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Polish IT group R22 to inject 1 mln euro in Romanian e-commerce startup Blugento

Polish IT group R22 to inject 1 mln euro in Romanian e-commerce startup Blugento Romania

BUCHAREST (Romania), June 18 (SeeNews) - Polish IT group R22 said its indirect subsidiary H88 signed a deal to inject 1 million euro ($1.13 million) into Romanian e-commerce startup Blugento.

The investment deal will be carried out in two phases, R22 said on Monday in a statement filed with the Warsaw Stock Exchange.

In the first phase, H88 will acquire 185,610 shares in Blugento, constituting 20% ​​of the share capital.

In the second phase, as part of a share capital increase, H88 will acquire a further 147,977 shares in Blugento.  After the share capital increase, H88 will hold 333,587 shares, representing 31% of the share capital of Blugento.

The investment agreement envisages subsequent rounds of capital injection and purchase of shares in the following 12 months, after which R22 will end up owning 51% of Blugento shares.

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 Software as a Service (SaaS). 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).

In October, the group said it is borrowing 2.1 million euro from the Foreign Expansion Fund, managed by PFR TFI to finance investments in Romania.

Last year, R22 acquired Romanian companies Web Class IT for 1.34 million euro, Net Design SRL for 2.83 million euro and Gazduire Web  for 1.1 million euro, all through H88 Hosting SRL.

Founded in 2015 in Romania's Cluj-Napoca, Blugento offers construction and maintenance of online stores based on the Magento platform. 

($= 0.8872 euro)