Zitec also plans to expand on the market by increasing its team and setting up a department specialized in EU funds and grants.
The infusion of capital, which will be operated through a series of transactions, targeted the growth potential in the area of software development and online marketing services, as well as Zitec’s portfolio of investments in startups. The companies in Zitec’s investment portfolio include, among others Zipongo.com (United States), cosQuare.com (The Netherlands) and publishing house HAC!BD (Romania).
The investor will ensure the company’s access to capital, know-how and global connections for growth. The management will remain the same as before the transaction.
Zitec reported a turnover of EUR4.5 million in 2015, up 37% against 2014, and EUR4 million in 2016.
Zitec specializes in developing online products and applications, as well as in online marketing services.
eMAG, founded in 2001, operates on the e-commerce market in Romania, Bulgaria, Hungary and Poland.