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BaltCap to Invest EUR 1.5 Million in AGroup

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Posted by: admin @ 00:09 [13. 07. 11]

The leading Baltics private equity and venture capital firm, BaltCap manages venture capital funds dedicated to investing in small and medium-sized businesses in Latvia and Lithuania under the JEREMIE (Joint European Resources for Micro to Medium Enterprises) initiative.

The Riga, Latvia-based vendor of HRB human resources management software, AGroup has raised EUR 1.5 million funding from Latvia Venture Capital Fund of BaltCap.

AGroup was formed in 2008 as a spin-off from Latvian office of Robertson & Blums Corporation. AGroup has over 550 customers of its HRB solutions in 22 countries in Eastern Europe. The first HRB payroll solution was developed in 1998. HRB integrates with major ERP solutions such as Oracle, SAP, Sun and Microsoft Dynamics NAV. HRB solution, which offers such HR functionality as payroll calculation and work time recording, will include talent management, recruiting management and personnel evaluation in the new versions of software.

AGroup CEO is Russian Alexander Snurnitsyn who headed outsourcing software development services at Mirantis in Moscow in 2000s.

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