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eMAG invests EUR 1.7 M in Romanian software company Zitec

By Anca Bernovici
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Romania’s largest online retailer eMAG has invested EUR 1.7 million in Zitec, thus acquiring a minority stake in the leading local software company, a press release informs. The money will be used to boost company’s growth by increasing the team and opening new offices.

The capital injection, which will take place through a series of transactions, took into account Zitec’s growth potential in software development services and online marketing, as well as the investment portfolio in startups.

Among the companies in Zitec’s investment portfolio are Zipongo.com (USA) cosQuare.com (Netherlands) and HAC!BD publishing house (Romania).

“We remains an independent entrepreneurial company, a fact which made this transaction possible, besides a very good alignment of strategic objectives,” Alexandru Lapusan (photo), CEO & Founding Partner Zitec stated.

Moreover, Zitec will use the capital infusion to create a department for European funds and grants. Almost 40 percent of Zitec’s revenues come from projects developed for foreign clients, mainly from the US, Canada, the UK, Germany, Switzerland, Italy and the Netherlands.

“This strategic transaction will allow us to continue the accelerated development of extensive local and regional projects with a major impact on the market, with the support of a competent partner in advanced IT services,” eMAG CEO and shareholder Iulian Stanciu said.

This movement comes after in September 2016, Zitec acquired local web-design and digital services provider Inotec for an undisclosed sum and said it plans similar acquisitions.

Founded in 2003, Zitec has currently 115 employees approximately and offers a full range of services which includes IT consulting, planning and developing web projects, SEO optimization and performance marketing. Zitec’s net profit doubled to RON 4 million in 2016, from RON 848,765 in the previous year, according to Finances Ministry data.

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Anca Bernovici

Anca Bernovici

I started my way in life with the intention to pursue a teaching career. But, after graduating from the Faculty of Letters – the University of Bucharest in 2004, my first job as a reporter at one of the leading newspapers in Romania changed my perspective. I have specialized in communication and communication campaigns, following the Master's courses at the Faculty of Journalism and Communication Studies (FJSC), attending a BBC Communications scholarship.
I’ve represented several important publications in Romania as business journalist, being accredited in the finance and banking field. In 2015, I had the opportunity to interview the International Monetary Fund (IMF) Mission Chief for Romania, Andrea Schaechter. As business journalist, I also had the opportunity to interview ministers for Economics and Commercial
Affairs offices within different embassies in Romania or officials of large companies investing on the domestic market.
After almost 15 years of journalism, I still want to explore new ways, to inform and stay updated. That’s why The Romania Journal project fits me so well.
Today I describe myself as a passionate about the history of world culture, having a PhD in Hebrew Culture and Civilization, after a scholarship at the University of Haifa International School, as a language addict, an environmental activist, pet lover and traveler.

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