Investment
The Russian IT company Verysell has secured a $40 million investment from the Scandinavian private equity fund Mint Capital and the UK investment fund RP Explorer Fund. The capital raised will be primarily used to strengthen Verysell’s position in IT consulting and system integration.
“It is my hope that our cooperation with foreign funds that have extensive experience in investing in hi-tech companies will allow us to step-up implementation of our strategy, which is aimed at making Verysell Russia’s top IT company,” said Mikhail Krasnov, chairman of Verysell.
“Russia’s IT market has reached the stage at which the continued successful development of Russian companies will require better financial transparency and high corporate governance standards. We can see the colossal growth potential of Verysell and Russia’s system integration and IT services market. And we believe that our joint efforts will increase the value of the business and enable the possible access to capital market in the medium term,” said Ulf Persson, managing partner of Mint Capital.
According to various estimates, Russia’s IT industry has been growing by 25 per cent per year over the past few years, making it one of the fastest developing markets worldwide.
In 2006 Russia’s IT market, including computer equipment distribution, IT services and consulting, was estimated to have reached $12.6 billion.
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