contributions.

myPOS showcases resilience with a 27% staff increase in 2023, and currently listing 45+ new job openings.

Resilient IT firms hiring in Bulgaria leverage 4 key factors: strong leadership, stable investors, compelling value propositions, training and career opportunities.

Sofia, 26 June 2024: The global economic challenges have led tech companies to adopt cost-saving measures like layoffs and hiring freezes. While Bulgaria is also affected, resilient companies continue to hire local IT talent, positioning for future growth. Abdenour (Nour) Bezzouh, Group CTO at myPOS, with over 25 years of leadership experience in engineering and digital transformation across 4 continents, including roles at Intuit in Silicon Valley, Banco Santander, Talent.com, and PagoNxt, explains the main factors that differentiate resilient companies like myPOS, one of the leading European fintechs: strategic leadership, stable investments, innovative solutions, and career opportunities.

Despite a slowdown, the local IT sector is still leading the employer ranks

In the US, over 340,042[1] tech employees have been laid off since late 2022, with at least 56,042 layoffs in 2024 alone. Meanwhile, Bulgaria’s IT sector has slowed down to c. 2,500[2] job openings in June, down from c. 3,500[3] listed in February 2023, despite nearly doubled demand following 15 years of steady growth and a Covid-19 surge.

However, with a 12,1%[4] forecasted annual revenue growth in 2023, the local IT sector remains the most socially responsible, paying three times the national average in taxes and social security contributions, boosting other sectors, and investing in an improved quality of life.

Bolstered by a shift from shared services to entrepreneurship and a growing demand for digitalization, the most resilient companies on the local market continue to attract and retain talent, including from abroad, positioning themselves as top employers and evolving programmer roles, all while reporting significant growth.

Resilient IT companies hiring in Bulgaria leverage 4 key factors:

Strong leadership: Leaders with experience from successful tech pioneers, who have guided companies to maturity, can drive growth and navigate challenges effectively in developing tech markets.

Stable investors: Reliable investors provide the necessary resources for innovation and ensure talent retention, allowing companies to maintain a competitive edge, rather than being hampered by financial uncertainties.

Compelling value propositions: Products that address the needs of low-digitalized industries enhance efficiency and productivity for clients, making the company a vital partner in their digital transformation journey.

Training and career opportunities: Robust training and career development attract and retain top talent, ensuring a steady pipeline of skilled professionals, crucial for the company’s sustained growth and innovation.

For instance, at myPOS, driven by strong leadership with Silicon Valley experience, investment from one of the most solid funds globally – Advent International, innovative digital solutions, and commitment to career development, we have maintained a positive trajectory: 27% staff increase in 2023, reaching 500+ employees in Bulgaria out of over 700 across Europe, and currently listing over 45 new job openings in Sofia and Varna.

The most resilient will shape the future

myPOS’s ongoing success amidst layoffs and hire freezes underscores the importance of resilience and strategic foresight. Our Bulgarian offices play a crucial role, housing product development, customer support, administration, marketing and finance teams, and they will remain key as we envision further double-digit growth and total transaction volume of +€14B in 2024.

The IT market in Bulgaria holds significant potential for growth and innovation. Resilient companies like myPOS are well-positioned to capitalize on these opportunities, attracting top talent and offering compelling value propositions as the global tech industry stabilizes and grows, reinforcing its role as a major economic driver.

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About myPOS

myPOS is an innovative fintech company servicing small and medium-sized business clients in the European Economic Area, Switzerland, and the United Kingdom. The company provides easy and convenient payment solutions for in-store, on-the-go, and online transactions to more than 200,000 businesses in over 35 European countries.

The myPOS platform offers micro, small, and medium businesses everything they need to accept payments and manage various aspects of their business, including remote sales and e-commerce. Business owners receive a free multi-currency merchant account, a business card, innovative technology tools, and a powerful ecosystem to help them sell anywhere.

For its innovations, myPOS has won numerous prestigious awards, including The Best POS Innovation by the Merchant Payments Ecosystem in 2019, The POS Innovation Award from FinTech Breakthrough in 2023 and 2024, and the Grand Prize at the Forbes Business Awards in 2023 and 2024. Learn more about the company at www.mypos.com.

[1] https://news.crunchbase.com/startups/tech-layoffs

[2] https://dev.bg/

[3] https://dev.bg/digest/the-tech-job-market-2024-dc01/

[4] https://api.basscom.org/uploads/BASSCOM_Barometer_2023_fe38aef102.pdf

Media contact: Ina Koleva, [email protected]

Photo: Abdenour (Nour) Bezzouh, Group CTO at myPOS.

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