Msoft

What Msoft does

Msoft (legal name: ЕмСофт ЕООД, EIK 131459561) is a private Bulgarian software company founded in 2005 and headquartered in Sofia, Bulgaria, with 11-50 employees. The company specializes in human resources, payroll, and labor-law compliance software for the Bulgarian market, anchored by its flagship product line СТИЛ (STIL). The СТИЛ product family consists of a desktop application (ПП СТИЛ — Personnel Records and Payroll), a cloud-based employee self-service portal (СТИЛ Уеб), an integration layer (СТИЛ API), and a Lease Manager module for lease agreement administration and Bulgarian National Bank (BNB) reporting. The platform automates payroll calculation, social security and tax withholdings, mandatory reporting to НАП (tax), НОИ (social security), and ГИТ (labor inspection), and supports electronic employment dossiers with multi-provider qualified e-signature integration (Evrotrust, B-Trust, InfoNotary, smart-card КЕП) and qualified time stamping via Borica.

The company's business model combines one-time software license sales for СТИЛ and Lease Manager with recurring subscription revenue from software updates and support, supplemented by fee-based training courses and a freemium tier (free for up to 10 employees on СТИЛ Уеб and the electronic employee file module) used to drive SMB adoption. Distribution is primarily direct via the company website (msoft.bg) with demo downloads, augmented by integration partnerships with ERP.BG (EnterpriseOne) and ЕЛИТ Софтуер (Zeron), which offer bundle discounts. Marketing is content-driven, leveraging an extensive in-house library of Bulgarian regulatory documents, legal interpretations, case studies, and annual instruction sets (2005-2026), supported by a Viber community for customer peer support. The company is bootstrapped and founder-owned, with no disclosed venture capital or private equity investment, and operates exclusively within Bulgaria.

Name

Msoft

Legal name

ЕМСОФТ ЕООД

Website

https://msoft.bg

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Msoft (ЕмСофт) is a private Bulgarian software company founded in 2005 that develops СТИЛ (STIL), an HR, payroll, and labor-law compliance software suite for Bulgarian businesses, with free tier access for companies up to 10 employees.

Ownership category

akta.pro rank

Product category

Payroll and HR Software

NAICS

Accounting, Tax Preparation, Bookkeeping, and Payroll Services (54121), Custom Computer Programming Services (541511)

akta.pro primary industry

Enterprise Application License Advisory, Vendor Management & Optimization (BPAEAGAO)

Keywords

• Payroll management software
• HR software solutions
• Electronic employment records
• Lease management software
• Bulgarian compliance software

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Software Licenses: Sale of ПП СТИЛ (payroll and HR software) and Lease Manager with perpetual or subscription licensing models. Version 8.62 as of June 2026.
2. Software Updates and Support: Ongoing software updates and technical support services bundled with software licenses.
3. Training Services: Fee-based training courses on HR management topics including upcoming courses visible on website.
4. Free Tier (Lead Generation): СТИЛ Уеб and electronic employee file modules are free for up to 10 employees, used to drive adoption and conversion to paid tiers.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Msoft (ЕмСофт / ЕМСОФТ ЕООД) develops and sells Bulgarian HR, payroll, and lease management software under the СТИЛ (STIL) and Lease Manager brands. The flagship СТИЛ product handles personnel records, salary calculation, tax and social security declarations to НАП/НОИ, civil contracts, work schedules, and electronic employment dossiers with multi-provider e-signature support. The Lease Manager product manages lease agreements, deliveries, payments, and Bulgarian National Bank (BNB) reporting for Bulgarian businesses.

Product overview

ЕмСофт (Msoft) is a Bulgarian software company offering two main product lines: СТИЛ (a comprehensive payroll and personnel management system with multiple access modalities) and Lease Manager (for lease agreement management). The СТИЛ product family consists of the core desktop application, СТИЛ Уеб (web-based self-service portal), and СТИЛ API (integration layer). The СТИЛ Уеб platform includes еДокументи and еПодписи modules for complete electronic employment dossier management with multi-provider e-signature support. The company also provides training services and extensive regulatory documentation resources.

Differentiator

Problem solved

Functional benefit

Brands

• СТИЛ (STIL): Main software product - Personnel Records and Payroll management system (ПП "СТИЛ" - ТРЗ и ЛС) with modules for employee records, salaries, civil contracts, work schedules, tax declarations for NRA, notifications for NSSI, accounting, payment documents, and vacation provisioning.
• СТИЛ Уеб (STIL Web)
• СТИЛ API
• Lease Manager

Products and services

• СТИЛ (STIL) - Personnel Records and Payroll Software Comprehensive payroll and personnel management software covering personnel records, salaries, civil contracts, work schedules, NRA tax declarations, NSSI reports, accounting, payment documents, leave provisioning, and notifications for Bulgarian businesses. Available as Version 8.62 as of June 2026 with documented continuous updates since 2005.
• СТИЛ Уеб (STIL Web) - Employee Self-Service Portal Web-based self-service portal enabling employees to access work schedules, pay slips, vacation balances, submit leave requests and documents, sign employment contracts electronically, and receive employer notifications. Free for companies with up to 10 employees.
• Lease Manager Software for managing lease agreements including deliveries, applications, documents, payments, and Bulgarian National Bank (BNB) reports. Includes Event Log Explorer and document printing capabilities. Designed for Bulgarian businesses with lease operations.
• Training Services Fee-based training courses on HR management topics including the 'HR Management' course and other educational offerings for HR professionals and businesses using Msoft's software.

Quantifiable outcome

• Automated generation of electronic labor records (ЕТЗ) in full compliance with regulatory changes from June 2025
• +1 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• ERP.BG (И Ар Пи България ООД)coreTechnology or IntegrationIntegration partnership with ERP.BG for their EnterpriseOne ERP system. Offers 10% discount when purchasing both СТИЛ and EnterpriseOne together (up to 400 BGN discount). ERP.BG is a Bulgarian ERP developer with 19+ years of experience.
• ЕЛИТ Софтуер ООД (Zeron)coreTechnology or IntegrationIntegration partnership with ЕЛИТ Софтуер for their Zeron ERP system. Offers 10% discount when purchasing both СТИЛ and Zeron together (up to 200 BGN discount). Zeron covers ERP, CRM, BPM, and BI concepts.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• ADP: Global payroll and HR services giant with established Bulgarian and CEE presence through partner networks. Comparable in core payroll processing and tax filing capabilities, though ADP targets mid-market and enterprise customers globally.
• SD Worx: European HR and payroll services provider with operations in multiple EU countries. Represents the broader European incumbent category for cross-border and mid-market employers that may also operate in Bulgaria, making them an indirect competitor for the top of Msoft's SMB base.
• Workday: Global cloud HRIS leader serving enterprise customers. Represents the upper-end incumbent alternative Msoft's customers might consider if their workforce scales beyond Bulgarian SMB levels; comparable in core HR/payroll functionality but at vastly different scale, price point, and target segment.
• Sage: UK-headquartered accounting and payroll software vendor with CEE presence. Sage 50 Payroll and Sage HR overlap materially with STIL's SMB-targeted payroll and HR workflow offering in the Bulgarian market segment.

Emerging players

• Personio: European cloud-native HRIS targeting SMB customers in DACH and expanding across Europe. Highly comparable in target customer (SMB with 10-200 employees) and core HR/payroll functionality, though currently weaker on Bulgarian-specific labor compliance than Msoft.
• BambooHR: US-based cloud HRIS focused on small and mid-sized businesses. Closely comparable in SMB customer profile and core HR functionality, though US-centric in regulatory coverage and not yet a direct threat in Bulgaria.
• Calamari: Polish-based cloud HR and leave management platform with expansion across Central Europe. Comparable in SMB-targeted cloud-first HR functionality for CEE markets, representing the type of regional cloud-native challenger that could localize for Bulgaria.

Direct peers

• Microinvest: Bulgarian SMB software vendor offering accounting, payroll, and ERP solutions to small and mid-sized Bulgarian businesses. Directly comparable as a horizontal Bulgarian business management software player with overlapping customer segments and similar regulatory compliance requirements.
• ERP.BG (И Ар Пи България): Bulgarian ERP vendor offering EnterpriseOne with 19+ years of experience. Both a competitor in the broader Bulgarian business software market and a formal integration partner of Msoft, indicating direct overlap in customer base and product scope.
• ЕЛИТ Софтуер (Elite Software): Bulgarian software vendor behind the Zeron ERP/CRM/BPM/BI platform. Serves the same Bulgarian SMB and mid-market customers with overlapping payroll and HR functionality, and is also a formal integration partner of Msoft (10% bundle discount).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/pages/MSoft-Ltd/160451317361508
• LinkedInlinkedin.com/company/msoft-ltd

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Msoft