World Bank’s IFC to buy stake in Romanian IT integrator TeamNet

The International Finance Corporation (IFC), a member of the World Bank Group, will buy a stake in Teamnet, one of the leading IT integrators in Romania, according to information published on IFC’s website, quoted by local daily Ziarul Financiar. IFC will provide up to EUR 10 million of debt and up to EUR 5 million in equity. The investment was approved by IFC’s Board in late-December 2013, but is yet to be signed. The Company is seeking EUR 25-30 million in a combination of equity and debt to finance its growth in the Eastern European (EE) region, according to the IFC. The funds will be used to upgrade its existing technical platform and products, increase capacity of its existing operating subsidiaries in the EE region, fund potential acquisitions in the region with a view to acquiring personnel with strong technical skills, 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. TeamNet is one of the main IT integrators in Romania, with over 12 years of experience on the market. The company’s turnover exceeded EUR 50 million in 2012, from some EUR 34 million the year before. Its team also increased from seven employees in 2001 to 600 last year. Irina Popescu, irina.popescu@romania-insider.com