Greek investment company Global Finance is looking to sell its majority stake in Romanian IT company TotalSoft, which it took over ten years ago, according to market sources cited by local Mirsanu.ro.

Global Finance has commissioned British investment bank Clearwater International to look for a buyer. A partner within Global Finance didn’t wish to comment on this deal, as the negotiations are confidential.

Global Finance bought an 88% stake in TotalSoft in April 2005. The value of the deal was not made public, but it was estimated at some EUR 7.7 million, at that time.

Romanian entrepreneur Liviu Dragan, the company’s founder, also owns a minority stake in TotalSoft. He is also the company’s CEO.

TotalSOft had a turnover of EUR 22.5 million and a net profit of EUR 1.4 million in 2014. The company had about 380 employees.

editor@romania-insider.com