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Bulgaria's Tiger Technology negotiates 2.3 mln euro investment

Bulgaria's Tiger Technology negotiates 2.3 mln euro investment tanatat/

SOFIA (Bulgaria), June 13 (SeeNews) - Non-profit organisation Endeavor Bulgaria said on Thursday that several parties have agreed to invest a total of 4.5 million levs ($2.6 million/2.3 million euro) in software developer Tiger Technology, which is part of the Endeavor Network.

Tiger Technology will use the investment for the expansion of its business and the development of one of its latest products, called Tiger Bridge, Endeavor Bulgaria said in a statement.

However, commercial register data shows that the registry agency on Wednesday refused to enter Tiger Technology's capital increase, due to a number of missing documents, including approvals from the boards of several of the investors in the capital hike - Nikolov and Partners, V Investment Bulgaria, and Lucent Investments. 

Earlier this year, Tiger Technology said that its shareholders have approved the launch of a capital increase aimed at raising up to 2.3 million euro by offering 11,620 shares at a price of 200 euro each.

Tiger Technology, founded by Bulgarian entrepreneur Alexander Lefterov, develops data management solutions for companies in the enterprise IT, surveillance, media and entertainment sectors. Its products and services are used in more than 120 countries as some of its main clients include Financial Times, Kodak and NBC Universal.

Endeavor is a non-governmental organisation which operates in 28 countries worldwide.

(1 euro = 1.95583 levs)