IBS Group, a major Russian IT consulting and outsourcing company, is ready to sell a stake of at least 20% in Softkey.ru, an online software retailer. The group acquired a 70% stake in Softkey in 2006.
Not only does Softkey count among Russia’s top online software retailers, its technologies and servers are also used by such players as Microsoft, Kaspersky Labs, and Nokia to sell software through their own channels.
Softkey’s revenues amounted to $61.2 million in 2010 – up 32% from 2009 and 25% from 2008 – but heavy cash outlays have prevented the site from being profitable for the last few years.
According to Almaz Capital’s managing partner Sasha Galitsky, Softkey could be valued at $170 million, a figure he arrived at by comparing Softkey with the valuation of Digital River, an international provider of e-commerce solutions.
Source: Vedomosti
