MUNICH, Germany Board computer vendor congatec AG will get another financial shot in the arm: Technofonds Bayern intends to increase its congatec holdings, spending one million Euros.
Congatec intends to use the sum promised by the public fund along with a group of smaller private investors for two purposes: The company plans to finance further R&D activities as well as its expansion.
The measure will drive the Technofonds' holdings to 11 percent of congatec's shares. Congatec, a four-year-old startup company serves customers with computer modules for industrial and to a lesser extend for automotive applications. "Since the business has been launched four years ago, we have been able to significantly increase our revenue every year to the current level of 27 million in 2008," said congatec CEO Gerhard Edi. "We have set ambitious goals for the future."
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