Romania's TeamNet, specialised in the development, implementation and integration of software applications based-on existing commercial solutions and proprietary IT systems, is close to get EUR 15mn in a combined debt and equity deal from the IFC, Ziarul Financiar daily reported.
The deal is pending a final signing, the IFC's website confirms.
TeamNet will receive EUR 5mn against an equity stake [unspecified] and will borrow EUR 10mn from the IFC.
TeamNet is seeking EUR 25-30mn to finance its growth in the Eastern Europe, the IFC explains. The funds will be used to upgrade its existing technical platform and products; increase capacity of its existing operating subsidiaries in the region; fund potential acquisitions in the region; and provide working capital and restructure of TeamNet's short-term debt in order to better match its funding needs with its pipeline of contracts.
The company was controlled until 2012 by Romanian entrepreneur and politician Sebastian Ghita. Ghita announced in August 2012 that he sold all his participations in TeamNet and all the other companies in Asesoft group. TeamNet is formed by four divisions, specialised in IT integration, automation, medical technology and cloud solutions.
TeamNet reported EUR 53mn revenues and a EUR 3.6mn net profit in 2012. Some 80% of the revenues were derived from contracts with the state.