TALLINN — Estonian software development company Webmedia Group received a €7 million investment from Polish private equity firm Enterprise Investors this week in exchange for 36 percent of the company.

Webmedia said that the investment funds will be used to fuel the company’s international expansion using public finance management, e-health and e-government solutions, something the company has helped the Estonian government with.

“To fuel our international growth, we have decided to raise additional capital into the company. This will enable us to be even more aggressive in our expansion and to take on larger projects,” Priit Alamäe, co-founder and CEO of Webmedia said in a statement to the press.

Webmedia was established in 2000 and total sales reached €15 million in 2009. Enterprise Investors has €1.3 billion invested in 120 companies, including 20 Eastern European tech companies.

This article is free to view. To read Baltic Reports’ subscription-only articles, click here.