IT outsourcing & Software development

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 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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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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iHerb to launch IT support unit in Russia

January 30, 2021

iHerb, one of the most successful international e-commerce companies in Russia, aims to take advantage of this country’s large tech talent pool through the creation of a local IT division. Under plans, the first local IT team will start activities in the course of this quarter. It will include programmers, mobile developers, software testers, web designers …

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“Better than India and Ireland:” Tax relief for Russia’s software developers comes to force

January 13, 2021

Following amendments to the Russian tax code which were adopted in July 2020, Russian software developers may, starting from Jan. 1, benefit from significant tax cuts.  The new tax regime provides: Reduced rates on the taxes on profit: from 20% to 3% for federal taxes and to 0% for regional taxes; A reduced rate on social security …

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Russian Softline to acquire German Softline

December 23, 2020

This deal might look modest in amount, but it is a very rare case of a Russian acquisition in Germany in the field of IT. Softline, a Moscow-headquartered international solution and service provider, is taking control of the almost eponymous German IT company Softline AG.  The Russian group has agreed to acquire 63.38% of the German company, which is listed …

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Russia’s ‘IT tax maneuver’ could bring cash to the budget, not to IT companies

July 29, 2020

President Vladimir Putin’s plans for digital businesses to help power Russia’s economic recovery from the coronavirus pandemic by giving Russia one of the lowest tax rates in the world for IT companies might not be what they seem, analysts told The Moscow Times. In an address to the nation in June, Putin hailed the Russian IT sector’s …

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Building a mobile app in Eastern Europe is seven times more cost-effective than in the US

October 29, 2019

The average cost to develop a mobile app in Eastern Europe is $23,000 versus $171,450 in the US, according to SmartBrain (also known as Rubrain), a San Francisco-based marketplace for IT contractors. The company analyzed data from more than 400 deals between Eastern European contractors and international startups and found out that developing a new app …

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German DEG and Da Vinci Capital invest in DataArt, a global tech consultancy with roots in Eastern Europe

June 6, 2019

 Last week German development finance institution DEG  announced it provided equity funding to DataArt, a leading global developer of complex IT solutions. The amount of the deal was not disclosed. Alongside DEG, this venture round was backed by Da Vinci Capital – a major EBRD-backed and PE firm focusing on Russia and neighboring countries which already provided funding to …

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US-based IT giant DXC to acquire Russian-founded Luxoft for $2 billion

January 12, 2019

Earlier this week DXC Technology and Luxoft, two major, NYSE-listed IT service providers, announced a definitive agreement for DXC to acquire Luxoft. At $59.00 per share in cash, the deal represents a total equity value of approximately $2 billion, according to the press release. Still subject to customary conditions and regulatory approvals, the transaction is expected to …

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Da Vinci Capital invests in DataArt, a global tech consultancy with roots in Eastern Europe

November 13, 2018

Da Vinci Capital, a major EBRD-backed Russian private equity firm, has invested an undisclosed amount in DataArt in exchange for “a substantial, non-controlling interest” in the company. Founded in 1997, DataArt is a New York City-headquartered company with roots and R&D teams in Ukraine and Russia. It has become a major global tech consultancy that designs …

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Abbyy and Softline invest in document software technologies

October 21, 2018

Abbyy, a Moscow-headquartered global provider of content intelligence solutions and services, has acquired ATAPY Software, as reported by online publication Rusbase. The terms of the deal have not been disclosed. Based in Novosibirsk, Siberia, ATAPY Software provides a variety of custom software development services in the fields of document workflow, document imaging, data capture, optical character recognition (OCR), …

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