A Russian company is acquiring Kvazar-Micro, one of Ukraine’s largest information technology (IT) companies.
Russian IT firm Sitronics announced Feb. 22 it will pay about $117 million in cash and stock to increase its stake in Ukrainian subsidiary KvazarMicro from 51 to 100 percent.
“This deal is important for Ukraine’s IT market” as it will increase state budget revenue, said Yuriy Peroganych, general manager of the Association of Information Technology Enterprises of Ukraine (AITEU).
That Kvazar is changing hands to a Russian company is not significant, as the company’s stocks have been owned by international companies for the last several years, experts said.
The acquisition will significantly increase Sitronics’ position in both the regional and international IT markets.
Moscowbased Sitronics is a provider of telecommunication solutions, including software, equipment and system integration, serving more than 3,500 clients in 32 countries, exporting its products and services to more than 60 countries.
Sitronics earned revenues of $1 billion in the first nine months of 2007 and had assets totaling $1.8 billion by the end of the same period.
Founded in 1990, KvazaMicro employs 1,500 workers, including 100 software engineers in 15 postSoviet countries.
KM Soft, the company’s software division, offers software outsourcing, offshore development centers and development of educational econtent and mobile games.
The Kyiv Post learned that Vladimir Yasinskiy, the first vice president of Sitronics, is set to become the new president of KvazarMicro, replacing Maksym Agiyev.
KvazarMicro’s press office didn’t respond to attempts for confirmation.
