Management of Romanian software company Siveco buys back shares from two private equity firms

The management of Romanian software company Siveco recently completed negotiations with private equity companies Intel Capital and Enter­prise Investors to buy back 32.5 percent of the company's shares, reports local business daily Zf.ro. Siveco’s management purchased the shares from the two firms through a company founded last year, named Siveco International. Over 30 percent of the Siveco International’s shares are held by Irina Socol (CEO of Siveco Romania, in picture), Alexandru Radasanu (vice-president of Siveco), Florin Ilia, Aurora Crusti and Daniela Bichir (also part of the company’s management), while the main shareholder is Siveco Netherlands B.V. Zf.ro reports that Siveco International took a grant of USD 14.7 million from Raiffeisen Bank, which was used to finance the transaction. Siveco Romania was established in 1992 and is among the leading IT systems integrators and software developers in Romania, with over 1,300 employees. Irina Popescu, irina.popescu@romania-insider.com