Axxess Capital takes the majority stake in Star Storage

Axxess Capital, the investment manager of Emerging Europe Accession Fund, has acquired the majority stake in Star Storage, a leading Romanian information technology services company, a media release announces.

The transaction came to 5 million euro, the amount injected in the company’s capital being expected to enhance its cloud delivery capabilities, to improve its operations and support its expansion in new market segments and regions, as well as extending its assets in emerging technologies. 

“The investment of Emerging Europe Accession Fund in Star Storage is meant to accelerate the development of the business. We believe in the long-term prospects for the information management solutions and services and expect double-digit market growth within the next years”, Horia Manda, Managing Partner at Axxess Capital, said.

Star Storage was established in 2000 and reports annual revenue exceeding 20 million euro, employing over 400 people. Being mainly focused on the domestic market, the company has started expanding its presence on international level, so the transaction in question will contribute to its development strategy: “The investment of Emerging Europe Accession Fund in Star Storage was the missing element needed to expand our presence internationally and to benefit from the value we have created in the last years”, Catalin Paunescu, the Founder and CEO of Star Storage, explained.

Axxess Capital is an independent investment manager operating for more than 15 years in the lower mid-market in South-Eastern Europe and having over EUR 250 million under management in three private equity funds. Axxess Capital is focused on sectors such as financial services, manufacturing, IT&C, specialized retail or FMCG.