Management of SIVECO, the biggest Romanian software company, redeems the full package of shares from Enterprise Investors and Intel Capital
SIVECO Romania, the biggest Romanian software company and one of the regional leaders in eLearning, eHealth, eAgriculture, eCustoms and eBusiness announces a strategic investment made by the management of the company, consisting in the redemption of the full package of shares from Enterprise Investors and Intel Capital. The acquisition was funded by a loan from Raiffeisen Bank.
Starting in 2005, Enterprise Investors and Intel Capital together held 32,5% from the company shares. Intel Capital is Intel’s global investment and M&A organization and Enterprise Investors is the biggest investment fund in Central and Eastern Europe.
For SIVECO, the international expertise and the resources from the two funds were a big impulse and support for the development of a successful business on a regional level.
After 8 years of collaboration, expectations from both sides were fulfilled.
“We learned so much from the partnership with Intel Capital and Enterprise Investors. The investors interest in the company is an honour, but we decided to self-evaluate the assets and the experience we have developed. We are marching on this new way with confidence, based on our teams professionalism and portfolio and we are optimistic that we will manage to further develop our business locally and internationally”, says Irina Socol, SIVECO Romania co-founder, President and CEO.
Marcin Hejka, Managing Director of Intel Capital Eastern Europe, Middle East, Africa and Russia said: “Since our investment in 2005 in SIVECO, we have seen the company grow and become one of the key players in the e-learning and enterprise application software market. I have personally led the investment in the company and I am happy to see that SIVECO has done so well. Intel Capital would like to congratulate SIVECOs management on this transaction.”
“SIVECO has evolved from a national software provider into a major international player and we are happy to have supported the company’s expansion on international markets. We are particularly pleased with the evolution of the eLearning line of business, which quickly became the engine of the international expansion. I am sure that the remaining shareholders and the management will continue to implement the expansion strategy and will soon replicate the success already recorded in other fast-growing markets,” said Enterprise Investors partner Rafal Bator, who is responsible for this investment.
Since 2005, SIVECO turnover increased from $35 mil. to $89 mil. in 2012. The company has today projects in 27 countries and has a portfolio of over 1,500 clients in Romania and in the world.
The company opened during this interval five commercial offices in Bulgaria (in 2008), UEA (in 2010), Belgium (in 2011), Kazakhstan (in 2012) and Turkey (in 2013).
“SIVECO Romania gained a solid reputation in Europe, Middle East and CIS countries, North America and has over 20 contracts with important organisations of the European Commission. We are confident that, like we managed to become the local IT leader and regional leader in software integration, we will know how to consolidate it. We want to continue the development on the international markets,” says Alexandru Rada?anu, SIVECO Romania co-founder, Vicepresident, R&D.
SIVECO projects received over 180 awards over time, only in 2013 the company won 12 big awards. Among them is the triple success at IPMA (International Project Management Association) Awards and the double victory from World Summit Award.
An exceptional international awareness got the eLearning project for collaborative learning, including Multi-touch-type technology (http://proiecte.pmu.ro/web/transdisciplinarfse/).
Important prizes won also the eContent projects for the educational system in Kazakhstan and for kids with special needs (http://scolispeciale.edu.ro).
The current shareholder structure of SIVECO Romania includes SIVECO Netherlands and individuals from the companys management.
Source: Press Release on www.intelcapital.com