IFC will buy a EUR5 million stake in the company and also lend it EUR10 million. The IFC’s Board of Directors approved the investment on December 26, 2013, which is now pending signing.
IFC will help Teamnet attract long term financing and improve its capital structure to support future growth, enhance credibility with partners and clients in Romania and other Eastern European markets and improve corporate governance, the announcement reads.
Teamnet officials had not returned ZF’s calls for comment by the time the story was ready for posting.
The Teamnet group consists of four companies specializing in information systems integration, medical technology, systems automation and cloud services and was established as part of the Asesoft group by businessman Sebastian Ghita – who is currently serving as a Social-Democratic Party (PSD) deputy in Romania’s Parliament.
Ghita announced in August 2012 that he had sold all his shares in his IT&C companies, including Teamnet. The majority owner of Teamnet is now Bogdan Padiu.
Teamnet is one of the leading information systems integrators in Romania and posted EUR53 million revenue and EUR3.6 million net profit in 2012.
Teamnet is the company that provided the software solution used by the emergency number 112 operator to trace the location of the calls made to it.
(English version by Loredana Fratila-Cristescu)