With financing and technical assistance from SEAF, BPSC, a Management Information Systems (MIS) and Enterprise Resource Planning (ERP) software provider, was able to develop a new generation of fully integrated ERP software that offered functionality on par with western products at a lower price.
Recognizing a Market Opportunity
In December 1992, CARESBAC-Polska made its first equity investment in BPSC to purchase software that would allow BPSC to design more complex projects for larger enterprises. In 1995, recognizing a market opportunity, SEAF helped BPSC finance the intensive development process for its 4GL MRP II/ERP product Impuls. The release of Impuls helped BPSC become the leading supplier of MIS/ERP software products for medium and large-sized Polish companies.
A Follow-On Investment for Continued Expansion
In 2000, SEAF’s Central and Eastern Europe Growth Fund provided BPSC with a follow-on investment to support the company’s continued expansion. In addition to its financial support, SEAF worked with BPSC to modify its organizational structure to match its growth and continually assess its complementary software development, resulting in a line of new advanced products to support and improve Impuls. SEAF also helped BPSC implement an Employee Stock Option Program, which has been critical to retaining BPSC’s key staff members.
In 2008, the SEAF CEE Growth Fund, along with a new investor identified by SEAF, subscribed to a convertible bond issued by BPSC. The proceeds of this investment were used by BPSC to expand newly-established subsidiaries. The investment helped BPSC to target ERP systems for the energy sector and to invest in Business Intelligence (BI) software, both of which are proving to be attractive segments for BPSC.
An Industry Leader
Since SEAF’s investment, BPSC has enjoyed a strong run of success, having led the Polish market in new ERP license sales (to large clients) in each of the last three years. In 2009, BPSC overtook SAP to become the largest ERP software provider (in number of clients) to large clients in Poland. SEAF has deferred several offers to sell the business in the last two years, with an eye to growing BPSC’s value further before an exit.