Berlin-based venture capital firm bmp has sold its shares in Polish service provider, Internet Data Systems (IDS), at a profit of almost 100 per cent in just over a year.
Polish software house, Softbank has acquired bmp’s 10.74 per cent shares, bringing its total holding in the company to about 56.5 per cent. Softbank is one of the largest Polish hardware suppliers and software houses specialising in automation of banking operations.
IDS was founded in May 1999 and bmp took a 40 per cent stake in the company in December of the same year. At the time, the company’s founders held the remaining 60 per cent shares. bmp focused on the development of IDS’ strategic orientation, helping to build it into one of the leading Internet Service Providers for Polish schools and government offices.
A second round of financing took place in March 2000 when bmp sold part of its stake to Softbank, which acquired around 46 per cent of the company.
IDS was the first of bmp’s five investments in Poland. Jens Spyrka, president of bmp Polska said of the deal: “This means that after only 14 months, we have completed our first successful exit from one of our Polish holdings.”