BalaBit to receive $8 mln capital injection

Telco

The London-based venture capital firm C5 Capital is planning to invest $8 million in BalaBit, a Hungarian company specializing in IT security solutions.

C5 would obtain shares in the company in exchange for the cash injection, which the firm says wouild be used to pay for increased North American and European activity.

BalaBit is projecting that its increased international activities will net the company a five-fold increase in revenue by 2019. Even after international expansion, the company would still be headed by the Hungarian CEO Zoltán Györkő, according to a statement.

BalaBit says the company was founded in 2000 by six Hungarian individuals with the capital of HUF 5 mln. By 2013 they reported an annual revenue of HUF 3.3 bln. The products of the company have been circulated worldwide by more than 100 retailers.

Its client base includes the world's largest banks, telecommunications companies, government agencies and critical industrial facilities. The group currently employs 160 people and is planning to double the headcount by 2019.

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