IFC and Black Sea Trade Bank inject more into Teamnet shares
Two of Teamnet shareholders, International Finance Corporation and the Black Sea Trade and Development Bank invested 1.5 million euro by purchasing additional 2,782 new shares of the Teamnet Group, according to a release.
2015-12-10 16:51:00 - by Bogdan Tudorache
The International Finance Corporation, a member of the World Bank Group, has extended its 8.33% stake obtained after an investments made in 2014 to 10.35%, while Black Sea Trade and Development Bank has kept its share of 8.33% in the Teamnet.
"In recent years, Teamnet made a number of strategic steps crucial to the group both locally and regionally. Investments from International Finance Corporation and the Black Sea Trade and Development Bank reconfirm the international alignment of the group's expansion strategy with the development plans of the two institutions.
We will continue to invest in research and development of competitive products in major markets, in Group's main business directions such as systems integration, engineering, cloud and robotics," said Bogdan Padiu, CEO, Teamnet Group.
Teamnet currently has operations in six countries - Romania, Belgium, Turkey, Croatia, Moldova and Serbia. For 2016, the group aims to accelerate international expansion in Slovakia and the United Arab Emirates. As part of this development strategy, Teamnet aims to open offices in other markets in the coming years and estimates that over 40% of revenues will be generated from international activities until 2018.
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