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3TS Fund Invests Euro 4 Million in Avangate
The New Capital Will Be Deployed to Expand Avangate's Operations in North America and Europe and towards Technology Innovation
Amstelveen, The Netherlands, March 9th, 2011 - Avangate, full service provider of electronic software distribution and partner management solutions, is pleased to announce that 3TS Capital Partners, the Growth Capital Investor for Central and Eastern Europe, through its Technology in Central and Eastern Europe Fund S.C.A. SICAR, informally known as 3TS Cisco Growth Fund, has invested in Avangate by acquiring a minority stake in the company. As a result of the transaction, Avangate will receive € 4 million in equity over the next 6 months.
The 3TS Fund, established in November 2007, is a venture capital fund in which Cisco invested as the anchor investor. The Fund primarily targets growth capital investments in technology, media and communications companies across Central and Eastern Europe.
Founded in 2005, Avangate has been growing rapidly by doubling its revenues almost every year since inception. The company’s principal objective is to support the fast evolving software industry by facilitating visibility and control over software sales, whether these are generated on vendors’ online stores or via channel distribution.
While Avangate’s 2011 strategic direction is maintained, the investment from 3TS Capital Partners will allow the company to grow at a faster pace by strengthening its global presence. Avangate is committed to technology innovation and will continue to put a strong emphasis on localization and customization in order to help software vendors optimize their sales processes and reach new markets efficiently and cost effectively.
“Avangate is a great company and a positive addition to the existing portfolio of the 3TS Cisco Growth Fund. It has a world class technology and ability to scale in order to serve its global customer base. We look forward to working with the company in the coming years to help it achieve its full potential as a leader in eCommerce solutions”, commented Daniel Lynch, Managing Partner of 3TS Capital Partners.
“We are delighted to have the 3TS Cisco Growth Fund invest in Avangate. The company is poised for expansion and growth and the new capital will primarily be deployed to expand the company’s operations in North America and Europe as well as towards the development of new technologies to support our growing customer base. 3TS expertise in supporting emerging technology businesses in Europe will also, undoubtedly, be of great value to the company”, added Carmen Sebe, CEO of Avangate.
About 3TS Capital Partners
3TS Capital Partners is one of the leading private equity and venture capital firms in Central and Eastern Europe operating in the whole region through offices in Budapest, Bucharest, Prague, Vienna and Warsaw. 3TS targets investments in growth sectors including Consumer & Services, Media & Marketing, Technology & Telecoms and Energy & Environment. Investors in the 3TS funds totalling over € 200 million include 3i, Cisco, Sitra, EBRD and KfW among others.
More information can be found on 3tscapital.com
3TS Capital Partners, 3TS and the 3TS logo are registered trademarks or trademarks of 3TS Capital Partners Ltd. and/or its affiliates.
About 2Checkout (now Verifone)
Verifone is the payments architect shaping ecosystems for online and in-person commerce experiences, including everything businesses need – from secure payment devices to eCommerce tools, acquiring services, advanced business insights, and much more. As a global FinTech leader, Verifone powers omni-commerce growth for companies in over 165 countries and is trusted by the world’s best-known brands, small businesses and major financial institutions. The Verifone platform is built on a four-decade history of innovation and uncompromised security, annually managing more than 12B transactions worth over $500B on physical and digital channels.
Verifone’s 2Checkout platform is an all-in-one monetization solution helping clients drive global sales growth across online channels. Its digital services, including global payments, subscription billing, merchandising, taxes, compliance and risk, help clients stay focused on innovating their products while delivering exceptional customer experiences.
Get more information at www.2checkout.com
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