Madrid, August 02, 2017. IT training and advisory company, Netmind will open a new branch in the United States with COFIDES financial support.
COFIDES will provide €150,000, through a joint investment instrument structured through the FONPYME to their US subsidiary, Netmind International. The initial investment of the company to start this project will be €200,000 for this first year.
This funding will allow the company to open a new centre in Miami and cover the start-up expenses, mostly dedicated to hiring staff. This will strengthen its international activity and will also consolidate, at the same time, the parent company in Spain.
Netmind is a technology SME founded in Barcelona in 1987 and specialises in providing training and advisory services to IT teams. Among its clients are large companies such as BBVA, Repsol, Telefónica or Indra. Each year they trained more than 6,000 professionals and carried out more than 1,000 courses. Netmind has three offices in Spain, located in Barcelona, Bilbao and Madrid, where they employ 28 workers.
Through Netmind International, established in Miami in 2016, the company intends to establish itself in the United States with a business model similar to the one employed in Spain and, during the first years, it will mainly serve its Spanish clients who have a presence in the United States. To do so, it has rented its facilities in a business centre located in Miami, from where it will provide its services with a team of three consultants and a general manager during the first years of the project, with the goal of increasing the team in the future.
After the signing of the financial agreement between COFIDES and Netmind, COFIDES Chairman Salvador Marín highlighted COFIDES support to companies that offer quality services to develop their international projects. He also pointed out that the international growth of Spanish companies strengthened themselves in their home market, whilst at the same time creating jobs in Spain and in the destination country".
COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat for Trade, within The Ministry of Economy, Industry and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank, Sabadell Bank and CAF (Development Bank of Latin America).