“We bought a significant minority stake and we can say the value of the deal, though not publicly announced, is within the range we announced,” says Andrei Gemeneanu, managing partner and one of the four founders of Morphosis Capital.
When it first launched, he said Morphosis Capital Fund I intended to invest EUR5 million to EUR15 million per deal in local companies with potential to become global actors.
Andrei Gemeneanu says this is one of the few acquisitions made by a private equity fund in the technology sector, as most deals involve startups and are made by venture capital funds.
DocProcess is a family business that Liviu Apolozan and his wife Daniela launched in 2005. It has 3,200 clients, including Carrefour, Altex and Flanco. DocProcess has an office with 40 employees in Bucharest and a 10-employee office in Grenoble, France, where it has its research and development center.
“We opened an office in Grenoble in March 2018 because we were already seeing DocProcess as a global business. In France we have an R&D center working closely with the team in Romania to innovate and launch new products, considering we want to develop abroad and even across the ocean,” Daniela Apolozan says.
(English version by Loredana Fratila-Cristescu)