Romanian IT&C integrator Teamnet Group plans to increase its sales by at least 40 percent in the next three years, to an estimated revenue of EUR 100 million by 2016, according to an announcement of the group.

It plans to achieve this by further expanding its international business, which includes opening new offices, but also by increasing the headcount. Teamnet, which this year secured a financing from the International Finance Corporation (IFC) and the Black Sea Trade & Development Bank (BSTDB), also plans an initial public offering (IPO) to help it finance its development.

In 2013, Teamnet posted a turnover of EUR 71 million, 35 percent higher than the EUR 53 million registered in the previous year. In 2006, the company had only EUR 1.2 million in revenues.

„Our financial results confirm the growth potential, both in Romania and regionally, which is why our strategic plans for the next four years focus on our expansion in important international markets, where we can develop large scale projects focused on our business pillars: engineering, medical services, cloud, business process outsourcing and unmanned air vehicles,” said Bogdan Padiu, CEO Teamnet Group.

He added: “Together with IFC and Black Sea Trade & Development Bank as partners, we plan to enhance the growth potential in Romania and in the entire region.”

Padiu has been CEO of Teamnet since 2001. He was one of the founders of the company. At first it had only 7 employees.

Teamnet’s most important steps for 2014 have so far been attracting new investors, moving into a new headquarter, in the Green Gate office building in Bucharest, and consolidating its regional expansion by opening a new office in Croatia and investing in main strategic areas.

Over 600 employees are currently working in the new company headquarter, while less than 10 percent of Teamnet’s workforce remains located in the other local and international offices. Teamnet plans to expand its team and reach 750 employees by the end of this year.

Teamnet is now working on opening a new office in Croatia, which will add to the four countries where it operates regional branches, which are Belgium, Turkey, the Republic of Moldova and Serbia.

The company develops projects in 10 other countries in the region and in the next four years plans to have a high coverage of the Central and Eastern Europe region, as well as Middle East and North Africa. As part of this strategy, Teamnet will open regional offices within 12 new markets such as Poland, Italy and Bulgaria, aiming to increase the share of its revenues generated by activities outside of Romania by 2018 to 40 percent, the company stated.

Teamnet raised a EUR 25 million from international institutions to finance its strategic steps and expansion plans in Romania and in the region. IFC and BSTDB become minority stakeholders in Teamnet, each providing EUR 5 million in equity and EUR 7.5 million in long-term loans.

“As part of Teamnet’s long term strategy, an important step will be an IPO that will boost the company’s plans to expand and constantly innovate,” the company also said.

Andrei Chirileasa, andrei@romania-insider.com