Innova sells

Central and Eastern Europe private equity firm Innova Capital has sold, a Polish IT consultancy business, for an undisclosed sum to Bull Group, a French headquartered IT company. The sale marks the end of Innova’s six-year investment following its purchase of a 24% stake in March 2000. The company managed to weather the storm of the bubble, still achieving positive financial results, and in 2005 its turnover topped PLN22m (€5.5m) with a profit margin of 16%.

For Bull, which specialises in making servers, the acquisition of is part of its Horizon 2008 strategy, which includes establishing itself in Central and Eastern Europe.