FRANCE - Iris backs EUR 4m Alyotech financing

Prior to this new financing round Iris Capital and CDC Entreprises had each contributed around EUR 10m, provided in several tranches mainly in the form of convertible securities. Aurel Nextstage and Galileo Partners injected a total of EUR 9.5m in August 2005, while in October 2006 ACE Management earmarked a maximum of EUR 7m on behalf of Aerofund and Financière de Brienne. Following that agreement, Carlos Bedran, Alyotech’s CEO, held a 55% equity stake through his holding CB Partners Belgium. Additionally, in December 2006 Desjardins Capital committed up to CD 5m to Alyotech’s Canadian subsidiary.

Established in August 2005, Paris-based Alyotech provides advice on technology and oversees the execution of R&D projects for corporate clients in a range of sectors, including telecommunications, transportation, banks, insurance, and aeronautics. The group has been growing rapidly and has made ten strategic acquisitions so far, most recently the purchase of the Canadian company EXAF.

The new investment will be used to fund the company’s 2008 growth plans, which consist of consolidating its positions in France Canada and the Netherlands, with another financing round expected to complete by the end of the year to continue geographical expansion through Europe and North America. Alyotech recorded sales of EUR 115 in 2007 and has over 1600 consultants.

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• Topics
• Expansion
• France