BalaBit to receive $8 mln capital injection


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.


Business Sentiment Up, Consumer Confidence Down in September Analysis

Business Sentiment Up, Consumer Confidence Down in September

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.