Global Finance and 3TS-Cisco Growth Fund III take over 12% of Gecad Axigen

"This is our first investment in Axigen and the final objective is listing on the stock exchange. We will analyze this opportunity, but I do not think a listing will take place any sooner than six months or later than two years," said Radu Georgescu, Chiarman of the Board of Gecad Technologies. He added that this transaction raises the company's market value to €17 mln.

A total of seven investors make up this consortium, including venture capital funds, technology companies, and individual investors active in the region in the IT and software industry, which were selected from 25 offers. By the end of next year, there may be a second round of investments.

"The €2 million investment and the strategic partnership with this consortium will contribute to more rapid growth of the company. By year’s end we estimate €300,000 in turnover. The amount is small but 2008 forecasts, which we will announce at the beginning of 2008, will be much higher," said Oana Bornaz, CEO of Gecad Technologies.