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With 21 Projects, BNDES’s Innovation Fund Sells First Company

7 December 2010

(Valor Economico) December 7, 2010 – Created in 2007 with the objective to stimulate the growth of early stage innovative companies, Fundo Criatec closed its first round of investment in company Usix Technology, which focuses on IT solutions for the insurance industry in Brazil. Fundo Criatec received 80% of its capital from BNDES and 20% from Banco do Nordeste do Brasil (BNB).

At the same time, Usix was sold to international giant Ebix. The US-based company with an approximate market value of US$600M.

For the complete article in Portuguese, visit the website of Valor Economico.