The announcement that Bulgaria’s HackSoft is joining forces with UK-based consultancy Waracle offers a unique chance to explore how cross-border partnerships can shape the European tech ecosystem. As a founder who’s bootstrapped her startups and worked across continents, I find this story inspiring on multiple levels. It’s not just about software development or expansion, it’s about strategic partnerships, cultural fit, and lessons female entrepreneurs can learn and use to scale their businesses.
Introduction
When bootstrapping a tech startup, I’ve often faced the challenge of balancing talent acquisition, business expansion, and staying true to a company’s culture. Stories like this have a lot to teach us about navigating these dynamics. HackSoft, founded in Sofia just six years ago, built an impressive reputation for problem-solving in software engineering, and Waracle saw this as an opportunity to strengthen its European presence. The partnership perfectly exemplifies how collaboration can be an engine for growth and innovation in business. Let’s dig deeper.
Key Takeaways from the HackSoft-Waracle Acquisition
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Geographic and Cultural Expansion
Waracle, with headquarters in Dundee, is stepping outside the UK for the first time. The acquisition establishes its presence in Bulgaria, which is considered one of Europe’s budding tech hubs. The partnership reflects the growing trend of cross-border connections as companies aim to expand their capabilities for international growth.A crucial lesson here for female founders is to explore talent pools outside of their immediate location. You might find a reliable tech team or a business collaboration that adds depth to your operations in places you wouldn’t think of immediately. Find inspiration from HackSoft’s ability to place global collaboration in its sights while staying true to its roots.
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Adding Diverse Expertise
HackSoft specializes in areas like digital product development, web technologies, and data services, which align seamlessly with Waracle’s consulting focus across sectors like health, energy, financial services, and the public sector. This strategic pairing elevates Waracle’s service offerings without diluting HackSoft’s focus.Female entrepreneurs and founders should take note: scaling doesn't necessarily mean changing your product, it could mean complementing the offerings of a partner company while sticking to your expertise. Successful collaborations often focus on identifying strengths rather than reinventing the wheel.
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Retaining Company Identity During Integration
One of the standout aspects of this acquisition is the attention given to maintaining the culture of the acquired company. HackSoft’s team will continue its work as usual, with no operational changes expected, although a rebranding will eventually occur to reflect integration with Waracle.A mistake many startups make during acquisitions, or scaling via partnerships, is attempting a complete overhaul of operations, which can lead to alienating employees and damaging corporate culture. As an entrepreneur, always prioritize alignment, respecting what makes your partners unique while fostering common goals.
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The Importance of Shared Values
According to statements from both companies' leaders, the partnership was driven by cultural compatibility as much as business goals. The shared commitment to empowering employees and focusing on customer success helped ensure the acquisition felt “natural” to both parties.If you’re considering partnerships as a business strategy, start from shared values instead of just numbers. As someone who founded CADChain, aligning my startups with partners sharing a similar vision has often provided the stability needed for long-term growth.
How Female Entrepreneurs Can Use Partnerships to Scale
Here’s a straightforward “how-to” guide to leveraging partnerships for growth:
Step 1: Research Potential Partners.
Look beyond your city or country. HackSoft’s expertise in Django and open-source practices made it an ideal match on a technical level, but even small partnerships can follow the same principle.
Step 2: Start With Collaboration Before Committing.
HackSoft and Waracle first worked together on client projects. Test the waters by collaborating on specific projects and see if cultures align.
Step 3: Focus on Strengths.
Complementary expertise is often the glue that binds great partnerships. Create agreements that allow both teams to shine in their areas of focus.
Step 4: Keep Team Morale at the Core.
HackSoft’s leadership retained their focus on team culture, ensuring operational processes stayed intact, even with a future rebranding. A motivated team often drives customer satisfaction and loyalty.
Common Mistakes to Avoid
Many partnerships fail due to a lack of preparation or misaligned goals. Here are pitfalls to steer clear of:
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Ignoring Cultural Compatibility. Startups often jump into partnerships for growth but don’t consider the longer-term implications of mismatched cultures.
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Overhauling Too Quickly. Changing operations overnight after acquisitions may disrupt workflows, as seen in some case studies from failed tech mergers. Gradual integration is key.
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Skimping on Due Diligence. Check financial health, existing client relationships, and employee satisfaction before signing any deals.
Lessons for Female Founders in Europe
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Regional Tech Talent Is Key.
Bulgaria’s emergence as a technology hotspot confirms my long-held belief: countries often overlooked by entrepreneurs can hide incredible talent pools. Consider deep-diving into regions that aren't already saturated with competition. -
Partnerships Require Empathy.
Businesses are made of people, not code or paperwork. HackSoft’s focus on collaborative culture is an excellent reminder to prioritize trust and honesty when building partnerships. -
Bootstrap wits vs VC muscle.
Startups like HackSoft make the case for exceptional value creation, and founders need to constantly weigh VC-backed expansion against alternative ways to grow.
Conclusion
I see so much potential in this partnership, both for Waracle’s European expansion and HackSoft’s elevation as an innovative studio. For those of us leading startups, this is far more than a business transaction; it’s a path to scaling while respecting the core of what makes a company unique. Whether you’re just getting started or sizing your growth, the story of Waracle and HackSoft shows us how thoughtful collaborations can move businesses forward in ways that benefit not just the companies involved, but also the broader European entrepreneurial community.
Ready to explore expansion ideas for your startup? Let’s brainstorm creative approaches together, your next big opportunity might be closer than you realize.
FAQ
1. What recent partnership has Waracle formed to expand its presence in Europe?
Waracle has acquired Bulgarian software development company HackSoft to establish a strong presence in Europe's tech ecosystem. Learn more about Waracle's acquisition of HackSoft
2. What industries does Waracle primarily focus on?
Waracle specializes in financial services, energy, health, and the public sector, delivering digital product development and consulting in these industries. Explore Waracle’s industry focus
3. What expertise does HackSoft bring to Waracle?
HackSoft specializes in software development, web technologies, data services, and open-source practices, making it a valuable addition to Waracle. Understand HackSoft's expertise
4. Will HackSoft undergo changes following its acquisition by Waracle?
HackSoft will retain its operational team and values with no immediate changes, but it will rebrand as part of its integration with Waracle. Learn about HackSoft’s rebranding post-acquisition
5. Why was HackSoft an appealing acquisition target for Waracle?
HackSoft’s cultural values, technical expertise, and commitment to open source aligned perfectly with Waracle’s vision, making it an ideal partnership. Read about HackSoft’s cultural alignment with Waracle
6. How does this partnership align with trends in the European tech industry?
The collaboration highlights a growing trend in cross-border partnerships that leverage regional tech talent to advance international growth. Learn more about European tech partnerships
7. What size is HackSoft’s team, and how will they integrate into Waracle?
HackSoft’s team of 55 engineers will join Waracle’s 210-person workforce to expand its digital project capabilities and talent pool. Discover how HackSoft’s team fits into Waracle’s workforce
8. What lessons can entrepreneurs learn from the Waracle-HackSoft partnership?
The partnership demonstrates the importance of cultural compatibility, shared values, and leveraging complementary expertise when pursuing cross-border collaborations.
9. Why is Sofia, Bulgaria, significant in this partnership?
Sofia is an emerging European tech hub, offering an untapped pool of engineering talent for companies like Waracle to expand their capabilities. Learn about Bulgaria as a tech hotspot
10. How does the HackSoft acquisition benefit Waracle’s clients?
The partnership enhances Waracle’s ability to deliver innovative solutions by integrating HackSoft’s specialized expertise in digital product development. Read about client benefits from the Waracle and HackSoft partnership
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
