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SOFIA (Bulgaria), March 13 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SKK] said on Tuesday it signed a deal to acquire a stake of 26.06% in semantic technology company Ontotext for 4.2 million euro ($5.2 million) from local private equity fund New Europe Venture Equity L.P.
Sirma Group Holding will pay the price in three tranches, the company said in a bourse filing.
The first tranche, of 1 million euro, is due upon transfer of the shares. Sirma Group Holding intends to finance the tranche through a bank loan.
The second tranche, also of 1 million euro, is due until end-June.
The final tranche, which amounts to 2.2 million euro, will be due within three days following a successful completion of an increase of the share capital of the buyer, but not later than March 15.
Under the deal, the software developer pledges as collateral a total of 5.9 million Sirma Group Holding shares, owned by three members of its board of directors.
As at end-2017, Sirma Group Holding held a 58.51% stake in Ontotext.
($ = 0.8068)