Enterprise Investors and Intel sell Siveco back to management

The two firms relinquished their joint 32.5% stake in the business to Siveco's management, meaning both parties have exited the company after an eight-year holding period.

Enterprise and Intel acquired Siveco in June 2005, investing $12m in exchange for minority stakes, according to unquote" data. Enterprise backed the company via its Polish Enterprise Fund V vehicle, which closed on €300m in January 2004.

Siveco's management funded the acquisition of shares from Enterprise and Intel by a loan facility provided by Raiffeisen Bank.

Prior to the deal, Siveco's management held a 25.3% stake in the business. The company's other shareholder is Siveco Netherlands, which owns a shareholding of 42.2%.

Company
Founded in 1992, Siveco is headquartered in Bucharest with additional offices in Bulgaria, Belgium, Kazakhstan and Turkey. The company generated $89m in turnover in 2012. In the year that Enterprise and Intel invested, Siveco posted revenues of $35m.

The company is a provider of software for the online areas of learning, health, agriculture, customs and business. Siveco develops IT-based projects across these sectors, such as developing an IT system for the Agency for Payments and Intervention for Agriculture, as well as implementing a single integrated information system for the National Health Insurance House.

Siveco claims to have a global client base totalling 1,500 and is currently running projects in 27 countries across four continents.

People
Irina Socol is the president and CEO of Siveco. Rafał Bator is a partner at Enterprise and was responsible for the firm's investment in Siveco. Marcin Hejka is the managing director of Eastern Europe, Middle East, Africa and Russia at Intel Capital.

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• Management buy-back