TeamNet Romania

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TeamNet specializes in the development, implementation and integration of software applications based-on existing commercial solutions and proprietary IT systems. TeamNet International S.A. is a privately owned company registered in Romania. The Company is seeking EUR 25-30 million in a combination of equity and debt to finance its growth in the Eastern European (EE) region. The funds will be used to: (i) upgrade its existing technical platform and products; (ii) increase capacity of its existing operating subsidiaries in the EE region; (iii) fund potential acquisitions in the EE region with a view to acquiring personnel with strong technical skills; and (iv) provide working capital and restructure of TeamNet’s short-term debt in order to better match its funding needs with its pipeline of contracts.In 2012 the company introduced a new business line, Ymens Cloud Services, which targets private sector SME’s to provide business applications such as accounting, corporate mail, payroll, using a transaction-based pricing model. The Project will support the further roll out of the Ymens Cloud service in Romania and in other countries where the Company has a presence.