Calin Fusu, 33, has recently become one of the youngest Romanian millionaires, through money he has made from the Internet, a business which the "old capitalists" of Romania refused to invest in, because they lacked the necessary understanding or were put off by untouchable assets.
Kishinev-born Fusu, who, aged 16, was the youngest student to enrol at the Academy of Economic Sciences in Bucharest, sold a minority stake in Neogen, the company he created in Targu Mures in 2000, under the name of Rogenerator together with three other young people, Andras Nagy, Lazlo Robert and Zoltan Bodo.
Neogen, which has more than 800,000 visitors a week, owns a number of websites, the best known being bestjobs.ro, noi2.ro, doizece.ro and club.ro. Neogen currently has more than 1.3 million registered users.
Fusu sold some of his shares to US-based fund Tiger Global Management and to Dutch fund Wouwer. Fusu would not reveal the value of the stake he sold, merely saying that the amount of 6 million euros suggested as the value of the deal involving the minority interest in the company was "exaggerated".
On Tuesday night, the Biris & Goran law firm announced that the cumulated value of the transactions of minority stakes in the online companies - eJobs and Neogen - was in excess of 10 million euros. The value of the deal for eJobs was 4.2 million euros for 30%, which means the sum paid for Neogen can be calculated at 6 million euros. eJobs, the biggest online recruitment site was created by Liviu Dumitrascu, 30, and Daniel Tatar, 29.
Fusu told ZF that the negotiations for the sale of the Neogen shares took about two months and the deal was finalised before the Tiger-eJobs deal. He did not wish to reveal whether he knew about the talks the Americans were conducting with eJobs.
As for the deal, Fusu says it is an investment, not a sale.
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