Zubr, EBRD back Targetprocess with $5m
Minsk-based buyout firm Zubr Capital has backed Belarus-based product IT company Targetprocess with a $5m investment along with co-investor European Bank of Reconstruction and Development (EBRD).
The GP and EBRD acquired a majority stake in Targetprocess. It will sit in the portfolio of Zubr Capital Fund I which held a first close on $50m in August 2016.
Company
Founded in 2006 in Belarus and now headquartered in Amherst, Massachusetts, Targetprocess is an IT product software tool that develops project portfolio management systems based on Agile.
The software is used by around 1,000 companies from 80 countries, including Ciso, Citrix, Caterpillar and Marriott, according to the company. The firm operates offices in Belarus, the US, Germany and the UK. It employs a staff of 105.
People
Zubr Capital – Oleg Khusaenov (CEO).
Targetprocess – Michael Dubakov (founder).
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