Arago was established on 4 October 1995 as a public limited company under the name HB Westminster II. Compensation Note Investment Plc. with Göd as its company seat. Ever since its foundation the company has been specialising in realising and maintaining long-term investments, performing asset management, company acquisition and reorganisation activities as well.

In 1996 the company changed its name and seat and now operates as Arago Investment Holding Plc. with its head office in Budapest. The company was named after French physicist and astronomer François Arago (1786–1853), who was active in politics too, for instance after the French revolution in 1848 he served as the Minister of Defence and the Navy in the provisional government, and it was also him who abolished slavery in the French colonies.

The company decided to implement capital increase four times since its establishment. Acting upon the decision of the company’s Board of Directors, on 31 March 1998 Domestore Ltd. raised Arago’s registered capital by HUF 1.200 million. In the form of private placements the registered capital was increased by HUF 2.525 million on 7 September 2000, by HUF 1.000 million on 19 February 2001 and by HUF 646.995.000 on 19 December 2001 and reached HUF 7 billion.