The investment was made by BaltCap Latvia Venture Capital Fund, which is part of the EU Structural Fund’s co-financed JEREMIE Holding Fund managed by the European Investment Fund in Latvia.
Following the transaction, BaltCap will obtain a significant minority stake in the company.
AGroup intends to use the capital to complete the development of fifth version of its HRB product, enable SaaS delivery, strengthen the sales team, expand the partner network and marketing efforts.
Founded in 2008 and led by CEO Alexander Snurnitsyn the company develops HRB, a human resource management solution with more than 500 installations in 24 countries. HRB offers core HR functionality (payroll calculation, work time recording, etc) and integrates with all leading ERPs including Oracle, SAP, Sun Systems, Microsoft Dynamics NAV, etc. The new version will add new strategic functions such as talent management, recruiting management and personnel evaluation.