IFC considers up to EUR 15mn financing for Romania's IT firm TeamNet. [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) The World Bank's private sector investment arm, the International Finance Corporation (IFC), considers providing up to EUR 15mn financing for Romania's IT firm TeamNet to support the company's growth plans in the Eastern European market.
The IFC's financing will be split into up to EUR 10mn in debt and EUR 5mn in equity, according to information published on IFC website.
TeamNet seeks to invest EUR 25mn to EUR 30mn to upgrade existing technical platform and products; increase capacity of existing subsidiaries in Eastern Europe; fund potential acquisitions in the region; provide working capital and restructure of short-term debt in order to better match the company's funding needs with its pipeline of contracts.
TeamNet, set up in 2001, specialises in the development, implementation and integration of software applications based-on existing commercial solutions and proprietary IT systems. The company has operations in Romania, Moldova, Turkey and the Western Balkans.
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