We’re pleased to announce the successful completion of a management buyout transaction between AGroup and BaltCap.
Back in 2011 we built a partnership with BaltCap, which resulted in a venture fund becoming a major shareholder of our company. All these years have been marked by the sign of productive cooperation, with BaltCap investing in AGroup’s breakthrough evolution. Particularly, it’s important to mention the contribution of Martins Jaunarajs, the fund’s partner, who we are deeply thankful to for his patience and confidence throughout all these years.
Apart from BaltCap, AGroup’s shareholders also have taken part in managing our company, thus a decision has been made to buy out a share previously sold to our partners in the fund. It has been a general and thoroughly agreed solution which, we believe, will result in our further success and extensive evolution.
AGroup confirms its commitment to our present development strategy: focusing on the Baltic States and Poland, on the major international companies with distributed workforce mainly from Retail & Manufacturing sectors.
The company will do its best to keep on developing our main product (HRB Portal) and constantly improving the quality of services we offer. BaltCap shares our views, believing that this bargain will increase AGroup team’s motivation and have a positive effect on our business and customers. The fund in its turn is going to focus on different projects which are no less strategically important for BaltCap.
“We’re grateful for the invaluable support provided by BaltCap in the timeline of our cooperation. Buying back the fund’s share for AGroup has been a hard decision, and, apparently, it hasn’t been a spontaneous one. We have to move on and expand new horizons, and the more we work, the more opportunities we see in a nearby future and the more goals to fulfill”, says Alexander Snurnitsyn, AGroup CEO.
“It was a real pleasure to work with Alexander and AGroup. Over the years, the team has built a great IT solution for the management of HR-related tasks of enterprises with distributed workforce. The recent onboarding of several large companies in their respective industries in the Baltic Sea Region has been a testimony of a solid work performed by AGroup. I wish Alexander and his team success in developing the business further”, adds Martins Jaunarajs, BaltCap partner.
AGroup was founded in 2008 with an intention to become a leader in a software companies’ cluster in the Baltic States and Eastern Europe. So far, we have made 550 organizations’ lives easier with our products, in 22 countries till now – and are still expanding a customer base.
BaltCap was founded in 1995 and ever since has been operating in the Baltic States region serving as a large and experienced private equity investor. Over the past 25 years BaltCap has invested in about 100 companies in a wide range of industry sectors, giving preference to those which are considered the most innovative ones. BaltCap’s main goal is to develop companies into internationally recognized business champions.