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Russmedia International, the venture capital arm of the Austrian media firm Russmedia, has acquired a 50.1% stake in recruitment software provider Jobiqo in order to boost product development and market growth.

The venture capital firm has invested a high six-digit amount to support Jobiqo’s product development and its organizational growth.

In the past two years, Jobiqo has tripled its turnover and number of employees. It serves customers in 12 markets worldwide and plans to continue to reinforce its presence abroad, particularly in the U.K.

“With Russmedia International, Jobiqo has gained a strong partner who has reaffirmed our strong organic growth,” said CEO Martin Lenz, who joined the company in 2017 from Accenture. “They will support our product vision and growth strategy,” he added.

Furtmüller, who founded Jobiqo in 2011, will be the managing director and a minority shareholder of the company after the acquisition by Russmedia. The other shareholders, Martin Lenz, who is the company’s chief executive officer, Klaus Purer, head of technology operations and Matthias Hutterer, head of development, will continue with the company and assume further responsibilities.