Asseco South Eastern Europe Loan (f. Project Rajika)



Project number:


Business sector:

Information and Communication Technologies

Notice type:


Environmental category:


Approval date:

30 Jun 2009



PSD disclosed:

02 Jun 2009

Project Description

The EBRD is considering an equity investment and a loan to Asseco South and Eastern Europe worth a total of €22 million. The project is aimed to help the company grow further by consolidating its operations in the Balkan countries (Croatia, Romania and Serbia) as well as by acquisitions of complementary businesses in the Balkan region. The Bank would become a shareholder in the company, along the Sponsor, Asseco Poland, and minority shareholders from the region.

Transition Impact

The Project will help the Company to consolidate its past acquisitions in Croatia, Romania and Serbia. The Bank’s financing (both equity and loan) would also fund future acquisitions of IT companies in the Balkan region, facilitating emergence of a strong, regional information technology company. It is expected, that the regional reach of Asseco South and Eastern Europe, combined with its majority shareholders’ (Asseco Poland’s) IT expertise will lead to a dispersion of technology skills in the Balkan region, as well as the expansion of IT market in the Region. It is expected that, as a result, ASEE’s clients will receive a better and more comprehensive service.

The Client

Asseco South and Eastern Europe is a Polish holding company, consolidating 7 IT related companies in Croatia, Romania and Serbia, operating in the banking, telecommunication, integration, authentication markets. The strategy of the company is to become the strongest, regional IT service and solutions provider in the Balkans.

EBRD Finance

The EBRD finance would consist of  

(i) €15 million equity investment in new shares of the company, and
(ii) €7 million loan.

Project Cost

The total project cost amounts to €22 million.

Environmental Impact

Screened C/1. The Project is unlikely to be associated with any significant environmental issues. Information provided by the Company confirms its environmental, health, safety and labour legal compliance. The Company will need to carry out adequate environmental and social due diligence for the proposed acquisitions. The Company is also required to comply with national and EU environmental, health and safety standards and requirements and to submit annual reports on environment, health and safety issues.

Technical Cooperation


Company Contact

Mr. Piotr Jelenski, Chief Executive Officer,


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

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Text of the PIP

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