Széchenyi Capital Investment Fund exits mobile software company
The Széchenyi Capital Investment Fund (SZTA), a venture capital fund established by the state for supporting SMEs, on Tuesday announced its exit from a HUF 116 mln investment it made in Hungary-based mobile enterprise workflow solution company Mobile Engine in 2012.
Mobile Engine's founders reportedly bought out the fund's 24.9% stake in the company, which makes mobile field workflow and mobile form technology software. The transaction price translates as an annual yield over the normally expected 10-12%, SZTA informed Hungarian news agency MTI.
SZTA had invested HUF 5 bln in more than 45 Hungarian companies by July. SZTA manages HUF 14 bln, of which 85% comes from European Union funding.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.