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SIVECO Romania management redeems the full package of shares from Enterprise Investors and Intel Capital

Date: 01/09/2014
This strategic decision sends a positive signal regarding the development plans of the company and the commitment of SIVECO’s management

SIVECO Romania, the biggest Romanian software company and one of the regional leaders in eLearning, eHealth, eAgriculture, eCustoms and eBusiness announces a strategic investment made by the management of the company, consisting in the redemption of the full package of shares from Enterprise Investors and Intel Capital. The acquisition was funded by a loan from Raiffeisen Bank.

Starting in 2005, Enterprise Investors and Intel Capital together held 32,5% from the company shares. Intel Capital is Intel's global investment and M&A organization and Enterprise Investors is the biggest investment fund in Central and Eastern Europe.

For SIVECO, the international expertise and the resources from the two funds were a big impulse and support for the development of a successful business on a regional level.

After 8 years of collaboration, expectations from both sides were fulfilled.

“We learned so much from the partnership with Intel Capital and Enterprise Investors. The investors’ interest in the company is an honour, but we decided to self-evaluate the assets and the experience we have developed. We are marching on this new way with confidence, based on our team’s professionalism and portfolio and we are optimistic that we will manage to further develop our business locally and internationally”, says Irina Socol, SIVECO Romania co-founder, President and CEO.

Marcin Hejka, Managing Director of Intel Capital Eastern Europe, Middle East, Africa and Russia said: “Since our investment in 2005 in SIVECO, we have seen the company grow and become one of the key players in the e-learning and enterprise application software market. I have personally led the investment in the company and I am happy to see that SIVECO has done so well. Intel Capital would like to congratulate SIVECO’s management on this transaction.”

"SIVECO has evolved from a national software provider into a major international player and we are happy to have supported the company's expansion on international markets. We are particularly pleased with the evolution of the eLearning line of business, which quickly became the engine of the international expansion. I am sure that the remaining shareholders and the management will continue to implement the expansion strategy and will soon replicate the success already recorded in other fast-growing markets," said Enterprise Investors partner Rafał Bator, who is responsible for this investment.

Since 2005, SIVECO turnover increased from $35 mil. to $89 mil. in 2012. The company has today projects in 27 countries and has a portfolio of over 1,500 clients in Romania and in the world.

The company opened during this interval five commercial offices in Bulgaria (in 2008), UEA (in 2010), Belgium (in 2011), Kazakhstan (in 2012) and Turkey (in 2013).

"SIVECO Romania gained a solid reputation in Europe, Middle East and CIS countries, North America and has over 20 contracts with important organisations of the European Commission. We are confident that, like we managed to become the local IT leader and regional leader in software integration, we will know how to consolidate it. We want to continue the development on the international markets,” says Alexandru Rădășanu, SIVECO Romania co-founder, Vicepresident, R&D.

SIVECO projects received over 180 awards over time, only in 2013 the company won 12 big awards. Among them is the triple success at IPMA (International Project Management Association) Awards and the double victory from World Summit Award.

An exceptional international awareness got the eLearning project for collaborative learning, including Multi-touch-type technology (http://proiecte.pmu.ro/web/transdisciplinarfse/).

Important prizes won also the eContent projects for the educational system in Kazakhstan and for kids with special needs (http://scolispeciale.edu.ro).

The current shareholder structure of SIVECO Romania includes SIVECO Netherlands and individuals from the company’s management.
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About SIVECO Romania
SIVECO Romania is the leading Romanian software house and one of the most successful regional leaders in eLearning, eHealth, eAgriculture, eCustoms, eGovernment și eBusiness from Central and Eastern Europe. The company develops and exports software products and high value added consultancy projects to countries within the European Community, The Middle East, North Africa and the CIS area.

Founded in 1992, SIVECO Romania has now 1,300 employees worldwide. Addressing large companies and public agencies, SIVECO Romania is specialized in developing large and complex IT projects.

SIVECO Romania solutions contribute to reducing the digital gap and improve the activity of many public institutions, such as the Ministry of Agriculture, Ministry of National Education, Ministry of Health, Ministry for the Information Society, Ministry of Labor, Family, Social Protection and Elderly, Ministry of Finances.

During its 22 years of activity, SIVECO Romania has built a solid reputation, receiving more than 180 national and international recognitions and prizes.

More information about the company and its products is available at www.siveco.ro, www.facebook.com/siveco and www.linkedin.com/company/siveco-romania.

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About Intel Capital
Intel Capital, Intel's global investment and M&A organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$11 billion in over 1,322 companies in 54 countries. In that timeframe, 204 portfolio companies have gone public on various exchanges around the world and 336 were acquired or participated in a merger. In 2013, Intel Capital invested US$333 million in 146 investments with approximately 49 percent of funds invested outside North America.

For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com or follow @Intelcapital.

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About Enterprise Investors
Enterprise Investors is one of the largest private equity and venture capital firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding €2 billion. These funds have invested €1.6 billion in 131 companies across a range of sectors and exited 105 companies with total gross proceeds of €2.1 billion.
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