Neogen has €1 mln for acquisitions

"We intend to go on with the acquisition plan launched in 2007, and we have a budget worth €1 mln for that next year. A further €1 mln will be used for developing the company, the network, and market campaigns," Neogen's General Manager, Calin Fusu, told Business Standard.

The company is interested in two or three acquisitions in 2008, but has no specific target yet. "We are waiting for the enthusiasm of website owners to cool and for them to discover that the value of non-profit projects is different from that of profit-making ones," Fusu said. He added the company is also expecting the launch of new, interesting projects.

This year, the company has invested some €1 mln in developing new products, marketing, advertising, acquisitions and labor force. The number of employees rose in 2007 to about 100 from 80 at the beginning of the year. The company also purchased social networking and dating websites faces.md, colegi.ro and impulse.bg in 2007.

The company posted €1.2 mln in turnover in 2006 and estimates its business will amount to €2 mln in 2007 and €3.5 by the end of 2008.