October 29 (SeeNews) - Bulgarian investment fund BlackPeak Capital has acquired alongside an unnamed private German investor a minority stake in Bulgarian-based IT company Bulpros, Bulpros said on Thursday.
Bulpros will use the provided resources to expand its business in Eastern and Western Europe as well as strengthen its position in the US, Ivaylo Slavov, chairman of the board of directors and CEO of Bulpros, said in a press release.
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The company intends to expand its portfolio by offering new services in the IT and Business Process Outsourcing sector. Also the IT company plans expansion through acquisitions in Bulgaria's neighboring countries and in developed international markets.
"[this] cooperation will help us achieve our mid-term goals to become the leading IT services and solutions company in Southeastern Europe," Slavov added.
Neither the value of the deal nor the size of the stake were disclosed.
Bulpros provides a full range of IT services - software development, web design and development of mobile applications, as well as IT solutions focused on Microsoft technologies and cloud services.
Earlier this month, BlackPeak Capital, together with PostScriptum Ventures, a venture capital group, acquired a minority stake in Bulgarian power supply systems manufacturer International Power Supply.
BlackPeak Capital, a co-investment growth equity fund established under the JEREMIE initiative in Bulgaria, holds a broad portfolio of investments, primarily in the energy sector. The fund makes investments in innovative, high-growth Bulgarian companies, present in the global or domestic markets.
JEREMIE is a joint initiative launched by the European Commission and the European Investment Bank Group to improve access to finance for SMEs in the EU.