10:06 GMT +322 January 2019
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    Investors show interest in Russia's IT industry

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    MOSCOW, June 3 (RIA Novosti) - The IT industry, a burgeoning sector in Russia, is seeing stable growth. The annual increase in the IT market turnover is 30%, and last year it topped $8 billion, the Profil weekly reports.

    The IT sector is seeing two parallel trends today: heightened interest of western investors and business consolidation. Companies Compulink and ru-Net Holdings are two graphic examples.

    The former sold its retail business and focused on system integration services in 2000.

    This March, it announced its plans to set up a Compulink group of companies to include USP Compulink, a leader in IT, consulting and system integration, General Management Consulting Services, and Askeit providing services to communications operators.

    Mikhail Lyash, the president of the Compulink group, said it would not have been possible without the $10 million invested by Delta Private Equity Partners (earlier Delta Capital Management set up to manage the U.S.-Russia investment fund sponsored by the U.S. government). The holding is expected to have $150 million of turnover this year.

    According to Profil, ru-Net Holdings was founded by a group of Western and Russian investors for venture investment in Russia's leading companies on the IT market and Internet-business. ru-Net Holdings has contributed over $30 million in such projects as Yandex, Russia's most popular search engine, and Ozon, a major Internet shop.

    Leonid Boguslavsky, the head of the holding, said investors were interested in Russia's IT market because its players have been identified, and who have well-considered strategies and real opportunities." As for investment returns, Boguslavsky cited the Yandex example where every invested dollar grew to ten dollars over four years.

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