Enterprise Investors, the company managing several investment funds in the region, together with Intel Capital, an investment fund that belongs to American IT company Intel have invested 12 million dollars (some 10 million euros) in Romanian company Siveco, according to Siveco officials.
The transaction involves, in the first stage, a direct stock sale, worth 3m dollars, to be followed by a $9-10m capital increase, by the two investors, market sources say. Eventually, the two investors will come to hold 32.5% in Siveco Romania, as the Polish investment fund will own a 22.5% stake, whereas Intel''s investment fund will have 10%, the quoted sources said.
On April 19, Ziarul Financiar wrote about the talks between the consortium comprising Intel and Polish Enterprise Fund V (which is managed by Enterprise Investors), and Siveco, about the acquisition of a stake in the Romanian IT company.
"We welcome the investment made by Enterprise Investors and Intel. Romania''s upcoming European integration and the need to adjust to the international market demands are turning the IT projects into a priority for all the Romanian organisations. This is an excellent growth opportunity for the Romanian IT companies and an important time to make strategic decisions regarding international development. We are embarking on this journey with great confidence, based on our expertise and on our portfolio of products and we hope that this cash injection will help boost our business on the local and international market," said Irena Socol, Siveco general manager.
Siveco has been in the spotlight in the past few months, because of some controversial contracts with the Ministry of Education and Research, worth about 140 million euros. After renegotiating one of the contracts, the ministry managed to obtain another 600 IT labs.
"Siveco Romania is a fast-growing company, which has built a solid reputation in Romania, on the west-European and the American markets. With Intel Corporation as co-investor in this project, we are positive that we will consolidate our position as local leader on the market of IT services and that we will contribute to its expansion on the foreign markets," said Dariusz Pronczuk, a partner with Enterprise Investors.
For the Siveco deal, Intel was advised by Musat & Asociatii law firm.
Siveco last year posted turnover worth 30 million dollars (more than 23 million euros). adrian.mirsanu@zf.ro
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