Source: Software Group
Software Group, a global technology company that helps financial service providers digitize their business and successfully go through the process of digital transformation, signs a loan deal with the European Investment Bank (EIB) to receive EUR 18 million funding.
The loan to Software Group is EIB’s first transaction with venture debt features in Bulgaria. The operation provides direct support to the company and is backed by a guarantee from the European Fund for Strategic Investments (EFSI), a key component of the Investment Plan for Europe. EIB financing will facilitate the execution of Software Group’s R&D strategy and strengthen its global reach.
The funds will be invested in two main areas - primary in R&D and innovations, but also in Business Development and Marketing. In the next three years, Software Group will focus on developing new technologies, platforms and products in the fields of insurance, factoring and the Internet of Things (IoT). The company also plans to invest in strategic partnerships with other technology vendors and consultancy organizations.
„We are proud to be the first company in Bulgaria that successfully completed the procedure for receiving a venture debt by EIB. The funding will support our ambitious business goals and our development plan for the next three years. We will invest in innovations, attracting top talents, entering new business areas while continuing the steady growth of the company”, commented Kalin Radev, CEO of Software Group.
„This highly innovative project, backed by a guarantee from the Investment Plan for Europe, will support the growth of the Software Group and generate new jobs with high value. We have now improved the geographical spread of our projects enjoying an EU budget guarantee, and I’m happy that Bulgaria is one of important beneficiaries,” noted Vazil Hudák, EIB Vice-President.