Enterprise Investors in €36.1m BLStream bolt-on

The deal sees Enterprise wholly acquire SMT SS through its 2012-vintage €314m Polish Enterprise Fund VII, in a carve-out from parent SMT SA.

Pending antitrust approval, Enterprise plans to merge SMT SS with Munich-headquartered software developer BLStream. Enteprise injected €5.5m into the then Finland-headquartered business through its venture vehicle, Enterprise Venture Fund I, in 2012.

The sale of SMT SS comes as part of a sell-off by SMT, which is focusing on a single division within its group and is therefore exiting non-core assets.

Company
Founded in 2002, SMT SS is a provider of custom software and staff augmentation services for companies in the financial services, technology, media, telecommunications, consulting and retail sectors.

Employing a workforce of 700, SMT SS has seven offices in Poland, as well as subsidiaries in Germany and the UK.

People
Enterprise Investors partner Rafał Bator led the deal for the GP.

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• Topics
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