Cyprus has emerged as a key growth market for major Greek IT groups, which are steadily expanding their presence on the island while boosting their international reach across Europe.

From subsidiaries and acquisitions to strategic partnerships, more than a dozen Greek companies are now active in Cyprus, tapping into its revenue opportunities and favourable business environment.

According to Greek news outlet Newmoney, this wave of activity reflects a growing interest in Cyprus’ IT sector, even if the market is not considered a top priority for all players.

While some groups are seeing stronger returns than others, none are willing to overlook a market that can deliver measurable income to their balance sheets.

The latest data from Statista shows that the value of software sales in Cyprus is projected to grow to 66.4 million dollars by 2025, with enterprise software leading at 27.46 million dollars.

Moreover, estimates point to an annual growth rate of 3.68 per cent, reaching 79.53 million euros by 2030.

Among the most recent developments, Epsilon Dynamics, a unit of Greece’s Epsilon Net group, announced a strategic partnership with IDEAL Software Solutions, part of IDEAL Holdings.

The collaboration aims to deliver integrated end-to-end solutions for Greece and Cyprus, combining expertise in Microsoft Dynamics 365 ERP and CRM with IDEAL’s advanced customer communication technologies.

Notably, Epsilon Net Cyprus, a wholly owned subsidiary, already maintains a long-standing presence on the island, while IDEAL operates locally through its cybersecurity arm Adacom, which partnered with JCC Payment Systems on digital identity projects.

Other major players are also strengthening their foothold. For instance, SoftOne-Entersoft has highlighted Cyprus, Romania and Bulgaria as priority markets for its ongoing expansion in Southeast Europe.

Similarly, Quality and Reliability Cyprus, a subsidiary of QnR, recently secured two major projects with Cyprus’ general accounting office and National Betting Authority.

Meanwhile, Real Consulting entered Cyprus in 2023 by acquiring a 60 per cent stake in Advanced Management Solutions (AMS), a leading SAP consulting and digital transformation firm.

Likewise, Uni Systems, part of Quest Holdings, upgraded its operations in Nicosia, marking its sixth subsidiary abroad.

In addition, Profile Software, Space Hellas, Cosmos Business Systems and Performance Technologies have all reported growth in their Cypriot operations, with some seeing activity double in recent years.

Milan-listed Neurosoft, Softweb, Adaptit, Witside and Quintessential have also included Cyprus in their international expansion strategies, covering markets as diverse as the Middle East, North America and South Korea.