Allegro acquires majority stake in GECAD ePayment
In: Companies, Entrepreneurship, GECAD / 2 comments
12 Oct 2010GECAD ePayment issued the press release below. I’ll be back tomorrow with the whole story, and you all can supply the comments on the topic. Come on, we have many things to talk about and analyze 🙂
A majority stake of GECAD ePayment International SA, a leading provider of integrated eCommerce solutions on the Romanian market, was acquired by Allegro Group, part of the international media company Naspers Ltd. Consequently, Allegro became the majority shareholder in GECAD ePayment with a share of 83%. Orbitview continues to hold 17% of the company, and Radu Georgescu remains in the Managing Board of GECAD ePayment SA. The transaction was completed in August 2010, its value being confidential.
Daniel Nicolescu will occupy the new position of CEO at GECAD ePayment.
Before acquisition, the Avangate division was detached from GECAD ePayment, becoming thus a separate company. Avangate is an international provider of solutions and services for the electronic distribution of software, with its registered office in the Netherlands. The shareholding of Avangate remains the same, Orbitview LTD holding 99% of the capital and Radu Georgescu holding the remaining 1%.
“Allegro brings a rich experience in eCommerce, conducting operations in most major markets in Central Europe. I am convinced that this association will primarily benefit GECAD ePayment’s clients. I will keep getting involved in the company’s activity as I have always done before”,says Radu Georgescu.
(English version by Teodora Popescu)
Original Romanian version
Allegro achiziţionează pachetul majoritar de acţiuni la GECAD ePayment
GECAD ePayment a emis comunicatul de presa de mai jos. Voi reveni si eu maine cu povestea, iar voi cu comentariile pe subiect. Hai ca avem ce povesti si analiza 🙂
Un pachet majoritar de acţiuni al companiei GECAD ePayment International SA, lider în furnizarea de soluţii eCommerce integrate pe piaţa românească, a fost achiziţionat de către grupul Allegro, parte a companiei media internaţionale Naspers Ltd. În consecinţă, Allegro a devenit acţionar majoritar la GECAD ePayment cu o participaţie de 83%. Orbitview continuă să deţină 17% din companie, iar Radu Georgescu rămâne în Consiliul Director al GECAD ePayment SA. Tranzacţia a fost finalizată în august 2010, valoarea acesteia fiind confidenţială.
Daniel Nicolescu va ocupa noua funcţie de CEO la GECAD ePayment.
Înainte de achiziţie, din GECAD ePayment a fost desprinsă divizia Avangate, furnizor internaţional de soluţii şi servicii pentru distribuţia electronică a programelor software, cu sediul în Olanda, care a devenit astfel companie separată. Acţionariatul Avangate a rămas neschimbat, Orbitview Ltd deţinând 99% din capital şi Radu Georgescu restul de 1%.
“Allegro aduce cu sine o experienţă foarte bogată în domeniul eCommerce, având operaţiuni în majoritatea pieţelor mari din Europa Centrală. Sunt convins că această asociere va fi, în primul rând, în beneficiul clienţilor GECAD ePayment. Personal voi continua să mă implic în activitatea companiei aşa cum am făcut-o şi până acum”, declară Radu Georgescu.
- Tags: Acquisition, Allegro, ePayment, GECAD ePayment, M&A, Naspers
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