The parties did not disclose the deal value or the acquired stake.
“The investment of Emerging Europe Accession Fund in Star Storage is meant to accelerate the development of the business. We believe in the long-term prospects for the information management solutions and services and expect double-digit market growth within the next years,” said Horia Manda, managing partner of Axxess Capital.
According to Romania’s Trade Registry data, Star Storage was owned by Catalin Paunescu, with 70% of the shares, and Liviu Gosa (30%).
“The investment of Emerging Europe Accession Fund in Star Storage was the missing element needed to expand our presence internationally and to benefit from the value we have created in the last years. We have a great team, we have invested a lot of time and passion and we succeeded to develop really valuable software products and a comprehensive cloud services portfolio, already successful at national and international level,” said Star Storage founder and CEO Catalin Paunescu.
Star Storage, founded in 2000, registers revenues of over EUR20 million annually and employs more than 400 people.
EEAF, the third fund managed by Axxess Capital, was closed in November 2010. Axxess Capital is an independent investment manager with more than 15 years of investment history in the lower mid-market in South-Eastern Europe and over EUR250 million under management in three private equity funds. Axxess Capital has closed to date over 35 transactions and has exited 25 equity investments, supporting growth and development of private companies across a number of sectors including financial services, manufacturing, IT&C, specialized retail, FMCG and others.