IT services

Fleeing Putin, Russian tech workers find a home in Armenia

July 26, 2022

In the weeks and months after Russia invaded Ukraine, Zvartnots International Airport in Armenia’s capital Yerevan was flooded with Russians leaving their country, among them a growing number of tech workers. Fearing flight cancellations, exit bans, and border controls, many booked their tickets at exorbitant prices, wiped their phones, and arrived in the small country nestled in …

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Russian IT brain drain accelerates dramatically as economy collapses

April 2, 2022

Since the war in Ukraine began, triggering unprecedented international sanctions against Russia, some 50,000-70,000 Russian IT professionals have left their country, reports the Russian Association of Electronic Communications (RAEC). This is only a first wave, says the association, which expects up to 100,000 additional IT workers to leave in April.  “The only things holding back …

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Softline acquires Indian provider to strengthen global cloud service offering

February 16, 2022

Softline, a Russian-founded IT solution and service provider listed on the London and Moscow stock exchanges, is to acquire Umbrella Infocare, an Indian cloud service company. This provider offers “rich and very advanced services expertise” in Amazon Web Services (AWS) and Citrix solutions. Its team of more than 200 people has served some 250 customers across various industries, completing …

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Russian data center major IXcellerate attracts $190 million from Mubadala, RDIF and Sber

January 25, 2022

IXcellerate, one of the most established data center company in Russia, has raised approximately some $190 million. The round — the largest ever in this field in the country  — was led by sovereign wealth fund Mubadala (UAE) with participation from its Russian peer RDIF, SberInvest, and iXcellerate’s existing investors.  Cited by Sber, the state-owned financial and digital …

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Russian IT major Softline raises $400 million in London IPO

October 27, 2021

Softline, an international IT solution and service provider with Russian roots, started trading today on the London Stock Exchange with a secondary listing in Moscow. New shares worth $400 million were sold at $7.50 apiece, valuing Softline at about $1.5 billion, according to a company statement cited by Bloomberg.  The company initially targeted a valuation of around $2 …

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Yandex invests $30 million to launch cloud business in Germany

October 6, 2021

Yandex plans to launch a cloud business in Germany next year, the company said ahead of its annual Yandex.Scale cloud conference in late September. The NASDAQ-listed Russian digital major is making an initial investment of $30 million until the end of 2022. The money will be used to purchase equipment and rent data centers. Yandex …

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Russian IT major Softline plans dual listing on London and Moscow exchanges

October 5, 2021

Softline, an international IT solution and service provider with Russian roots, confirmed yesterday its IPO plans. As reported by Reuters, the company plans to raise some $400 million through an IPO on the London Stock Exchange and a secondary listing in Moscow. Targeting a valuation of around $2 billion, Software will float 20-25% of its shares, “a person familiar with the matter” …

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Russian Softline pursues international expansion in Baltic states, Belarus, Egypt

September 28, 2021

Softline, an international solution and service provider with Russian roots, is pursuing its international expansion with two deals announced this month, ahead of a potential London IPO. The group announced it acquired the licensing business of Squalio, an international data technology company, in the Baltic states (Estonia, Latvia and Lithuania) and Belarus Belarus and Estonia. Founded in 1997 in Latvia, Squalio has representative …

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Russian tech exports up threefold since 2018

September 10, 2021

Russia’s earnings from tech exports have jumped more than threefold over the last two years, according to a new report from Moscow’s Higher School of Economics (HSE). The export sales of scientific and technology services and IP-protected products reached $4.5 billion in 2020 — up 30% from 2019, three times more than in 2018, and fifteen to twenty …

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E-commerce provider secures $1.3 million from Russian business angel

February 5, 2021

As Russian e-commerce, boosted by the pandemic, is breaking records, service and solution provider PIM Solutions has just received a capital injection of 100 million rubles ($1.3 million at today’s exchange rate) from business angel Dmitry Zobnin. The valuation of the company has reached 2 billion rubles (around $26 million), as Zobnin received a 5.13% …

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Report: Russian software companies generate growing sales in emerging markets

February 5, 2021

Last month Russoft, a major Russian IT association, released its 17th “Annual survey of the software development Industry.”   Even though its data relate mostly to 2019 — not 2020, — this report offers a variety of interesting market insights. Some of them may be summarized as follows: Sales volumes: The Russian software industry (including both software …

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