Gecad Technologies, AXIGEN Mail Server developer, announces today the first round of investment from a consortium of important venture capitals and technology companies such as Global Finance, 3TS-Cisco Growth Fund III and others. The investment amounted to 2 million euro and is equivalent to 11.76% of the Gecad Technologies/AXIGEN shares.
“This is the first wave of investment in AXIGEN subsequently targeting an Initial Public Offering (IPO). We are proud that our outstanding technology has caught the eye of first class business investors after only two years of market presence. In short term we are committed to become a worldwide leading messaging solution”, says Radu Georgescu, President of GECAD Group and Chairman of the AXIGEN Board of Directors.
The main shareholders after the investment are Radu Georgescu with 88.24% of shares and the consortium with 11.76% of shares.
The current share capital of about 3 million EUR, coming exclusively from Radu Georgescu, took the company from startup to a worldwide business operating through over 100 partners, with patent pending technology and serving 9.000 companies with over 5 million end-users.
“The 2 million euro investment will contribute to further sustainable business growth and technology development in preparation of the IPO. Through this business agreement, our customers are reassured of our commitment to product continuity. At the same time, our business is bolstered through the strategic position and network the investors hold in key markets and their investor base,” declares Oana Bornaz, AXIGEN CEO and Director of the Board.
"Our consortium is comprised of several leading private equity funds and individual investors that are very active in the region and the IT/software sector (including Global Finance and the 3TS-Cisco Growth Fund III). We have invested in AXIGEN in large part because of the tremendously successful track record of this management team, the market-responsive features on which the AXIGEN mail-server platform is built, and the absolute trust and confidence that we have in Radu and Oana. As a group, we hope to contribute our substantial financial resources, our experience in similar ventures throughout the region, and access to our extensive network of software industry experts and market leaders", explains Ted Cominos, Partner of Ethemba Capital, Director of the Board of Gecad Technologies.
AXIGEN continues to experience strong growth both in Romanian and international markets, with almost 90% end-users coming from outside of Romania. With a carrier class technology and outstanding support, AXIGEN is becoming the messaging solution of choice for a growing number of service providers worldwide.
