Midi Capital and BPI France in €3m round for Cirpack

A breakdown of the round among the two institutional investors was not disclosed. However, press reports stated it will be split equally; Midi Capital invested directly, without using the funds it manages, while BPI France's investment came in the form of a loan.

Cirpack intends to dedicate the fresh funds to its expansion across the Asian, African, South American and Middle Eastern markets.

The business is also aiming to invest in research and development and use some of the capital to enlarge its current rich communication services.

Previous funding
Cirpack first received institutional funding in November 2002, when €3.5m was deployed by a syndicate of investors led by Siparex Ventures and Geneva-based Endeavour, according to unquote" data.

In 2013, Cirpack received a further €3m from new shareholders Active'Invest and the British fund ANL Investments, according to the French press. The business changed hands again in spring, when it announced it had been wholly acquired by Patrick Bergougnou, who in addition became its CEO.

Company
Founded in 1999 as a spinout from telecommunications business Kaptech, Cirpack is an operator specialising in the development of voice switches allowing clients to migrate their infrastructures to internet protocol or asynchronous transfer mode technologies.

Headquartered in Paris, Cirpack is also active in Germany, Mexico, Lebanon and Vietnam. The business most recently posted €12m in turnover.

People
Patrick Bergougnou is CEO at Cirpack.

Advisers
Company – Linkers, Jérôme Luis, Philippe Delecourt (Corporate finance); Ricard & Ringuier, Bruno Ringuier (Legal).

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• Topics
• France
• Expansion
• Technology
• France
• MIDI Capital