Ljubljana, 11 July (STA) - Slovenian business software developer Datalab reported on Friday a successful issue of EUR 1.06m worth of fresh shares, which the company says will enable it to increase sales on existing markets and enter new markets.
Datalab CEO Lojze Zajc told the press that 250,000 fresh shares had been issued by what is one of the fastest IT companies in the region.
Datalab decided to increase its share capital from EUR 2.2m to EUR 2.49m, while around EUR 770,000 will go into capital reserves.
Zajc explained that the wish to improve the debt-to-equity ratio and recent positive trends on the Ljubljana Stock Exchange had been the reasons for the move, executed in cooperation with brokerage Alta.
Aleš Škerlak of Alta explained that demand, coming above all from mutual and pension funds, had exceeded supply by 40%.
He described the case as a good example of how a quickly growing mid-sized company with major potential can be financed. He hopes other comparable Slovenian companies will recognise this opportunity.
Datalab plans to use the fresh funds for the development of existing operations in the region, which also includes cooperation with telecoms operators in cloud computing.
While this applies above all to Slovenia, Croatia, Serbia, Macedonia, Kosovo, Bulgaria and Montenegro, Datalab representatives also mentioned plans to expand its IT solutions for farm businesses to Poland, Romania as well as later to Switzerland, Austria and the Czech Republic.
Datalab directly employs more than 240 people while 1,500 more work for the firm in partnership companies. Its IT solutions, marketed under the Pantheon brand, are used by more than 13,000 companies with over 36,000 users.