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The Referral Worth a 90-Million Forints Investment

After a chance encounter at a BNI Hungary business breakfast, a representative of XOFT Ltd, a Hungarian company from Pécs, found himself with the referral he had been looking for. This referral led to a successful long term partnership and a public investment worth 90 million forints.

In August of 2012, Péter Kristóf, leader of Nearsource Ltd., was referred to Gábor Pelle, a representative of XOFT Ltd, by a guest participant at one of the business breakfasts. Nearsource Ltd. is a business development consultant company, and a fruitful cooperation grew out of this referral. They started to work together on a business development, thanks to which the software development company was able to successfully apply for support from the Széchenyi Capital Fund.

XOFT Ltd, a software development company, is currently present on the market with three products. With its newest development, the company would like to spread a more widely usable, modern management system among retail and catering outlets. Széchenyi Capital Fund is providing venture capital funds in the amount of 90 million forints and this outstanding level of support makes XOFT Ltd's new, cloud based platform possible, reaching many more users in a shorter time.

“The investment allows the growth of our employee stock,” says Balázs Rádler, one of the leaders of XOFT Ltd. “Our product will be ready for market earlier in time, which we can bring to success by using the marketing support already written in the investment.”

Benedek Körtvelyesi, the owner of the company, adds, “Our increased staff provides reactions on the expansion of the software functions according to the market expectations. The test process is speeding up as well, so we can change the newer versions earlier and grant stable, error-free operation. With online sales, we can hand commercial business users a cost-effective, widely advertised, easy to learn, cheap solution.”

BNI Hungary, which organizes weekly business meetings in 23 cities, brings together 1000 entrepreneurs and helps them generate business opportunities by commission free referrals. Thanks to the meeting in Pécs, Gábor Pelle and his team were able to look for contacts to their current project in a wider circle.

“Making business via referral is like dealing with a friend because we work through a trust phase, since I was referred by someone familiar. So it's like I'm starting to make business a door closer,” says Gábor. “But it does matter who opens that door! You can get to a contact in different ways, but the strongest contact is always the most effective.”



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