Mplus completes acquisition of Romanian CX and BPO provider Valoris

Mplus, the BPTO vertical of Croatia’s Bosqar Invest (ZSE: BSQR), has concluded its acquisition of Valoris, the Romanian customer experience (CX) and business process outsourcing (BPO) provider.

The deal was originally announced back in April 2025. Here below is that announcement for more background:
15 April 2025:
Bosqar Invest’s business process outsourcing (BPO) arm, Mplus, has acquired BPO providers Czech Conectart and Romanian Valoris as it accelerates its expansion strategy in Central and Eastern Europe (CEE).

The two acquisitions, which together represent an enterprise value of €14mn, significantly expand Mplus’s footprint in the region and bolster its position in key markets.
“These acquisitions mark a significant step in our expansion strategy and underline our commitment to strengthening Mplus's leading market position and service offerings in Central and Eastern Europe,” said Tomislav Glavaš, CEO of Mplus and member of the management board of Bosqar d.d.
The acquisition of Conectart, which operates across 22 locations in Czechia, Slovakia and Poland, was completed on April 15. Mplus acquired a stake of more than 96%, with the remainder retained by Conectart’s management.
Valoris, founded in 2006 and operating a multilingual BPO platform in Romania, is being acquired in full from two individual shareholders.
“Pending the finalisation of integration of Conectart and Valoris, we will not only diversify our capabilities but also accelerate entry into new markets, enabling the deployment of Mplus's advanced technologies and generating substantial value for our stakeholders,” Glavaš added.

Conectart, which reported revenues of €23mn in 2024 and employs 1,200 people, was previously owned by Genesis Capital. 
“Despite a series of external challenges, we managed to grow the business, strengthen its domestic position via the acquisition of Atoda, and expand internationally to Slovakia a Poland. Together with the management team, we built a solid platform for future development,” said Martin Viliš, partner at Genesis Capital, the former owner of Conectart. “We are confident that Mplus is the right partner to continue this journey.”
The acquisition is expected to generate synergies with Mplus Slovakia and create a strong platform to enter the fast-growing Polish market.
Valoris brings a team of 550 employees and a solid financial position, with revenues of €7.3mn. “The sale of Valoris represents a strategic opportunity for continued growth and success. It has been a privilege to lead this business, and I am confident that the new owners will carry forward the values and commitment to excellence,” said Cristina Man, founder of Valoris.
The deal strengthens Mplus’s nearshore capabilities in Romania and is expected to enhance performance on existing joint delivery projects.
The latest acquisitions bring Bosqar’s total deal count to 86 since 2016, a spokesperson told bne IntelliNews, a result of its aggressive buy-and-build strategy. The group, backed by pension funds, private equity and institutional investors, operates across four verticals – BPTO (Mplus), HR (Manpower, Workplace), eCommerce (Eplus Ventures) and Food (Future Food Solutions) – and employs more than 13,900 people across 57 countries.
Mplus operates in 13 countries, including Germany, the UK and the US, with over 12,800 employees providing customer experience services in 32 languages. Its services span telecommunications, financial services, logistics, consumer goods and more, underpinned by its in-house tech division that delivers AI-driven customer experience solutions.
Bosqar’s expansion drive also included the acquisition of Slovenia’s Panvita Group earlier this year and a €100mn deal for Croatia’s bakery-café chain Mlinar in December 2024.