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BayTech Venture Capital Invests in Financial Services Firm abaXX


BayTech Venture Capital, the German early-stage venture capital firm, has led a Euro 3.8 million funding round in financial services firm abaXX, a Stuttgart-based provider of business process management software for financial institutions.

Baytech joins previous investors EarlyBird Venture Capital and 3i plc in funding abaXX´s expansion. The company will use the funds to grow its sales and marketing efforts and fund expansion outside Germany, in particular in Switzerland, France, Italy, the Benelux and in Eastern Europe.

'Many banks have not invested in their IT infrastructure over the past several years, but we expect that to change. abaXX is well-positioned to take advantage of this trend,' says Jochen Walter, partner with BayTech. The company has more than 100 installations and 50 customers across Europe, including Crédit Suisse, DGZ DekaBank, Dresdner Bank, Hypo Vereinsbank, LBBW, Bank of Ireland, DaimlerChrysler Bank, Cortal Consors and Deutsche Kreditbank AG.

'We are happy to add BayTech Venture Capital to our roster of top-tier investors funding our growth and internationalization strategy,' says Dirk Matzat, chief financial officer at abaXX. 'This will enable us to accelerate our growth and continue to expand our market position across Europe.'


Publisher Contact Information:

abaXX Technology AG
0049 711 61416 1603
sebastian.grimm@abaxx.de

Company profile of abaXX Technology AG (acquired by Cordys)
Past press releases of abaXX Technology AG (acquired by Cordys).

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