PROJECT

Projects

Summary of Investment Information

Project Number

32630

Company Name

S.C. TEAMNET INTERNATIONAL SA

Date SPI Disclosed

Oct 25, 2013

Country

Romania

Region

Europe

Projected Board Date

Nov 25, 2013

Environmental Category

C - No Impact

Status

Active

Last Updated Date

Nov 30, 2016

Department

TMT, Venture Capital & Funds

Industry

Telecommunications and Technology

Previous Events

Approved : Dec 26, 2013
Signed : May 15, 2014
Invested : Jun 3, 2014

Sector

Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)

Project Description

TeamNet specializes in the development, implementation and integration of software applications based-on existing commercial solutions and proprietary IT systems. TeamNet International S.A. is a privately owned company registered in Romania.

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. The funds will be used to: (i) upgrade its existing technical platform and products; (ii) increase capacity of its existing operating subsidiaries in the EE region; (iii) fund potential acquisitions in the EE region with a view to acquiring personnel with strong technical skills; and (iv) provide working capital and restructure of TeamNet’s short-term debt in order to better match its funding needs with its pipeline of contracts.

In 2012 the company introduced a new business line, Ymens Cloud Services, which targets private sector SME’s to provide business applications such as accounting, corporate mail, payroll, using a transaction-based pricing model. The Project will support the further roll out of the Ymens Cloud service in Romania and in other countries where the Company has a presence.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation