Axxess Capital, the Investment Manager of Emerging Europe Accession Fund (“EEAF”), announces today the acquisition of a majority shareholding interest in Star Storage S.A. (the “Company”), a leading Romanian information technology services company.
STAR STORAGE is a Romanian information technology services company with annual Gross Revenue in excess of € 20 million, employing more than 400 people. Serving a large client base, it delivers storage, archiving and information management solutions in Romania and Republic of Moldova, having positioned itself as the Romanian industry leader.
The €5 million capital increase is expected to help the Company enhance its cloud delivery capabilities across applications and infrastructure services, improve the Company scale of operations and adoption across new market segments and geographies, extend its IP and assets in emerging technologies.
Horia Manda, the Managing Partner of Axxess Capital commented: “The investment of Emerging Europe Accession Fund in Star Storage is meant to accelerate the development of the business. We believe in the long-term prospects for the information management solutions and services and expect double-digit market growth within the next years, while we are looking forward to working with the Company’s founder and the capable management team to further grow the Company. We are optimistic that our 15 years of experience in developing financial, industrial and service businesses in Romania and South-Eastern Europe will strongly support the company’s efforts to speed up growth and further enhance its market leadership and international presence.”
Catalin Paunescu, the Founder and CEO of Star Storage added: “The investment of Emerging Europe Accession Fund in Star Storage was the missing element needed to expand our presence internationally and to benefit from the value we have created in the last years. We have a great team, we have invested a lot of time and passion and we succeeded to develop really valuable software products and a comprehensive cloud services portfolio, already successful at national and international level. I would like to thank everyone in Star Storage team for contributing to our success.”
About Star Storage S.A.
Star Storage was established by Catalin Paunescu in 2000 and managed to build a solid portfolio of solutions and services in information management field ranging from own software products to advanced solutions developed using global platforms and cloud services.
In addition to its national presence, the Company has started to expand its presence on the international level, primarily through strategic alliances with reputable international players.
Traditionally, Star Storage activity has been focused around large clients. However, the mid-market and SMB segments are now in the Company’s attention and part of the growth plan over the next 5-years.
For more information, visit www.star-storage.ro
About Axxess Capital
Axxess Capital is an independent investment manager with more than 15 years of investment history in the lower mid-market in South-Eastern Europe and over EUR 250 million under management in three private equity funds. Axxess Capital has closed to date over 35 transactions and has exited 25 equity investments, supporting growth and development of private companies across a number of sectors including financial services, manufacturing, IT&C, specialized retail, FMCG and others.
Emerging Europe Accession Fund, the third fund managed by Axxess Capital, was closed in November 2010. The fund is looking to leverage the experience of the Axxess Capital team and local managerial talent to unlock value generation opportunities with strong medium-to-long-term growth potential.
For more information, visit www.axxesscapital.net.
For more information, please contact:
For Star Storage SA
Catalin Paunescu
Founder and CEO
Tel: +40 21 242 13 95
Fax: +40 21 242 13 97
E-mail: catalin.paunescu@star-storage.ro
For Emerging Europe Accession Fund
Horia Manda
Managing Partner
Tel: +40 21 207 7100
Fax: +40 21 222 8504
E-mail: horia.manda@axxesscapital.net