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Espírito Santo Group acquires stake in YDreams

2006/01/20

Portuguese technology solution provider YDreams announced today that the company closed a 8.5 million Euro round of venture capital funding led by Grupo Banco Espírito Santo (BES). BES acquired a 15% stake in YDreams and will detain two non-executive chairs on the company's board consisting of a total of seven directors.

American venture capital fund Herrick Partners, focused on IT and biotech, has joined BES in this round of funding with a smaller stake in YDreams. The total funding will support product development, marketing, sales and international expansion into new strategic territories, namely Europe, China, the United States and South America.

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