A growing number of leading Greek IT companies are strengthening their presence in Cyprus, capitalizing on new revenue streams and the island’s favorable business climate and skilled tech workforce. While many of these companies continue their global expansion, Cyprus has emerged as a consistently important and profitable target market.

Several major Greek players are already operating in Cyprus, either through wholly-owned subsidiaries, strategic acquisitions, or collaborative ventures. Although Cyprus may not be the top strategic focus for all of them, the local market is widely seen as both profitable and sustainable.

Projections indicate that Cyprus’s software market will grow to $66.4 million by 2025, with enterprise software accounting for $27.46 million of that figure. By 2030, total market revenues are expected to reach $79.5 million, reflecting an average annual growth rate of 3.68%, according to data from Statista cited by NewMoney.gr.

Cyprus attracts interest due to its skilled tech talent, attractive business environment, and its role as a strategic base for expansion across Southeast Europe.

One of the most noteworthy recent developments is the strategic alliance between Epsilon Dynamics (a unit of Epsilon Net) and IDEAL Software Solutions (a subsidiary of IDEAL Holdings). The two will collaborate to offer integrated Microsoft Dynamics 365-based ERP and CRM solutions across Greece and Cyprus.

Epsilon Net has a long-standing presence in Cyprus through its subsidiary, Epsilon Net Cyprus Limited. IDEAL Holdings also operates on the island via Adacom, a cybersecurity company involved in developing digital ID and e-signature infrastructure in partnership with JCC Payment Systems.

A growing number of Greek tech firms are expanding operations on the island:

• SoftOne–Entersoft has identified Cyprus, Romania, and Bulgaria as key growth markets.

• Quality & Reliability Cyprus, a subsidiary of the publicly listed QnR Group, recently secured high-profile contracts with the General Accounting Office and the National Betting Authority.

• Real Consulting acquired a 60% stake in AMS (Advanced Management Solutions) in 2023, gaining a strong foothold in the SAP integration sector in Cyprus.

• Uni Systems, part of the Quest Group, has upgraded its Cyprus office to full subsidiary status—its sixth, following Italy, Spain, and Belgium.

• Profile Software, a fintech company listed in Athens, operates one of its ten global offices from Nicosia.

• Space Hellas, a digital integrator with a broad international footprint, includes Cyprus among its active markets, alongside Germany and Romania.

The expansion trend isn't limited to industry giants. Smaller, fast-growing Greek tech firms are also seizing opportunities in Cyprus:

• Cosmos Business Systems and Performance Technologies have both reported strong growth through their Cypriot subsidiaries.

• Neurosoft, listed on the Milan Stock Exchange, and Quintessential, an emerging digital product development firm, also maintain a presence on the island.

• Softweb, Adaptit, and Witside—the latter focused on AI-powered business solutions—have expanded into Cyprus as part of broader internationalization strategies.

Adapted from reporting by NewMoney.gr