Nextoria advises Anthill on its acquisition by Exadel

Nextoria acted as exclusive sell-side M&A advisor to Anthill, a Sofia-based software engineering company, on its acquisition by Exadel, a US data and AI advisory and engineering company. Financial terms were not disclosed.

About Anthill: software engineering from Sofia

Anthill provides software engineering services to clients mainly in the US and German-speaking markets. Within Exadel, it brings engineering capabilities with a focus on machine learning and quality control.

The transaction: a second Bulgarian hub for Exadel

Founded in 1998 in Silicon Valley and headquartered in Tampa, Florida, Exadel has more than 2,000 engineers across 30 countries. Anthill is its second acquisition in Bulgaria, after Motion Software in 2022. The deal adds to Exadel's European delivery network as part of its AI-first strategy, and makes Bulgaria its second-largest delivery hub in Europe.

We see a strong overlap between how Anthill works and our goals for intelligent, efficient engineering at scale. We're delighted to welcome the Anthill team to the Exadel family.

Michael BoustridgeCEO, Exadel

Sources: Forbes Bulgaria and SeeNews, 23 June 2025; Capital, 25 June 2025; Exadel company information. Exadel quote translated from Bulgarian.