EBRD INVESTS IN THE IT-SECTOR
USD9M were added to the capital of the international Internet and wireless communications consultant Rila Solutions, owned by George Soros and BTC. The European Bank for Reconstruction and Development (EBRD) and the ARGUS Capital Partners investment fund made USD3M equity investments in it. An unknown Dutch investor paid other USD2M. Soros participated with USD1M.
Obviously, the raise of the company's capital will redistribute its equity. Up to now the capital included 5 million shares with BGL1 face value apiece. The patron Soros held 85% of the company. Miroslav Iliev, technical manager of Rila Solutions, said that the new equity ratio would only be known when the company was listed on the stock exchange.
EBRD's investment is the first among its USD30M worth investments of this kind in Central and East Europe. The money will be used to improve the level of services and technologies offered up to that of the best western companies, to build an independent commercial network and to train staff, said the company's executive director Christopher Hansen. There are 125 consultants working in the Bulgarian office of Rila Solutions. Their number is now 3 times higher than it was last year. The company has clients from the USA, France, Germany, Spain and Portugal.