Enterprise Investors to sink zl. 12 mln in Teta software

Enterprise Investors (EI), the biggest venture capital fund in Poland, will invest zl.12 million in computer software manufacturer Teta effectively taking it over. Teta is mainly producing and selling programs for managing companies and is now planning to create a new program, which would allow the use of the internet in the managing process. The company is also planning to offer computer programs for monitoring contacts with customers. "This will be the most rapidly developing computer program market niche," said Witold Kilianski from Teta. Teta needs zl.18 million for this project and most of this sum will be paid by EI which will acquire a new share issue for zl.12 million. EI owns a 40% stake in Teta and after the transaction the company will control a 54% stake. Teta revenues reached zl.17 million in first half of 2000 and it should end the year with zl. 40 million. The company recorded zl. 4 million in losses last year, but, "Should produce profits as of next year," said Zygmunt Grajkowski from EI. (Gazeta Wyborcza, page 40)