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February 23, 2006
VCs warming to Czech entrepreneurs
We don’t hear as much as we'd like to about startups in Eastern Europe, but The Prague Post today has an article on VC-backed Systinet which was acquired Mercury Interactive earlier this year for $105M.
The firm had raised about $23M since founding in 2000 and it was not yet profitable (Mercury said the acquisition would be dilutive to earnings in 2006 and 2007). Its early stage venture backer, 3TS, seemed satisfied with the mulitple, calling the exit "successful" in its news section.
3TS recently raised a new fund to continue investing in the region, so we might be hearing a bit more soon.
The Czeck Republic got itself a logo to mark joining the European Union.
Read - Businesses starting to tap into equity investor financing
Posted on February 23, 2006 02:48 PM | Posted to Venture Capital | Permalink
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