Investors show interest in Russia's IT industry

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.