Black Pearls VC announces exit from Solwit with 3.16x return on investment
Polish early-stage venture capital firm Black Pearls VC has achieved another successful exit with Solwit’s acquisition by ALTEN Group. The firm saw a 3.16x cash-on-cash return on investment, Black Pearls VC told AIN.Capital.
- Solwit is a professional engineering and testing services company founded in 2011 by Leszek Pankiewicz – former CEO of Intel Poland and Wojciech Wasiukiewicz. With over 300 engineers on staff, Solwit has provided reliable software solutions to clients across various industries since its inception.
- The companies did not disclose the exact details of the acquisition. However, as stated by Black Pearls VC, the firm saw a 3.16x return on investment while Solwit’s revenue has increased four times from less than 15 million to 60 million.
“We are incredibly proud to have facilitated our portfolio company Solwit’s acquisition by Alten Group from France. This marks yet another successful exit for us at Black Pearls VC, and a life-changing moment for the visionary founders we had the pleasure of partnering with,”Marcin P. Kowalik, Managing Partner, Black Pearls VC, comments.
- Alten Group, the buyer, is one of Europe’s leading engineering consulting companies with over 54 000 employees across 30 countries worldwide. The purchase will give the France-based company a more substantial presence in the Polish market.
- Black Pearls VC is one of the Baltic Sea region’s more active venture capital funds. The fund made eleven investments in the previous year, including four follow-on deals. This year, it has already made five more investments, including Swotzy and Traxlo.
- This exit further solidifies the firm’s track record of success, with four fruitful exits in the past two years.