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16 June 2009

Enterprise Investors’ Venture capital fund acquires Web Inn

Warsaw, 16 June 2009 — Enterprise Venture Fund I (EVF), the venture capital fund managed by Enterprise Investors (EI), has acquired 100% of Web Inn, a fast growing Polish IT outsourcing company. EVF has paid a total of PLN 16 million (approx. €3.6 million) for the business. After the transaction Web Inn plans to continue with its rapid growth.

  • The purchase agreement specifies an additional payment of up to PLN 4 million (approx. €0.9 million), provided Web Inn exceeds the 2009 budget.
  • Web Inn is Enterprise Venture Fund I’s fourth investment in the last six months. The EI-managed venture capital fund is one of the most active institutional investors at present in Poland.

Web Inn, based in Kraków and previously owned by Sygnity (formerly ComputerLand), provides IT services to enterprises that have outsourced to Web Inn all or part of their IT activities. The company has a good track record and a portfolio of renowned customers from a range of industries. Web Inn has grown at an average annual rate of 60% in the last few years. Together with its two subsidiaries, the company achieved total sales of PLN 22 million (approx. €6.3 million) in 2008.

“We believe that Web Inn will continue its dynamic development on the Polish IT outsourcing market, and the steady improvement of its already substantial market position is our common ambition. In our opinion Web Inn is perfectly positioned for further growth,” said Rafał Bator, Enterprise Investors partner who heads EI’s venture capital fund.

“Our cooperation with specialists from Enterprise Venture Fund I, many of whom have worked in the IT industry, will reinforce the experience of our management team and will allow us to fully harness our competences and our potential,” said Leszek Rożdżeński, long-standing CEO of Web Inn.

IT outsourcing is becoming increasingly popular in Poland. At the same time, the market for IT outsourcing is the fastest growing among all IT services. Despite the current economic situation, this market is expected to continue its growth in the coming years by around 15% annually, not least because companies are keener than ever to adopt cost-effective solutions.