The software company Redis chose Bulgaria for its new R&D centre

The global software company Redis will build its newest research and development (R&D) centre in Sofia. Bulgaria was selected in a competition with five other countries. The plan is to initially create 75 jobs here, with the company aiming for a long-term presence in the Balkan country. The news comes as a breath of fresh air for the local IT industry, which has already started tightening its belts amid a global slump in demand.

Redis is a privately held technology company founded in 2011 that develops open-source databases. It is considered the leading NoSQL (non-relational) database and one of the most popular in-memory data structure stores. Redis products are used by companies such as Twitter, Airbnb, Tinder, Yahoo, Adobe, Hulu, Amazon and OpenAI.

It is defined as a "centaur" startup - with a market cap of $1 billion and $100 million in annual revenue, which is considered a sign of financial stability.

Redis works in over 25 countries, on 6 continents. With the opening of its development centre in Sofia, the company aims to turn the facility into its main one outside of Israel.

Sofia turned out to be our clear choice because of the presence of exceptional human talent, the European Union membership and last but not least because of the city itself," says Redis vice president Richard Harry, quoted by BTA.

The management of Redis Bulgaria is entrusted to Ivan Atanasov, who previously headed Uber's development centre in Sofia. According to his LinkedIn profile, he changed jobs in December 2023.

Translated by Tzvetozar Vincent Iolov