PragmaGO, a leading non-bank SME finance provider in Central and Eastern Europe, has entered the Romanian market by acquiring an 89% stake in Telecredit IFN SA (also operating under Omnicredit) from Reconstruction Capital II Limited (RC2) and CEO Elisa Rusu. The deal, valued at EUR 5.785 million with an additional possible earn-out of EUR 0.445 million, marks PragmaGO’s first step in its international expansion plan. The acquisition is still subject to several approvals, including from Romanian foreign direct investment authority and RC2 shareholders. PragmaGO, known for its innovative embedded finance solutions, aims to leverage Omnicredit’s digital factoring expertise to scale its operations across Eastern and Western Europe. Omnicredit has shown impressive growth metrics with EUR 6.4 million in receivables at the end of 2023 and turnover hitting EUR 40 million, marking a 40% year-on-year increase. The sale represents a 6.2 times return on capital for RC2, should the earn-out be included, which further underscores the strategic value of the transaction.
Financial Services, Private Equity, Technology,Romania, Poland
https://www.einpresswire.com/article/744835215/pragmago-enters-romanian-market-by-acquiring-89-of-romanian-factoring-and-microfinance-telecredit?ref=rss&code=TBZPx1kIfwj9TStk