Enterprise Investors completes Teta exit

The Polish private equity firm has generated a 2x money multiple on its full exit from the IT company, which floated last November.

Warsaw-based private equity firm Enterprise Investors has fully exited its stake in Polish IT company Teta, which floated on the Warsaw Stock Exchange in November last year.
Enterprise Investors floated Teta on the Warsaw Stock Exchange in late November, selling half of its initial 79 percent stake in the company for approximately PLN26 million (€6.7 million; $8.16 million). This week, the firm sold its remaining 39 percent stake for PLN25 million, generating an overall 2x money multiple on its original investment.
Enterprise made two investments in Teta from its PEF fund in 1998 and 2000 before buying out the company’s founders for €2 million in January 2005. The latter transaction was made from the PEF V fund, which closed on €300 million ($362 million) in June 2004.
Speaking to PEO, Rafal Bator, vice president, Enterprise Investors, said that Teta was the first exit from PEF V and that around €200 million of the fund had now been invested.
Founded in 1997, Teta is focused on the design and production of enterprise resource planning software for medium-sized companies, providing both pre-implementation consultancy and system implementation.
Enterprise has been active in the IT sector in recent years. In September, it teamed with Intel Capital for the second time to acquire Czech Republic-based anti-virus software developer Grisoft for $52 million (€43 million). Earlier in June, Enterprise Investors and Intel invested $12 million in Romanian software provider Siveco Romania. Both investments were made from the PEF V fund.
In 2004, Enterprise exited its 50 percent stake in Comp Rzeszow, a Polish provider of banking software in an IPO on the Warsaw Stock Exchange, yielding a 7.3x money multiple and net proceeds of $37.7 million.
Warsaw and Bucharest-based Enterprise Investors currently manages funds with capital in excess of $1.1 billion and has invested $947 million in over 100 companies in Poland, Romania, Slovakia, the Czech Republic and Bulgaria.