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Széchenyi Capital Investment Fund exits mobile software company

Telco

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.

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