Codery

Codery operates as a strategic acquirer and operator of specialized workforce and software service platforms, focusing on the IT outsourcing and Business Process Outsourcing (BPO) markets. Founded in 2019 by Philip Balkanski, an entrepreneur and graduate of London's Bayes Business School, the company was established in Sofia, Bulgaria, to address the complexities international companies face when expanding their teams globally. Balkanski's vision was to bridge the gap between Eastern and Western business practices, creating a transparent and efficient model for global team expansion.

The company's business model is centered on being an Employer of Record (EOR), which involves managing all administrative, legal, and financial responsibilities of employment, such as payroll and compliance. This allows client companies to hire talent in regions like Central and Eastern Europe without needing to establish a local legal entity. Codery targets both global enterprises and growth-stage innovators, offering services that include digital staffing platforms, recruitment infrastructure, and the end-to-end implementation of technical teams. The company generates revenue by providing these comprehensive workforce solutions, streamlining the process of sourcing, screening, and managing dedicated IT talent for its clients.

Codery's core service is an AI-driven platform designed to match companies with top-tier technical talent from a pool of over 20,000 professionals in Bulgaria and Eastern Europe. This platform handles the entire recruitment lifecycle, from sourcing and scheduling to screening candidates. A key feature is its transparency, as Codery was the first EOR company to publicly list its pricing on its website. The firm solves three primary challenges for foreign companies: lack of trust, high recruitment costs, and bureaucratic hurdles. Significant milestones include becoming an official agency serving major clients like IKEA and Finnair in 2022, and forming a partnership with Deel in 2023 to expand its global reach. In August 2024, Codery secured a €2.6 million ($2.86M) seed investment from Silverline Capital, which is intended to fuel growth through organic development and strategic acquisitions, such as its acquisition of software developer Devision in January 2025.

Keywords: Employer of Record, EOR, IT outsourcing, BPO, workforce solutions, recruitment platform, talent acquisition, Central and Eastern Europe, remote teams, digital staffing, HR tech, strategic M&A, global expansion, staff augmentation, IT recruitment, software development teams, technical staffing, payroll services, compliance management, Bulgarian tech scene