VC fund, IT group invest in Romanian software developer

Local IT group GECAD, controlled by Radu Georgescu, and venture capital fund Catalyst Romania will invest over EUR 1 million in the local company Intelligent IT that has developed a software application for billing called Smart Bill. GECAD Group has been providing consulting to Intelligent IT in making strategic decisions since 2013. The investment will help the company enter new emerging markets. Intelligent IT, which is based in Sibiu, was founded in 2007 by three local investors. The service Smart Bill is used by over 33,000 customers that issue 1 million bills per month with a value of over EUR 2 billion per year. Catalyst will invest EUR 830,000 in the company and will own a 25% stake. GECAD will also own 7% of the shares for EUR 230,000. The deal values the whole company at some EUR 3.3 million. editor@romania-insider.com