RUSSIA - Mint Capital invests in human resources management company

Irmak
19 September 2007

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Mint Capital has made a direct equity investment in UCMS Group EMEA Ltd. The investment value was several million dollars and the investors acquired a less than 25% minority stake. Company management and founders hold the remaining stake. Ulf Persson, the co-founder of Mint Capital, is joining the company board.

UCMS Group EMEA is a provider of HR management and payroll administration solutions. With direct operations in Russia, Ukraine, Poland and Hungary, the company serves the rest of the region via its partner network. The company has developed its own web-based technology and products called Quinyx which provides human resource management and payroll administration functionality. The product is designed to be easily localised for specific in-country statutory, business and language requirements. The capital raised will be used to finance the company’s regional expansion across Central and Eastern Europe, including CIS and Nordic countries.