Genesis Capital, a VC fund that invested in CN Group in 2019, sold its share in the business.
The parties did not disclose the value of the deal. According to the estimate of Yevgen Sysoyev, managing partner of AVentres Capital, the amount of the transaction could be tens of millions of dollars.
“Genesis Capital has acquired CN Group from the founders as part of an MBO, a buyout of the company by its management. Over the past 2.5 years, Genesis Capital, together with the management team led by Michal Širica, has achieved outstanding growth and profitability. We are extremely proud of what CN Group has achieved with our investments and look forward to its continued success,” said Martin Willisch, partner at Genesis Capital, who was responsible for this project.
Genesis Capital sold 100% of its CN Group shares to Ciklum.
Ciklum needed the deal to gain a foothold in the markets of Central and Eastern Europe, as well as DACH countries (Germany, Austria, Switzerland).
CN Group’s headquarters is in Prague, and there are five more delivery centers located in Central Europe. The company provides software development, IT consulting, and mechanical design services. Its portfolio includes 62 international clients, including Procter & Gamble, Strabag, TF Bank, Bunte.de, and FlatexDEGIRO.
CN Group team has 360 professionals in the Czech Republic, Slovakia, and Romania. Now they will join Ciklum, which already employs more than 3,500 specialists.