The Russian Direct Investment Fund with two partners invested in IT-outsource business

The Russian Direct Investment Fund with two partners invested in IT-outsource businessThe Russian Direct Investment Fund (RDIF), the European Bank for Reconstruction and Development (EBRD) and the Fund Capman Russia II have executed an agreement with co-founders of the service Holding Company (brand Maykor) about investments on the whole mount of $100M. RDIF will invest half of the sum. The partners will get a “significant minority interest of Maykor.

For RDIF this is the first deal in IT-business. The director general of RDIF Kirill Dmitriev says that the Fund is interested in Maykor by several reasons. Firstly, both IT-market and the Company itself are developing fast: in 2012 the market increased 15%, and earnings of Maykor increased 88%. The second reason Mr.Dmitriev names the fact that Maykor – is the only one all-Russian operator of IT-outsource (its network consists of 83 regional affiliates, and more than 400 service subdivisions), due to which it can seriously save scales.

The Consortium will invest in Maykor by stages, having as a target that invested funds will bring a real output, says Mr.Dmitriev. The investments plan is formed, according to him, based on the forecast, that in the near 3-4 years the business Maykor will grow several times, and by the end of 2016 the company will be eager to conduct IPO at the Moscow Stock Exchange.