Romanian provider of storage, outsourcing and cloud solutions Star Storage announced that Axxess Capital, via the Emerging Europe Accession Fund, has purchased a major share package in the company.
Star Storage has annual revenues in excess of EUR 20 million and more than 400 employees, with operations in Romania and the Moldova Republic.
With this transaction, Star Storage received a capital inflow of EUR 5 million which will help grow its capabilities to deliver cloud services, improve its operations and approach new market segments and geographies, expand its IP and assets in emerging technologies.
”The investment that Emerging Europe Accession Fund has made into Star Storage aims to develop the company business. We believe in long-term outlook for information management solutions and services and we expect a double digit growth of the market over the next years. (…) We are confident that our 15 years of experience in developing financial, industrial and services businesses in Romania and Eastern Europe will back up the efforts of the company to accelerate growth, consolidate its position as market leader and expand its international footprint,” said Horia Manda, managing partner of Axxess Capital.
Star Storage was founded by Catalin Paunescu in 2000, and has made three major investments over the past 3 years: a Tier-3 data center, a center for document conversion and digital archiving, and a document production center.
While traditionally, Star Storage used to focus on large clients, it has started lately to approach the mid-market and SME segments, which will be a main growth strategy for the next five years.
Axxess Capital manages over EUR 250 million via three private capital funds, having closed over 35 deals and made an exit from 25 investment ventures. Axxess Capital invests in financial services, production, IT&C, specialized retail, FMCG etc. Emerging Europe Accession Fund, the third fund managed by Axxess Capital became operational in November 2010.
In picture: Catalin Paunescu, founder and CEO of Star Storage