The EBRD is boosting competition in the information technology sector in south-eastern Europe with funds to support the regional expansion of a leading IT solutions provider.
The EBRD is making an equity investment of €15 million, and will provide a €7 million loan to Asseco Southern Eastern Europe (ASEE), to support the company’s development and acquisition of new software development companies in the Balkans and Turkey.
Owned by Asseco Poland, the leading Polish IT company, ASEE provides various information technology services for the banking, public and telecom administration sector in Croatia, Serbia, Romania, Slovenia, Albania, Bulgaria, Bosnia&Herzegovina, Montenegro and Macedonia, operating through it’s subsidiaries in these countries.
The company is pursuing further expansion and has identified new software development companies as potential acquisition targets.
The proceeds of the EBRD funds will be used to finance the expansion of ASEE in the region, thus consolidating company’s position on the market and enabling it to compete with large international IT solutions providers.
“The EBRD is pleased to support the development of information technology market in south-eastern Europe. This project will help Asseco to improve further its competitiveness in the region through a diversified portfolio of products and services, while contributing to cross-border transfer of IT skills among company’s subsidiaries,” said Peter Reiniger, EBRD Business Group Director for Central Europe, Western Balkans, Turkey and Telecommunications.
“We are glad that Asseco South Eastern Europe has gained such a reputable long term investor who is committed to the region and will support our growth,” said Piotr Jelenski, CEO of Asseco South Eastern Europe SA.
To date the EBRD has invested over €2.5 billion in a range of ITC projects across its countries of operation. Among the EBRD priorities in this sector are investments in private sector operators in high growth service areas, such as mobile telephone, value added services, Internet, data communication, information technology.