Vizerra, a Moscow based developer of 3D applications for city planning, construction projects, product design, and virtual tourism, announced earlier this week the sale of a blocking stake (26%) in its capital to Solway, a Cyprus-based diversified investment group.
The news was reported earlier this week by ComNews.ru, a site covering telecom and IT issues in Russia, based on an exchange with Vizerra’s founder and CEO Arman Gukasyan.
The deal totaled $4 million, bringing Vizerra’s valuation to $16 million. The sellers of the stake, Arman Gukasyan and Alexander Dobrovinsky, a business angel and prominent Moscow lawyer, also received an option to buy back Solway’s share in two years, when the company’s valuation could reach $80 million.
Vizerra plans to use the funds to extend its presence in the US market, update its software platform for 3D visualization, and launch a 3D model production studio.
The company already lists among its clients Skolkovo, a state-sponsored innovations hub under construction on the outskirts of Moscow, Russian gas monopoly Gazprom, and Barcelonan transportation hub La Sagrera. Vizerra is also preparing a 3D model of the venue of Sochi winter Olympics to be held in 2014.
Vizerra has offices in the US, Spain, Czech Republic, and Cyprus, but its R&D facilities are located in Moscow. The company’s revenues totaled €1 million, or $1.4 million, in 2010 but the company expects to raise it up to €11 million, or $15.7 million, for the financial year ending June, 2012.
Source: ComNews.ru
