In a statement for ZF, Georgescu confirmed the data and specified Phoenix was a cloud storage technology, one of the hottest issues in the global IT industry. Cloud technologies allow companies remote access via the Internet to various services and applications that are no longer installed locally, but in specialized data centers.
“Phoenix is the name of a cloud storage technology developed by Gecad Technologies, the same company that develops Axigen electronic communication technology. It is now an independent product, initially developed as a technology included in the Axigen email server,” Radu Georgescu, chairman and founder of the company, told ZF.
According to the data included in the document published in the Official Gazette, the technology was developed to be sold from the beginning.
According to the data included in the document published in the Official Gazette, the sale talks will be led by Radu Georgescu and Diwaker Singh, and minority shareholders will not be able to block or raise objections against the sale.
Consultant Diwaker Singh became notorious in Romania in his position of Telemobil (Zapp) chief executive officer and then got involved in several deals, some of which in the real estate business. Georgescu and Singh worked together on several deals.
Minority shareholders’ interests will be represented by Ted Cominos, a partner with Ethemba Capital investment fund, which also assisted Gecad in the deal with Microsoft.
In the wake of talks, only Phoenix technology may be sold, but the sale of the entire company is not ruled out, either, according to Official Gazette data.
Gecad Technologies shareholders made the decision during a May 19 meeting. Asked on the progress of talks since then, Georgescu said they had made headway, but that nothing had been signed, yet.
“We’re still in talks, clearly more advanced than in May. We haven’t signed with any strategic investor, yet”.
(English version by Cătălina Apostoiu, Editing by Loredana Frățilă-Cristescu)