October 3 (SeeNews) - Polish IT group R22 said on Wednesday it is borrowing 2.1 million euro ($2.42 million) from the Foreign Expansion Fund managed by PFR TFI to finance investments in Romania.
R22 contracted the loan through the recently acquired Romanian company H88 Hosting SRL, it said in a press release. The loan agreement was concluded for a period of 6 years.
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The move is part of the first stage of consolidation of the company on the Romanian market, which is expected to amount to total 6.5 million euro, R22 also said.
In addition to this loan, the group will finance other investments from its to own funds and bank credits.
"Thanks to the transactions we have achieved, we have become the leader of the Romanian hosting and domains market, which we will further strengthen," R22 president Jakub Dwernicki said.
So far, the group has acquired shares or signed relevant purchase contracts with a total value of roughly 5.3 million euro in Romania.
At the end of September, R22 acquired Romanian companies Web Class IT for 1.34 million euro and Net Design SRL for 2.83 million euro through its indirectly held unit H88 Hosting SRL.
At the end of August, R22 bought 99.9% of Romanian web hosting company Gazduire Web through H88 Hosting SRL for 1.1 million euro.
R22 Group is a holding of technological companies pursuing business activities in e-commerce. The Group focuses on scalable services offered on the basis of a subscription model and SaaS (Software as a Service).
Companies controlled by the R22 Group employ more than 150 specialists working at a dozen of centres throughout Poland.
Companies comprising the R22 Group offer hosting services (H88), omnichannel communication services automating electronic communication with the customers (Vercom Group) and telecommunication services (Oxylion Group).
($= 0.8682 euro)