Romanian private equity fund Morphosis Capital has acquired a minority stake in local process automation startup DocProcess for an undisclosed price, DocProcess said on Thursday.
The deal will help DocPress fund its local and European expansion by opening new offices in Romania and France, as well as to strengthen its team, the company said in a press release without disclosing the size of the minority stake.
The company aims to increase its headcount to 60 by the end of the year.
“We want to grow and offer each entrepreneur, CFO or operational professional the solutions he or she needs to face the economic, supply chain and technology challenges which are shaping the business landscape so profoundly,” DocProcess CEO and co-founder Liviu Apolozan said.
“Our results and the impact of our solutions in the business of our partners gave us the courage to expand in Europe and, why not, globally,” the CEO added.
The DocProcess investment is the first local transaction from Morphosis Capital and one of the few private equity transactions in a technology company in Romania.
“We decided to invest in DocProcess because we see it as the undisputed leader in business ecosystem automation in Romania and a major player in the business automation market,” Morphosis Capital partner Simona Gemeneanu said.
Founded in 2005 by two Romanian entrepreneurs, DocProcess provides digital transformation services to over 3,200 global customers and 25,000 users. In 2018, DocProcess made the first step towards the European market by opening its first research and development IT center in Grenoble, France.
Morphosis Capital was founded in 2018 by four Romanian entrepreneurs. The project is co-financed by the European Fund for Regional Development via POC (Competitiveness Operational Program 2014-2020).