The 3TS Cisco Growth Fund has reached a deal with Brain Force Holding AG, allowing the fund to invest in Brain Foce subsidiary SolveDirect Service Management GmbH. The deal will result in the spin-off of SolveDirect, with Brain Force remaining as majority shareholder, while 3TS Cisco will team up with SolveDirect management to invest up to €6 million in the company.
Both SolveDirect and 3TS Cisco have their eyes set on opening a U.S.-based subsidiary in 2010.
SolveDirect Service Management (www.solvedirect.com)
SolveDirect is an Austrian IT services company specializing in e-commerce solutions and their related performance, benchmarking, and management tools. The company also provides data management systems and is currently engaged in a test project which provides call-center routing for corporate IT maintenance issues. SolveDirect was established in 2000 and is based in Vienna.
Brain Force Holding AG (www.brainforce.com)
BRAIN FORCE is an IT and telecom solutions provider to clients throughout Europe. Their two divisions, Computer Services and Software, offer computer consulting, training, data processing, software development, and system design and implementation services. Founded in 1983, Brain Force is based in Vienna and employs more than 1,100 people at eleven different offices. The company is listed on the Vienna Stock Exchange.
3TS Cisco Growth Fund
3TS Capital Partners and Cisco joined forces in December 2007 to launch the 3TS Cisco Growth Fund. The fund invests primarily in communications, media, and technology opportunities in Central and Eastern Europe.
In April 2009 the fund received an additional €6 million through a joint investment by 3TS Capital Partners and the Istanbul Venture Capital Initiative (iVCi).
3TS Capital Partners (www.3tscapital.com)
3TS Capital Partners is one of the leading private equity and venture capital firms in central and Eastern Europe, operating throughout the region with offices in Budapest, Bucharest, Prague, Vienna, and Warsaw.
3TS primarily targets growth capital investments in technology, media, and telecoms. The preferred total investment size is in the range of € 5.0 million to € 15.0 million. 3TS Capital is jointly sponsored by 3i, Sitra, EBRD, KfW, and Cisco.