3TS Capital Partners investment fund, supported by Cisco, theworld's biggest network equipment producer, paid 4m euros to takeover a minority stake in Avangate, a provider of solutions andservices for software electronic distribution, controlled bybusinessman Radu Georgescu, 43.
The investment from 3TS Capital Partners is part of Avangate'sNASDAQ floatation plans for 2011. In the wake of the deal, DanielLynch, managing partner with 3TS, will become a member ofAvangate's board.
This is the fourth deal through which Radu Georgescu sellsshares in one of the companies he started from scratch to amultinational. In 2003, he sold RAV antivirus technology toMicrosoft before selling a stake in the company that owns Axigen toseveral investors in 2007. Also, in 2010 he sold 83% in GeCadePayment to Naspers South-African group.
Avangate in late 2010 had a team of over 72 employees in itsfour offices of Amsterdam, Mountain View, Taipei and Bucharest. Thecompany plans to hire another 40 people this year, with the teamset to reach 110 employees.
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