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IBS Group and MAYKOR Announce Joint Cooperation
Jul 04, 2012 (08:07 AM EDT)
RAMSEY, The Isle of Man, July 4, 2012 /PRNewswire/ --
Please refer to relevant legal information at the end of the document
IBS Group, a leading software development and IT services provider in Central and Eastern Europe, announces today start of joint cooperation with MAYKOR, a Russian federal group focused on servicing and outsourcing IT and engineer systems. IBS Group and MAYKOR plan to work together to broaden the range of services that companies can offer to IBS Group clients.
IBS Group subsidiary, IBS IT Services, now holds a 5% equity stake in MAYKOR; and MAYKOR Group now owns Expertek outright; previously, the company was owned entirely by IBS IT Services. For IBS, the transaction represents an opportunity to further concentrate on the group's core competencies (implementation of Management Information Systems and development of large-scale infrastructure solutions). MAYKOR's acquisition of Expertek means even higher capacity, competence while providing for development, and marketing services of scalable solutions for retail chains and petrol stations, as well as providing niche services in retail software-hardware systems.
Anatoly Karachinsky, President of IBS Group, commented on the move, saying: "We are delighted to announce the start of our cooperation with MAYKOR, a Russian federal company focused on providing on-the-ground outsourcing and IT services to the retail sector. This cooperation will help us to enhance our client offering, as it will enable us both to focus on our core competencies and to provide clients with a broader range of complementary, high-quality services. The transaction should also create value for our shareholders, as it's the latest step in our strategy to streamline our domestic business and to focus the provision of complex IT services and solutions through our Management Information Systems and Infrastructure Solutions business lines. We also see potential growth in the value of our stake in MAYKOR."
"The Expertek brand has a sound foothold in this niche market. We plan to further develop our new subsidiary's position in this market by harmonising Expertek's resources with MAYKOR's existing structure," said Sergey Sulgin, President of MAYKOR Group. "Throughout 2012, MAYKOR has seen rising volumes and an expanding geography of client contracts in the retail sector, mainly through retail chains and petrol stations across Russia. Developing this competence is one of MAYKOR's strategic goals. We see this as an opportunity to unlock the potential we see from bringing Expertek into our group - both in terms of competencies and also diversification of services. We also see significant value in attracting a new wave of skilled personnel. Our level of experience and understanding of effective management, when applied alongside our existing resources and our ambitious growth strategy, will be the key to unlocking Expertek's potential and taking it to a new level."
About IBS Group Holding Limited
IBS Group is a leading software development and IT services provider in Central and Eastern Europe. Through its two principal subsidiaries, Luxoft and IBS IT Services, it offers a wide variety of information technology services, such as software development, IT outsourcing, business and IT consulting, business applications implementation. IBS Group has business operations in Russia, Ukraine, Romania, Poland, Germany, Switzerland, the UK, the USA, Vietnam and Singapore. IBS Group employs more than 8,000 people worldwide. IBS Group's Global Depositary Receipts are listed on the Regulated Market (General Standard) at the Frankfurt Stock Exchange (Bloomberg: IBSG:GR; Reuters: IBSGq.DE).
About MAYKOR Group
The MAYKOR group ("Service Holding Company LLC") is the biggest group of companies in the Russian service and outsourcing market, offering a full range of services for IT equipment, engineering systems and business applications. MAYKOR's mission is efficient maintenance and development of the infrastructure for large and medium-sized businesses.
Among MAYKOR's clients are more than 800 companies, including national chains of federal significance in all sectors of the economy. MAYKOR's valuable assets include a unique competence center, advanced specialized training programs for technical staff, a developed logistics infrastructure, an automated service tracking and control system, and an ISO-compliant quality management system.
About Expertek IBS
Expertek IBS, a subsidiary of IBS IT Services, established in 2007. The company focuses on practice of solutions and services for retail business. The key competence of Expertek IBS is development and promotion of roll-out solutions for retail businesses and gas station chains and providing integrated services in the field of retail hardware and software. The core competitive advantages of Eхpertek IBS are thoroughly worked through solutions that are promptly implemented and, most importantly, allow decreasing the customer's implementation costs due to availability of a ready-made proven solution.
The information contained in this press release is not for publication, distribution or release, directly or indirectly, in any jurisdiction where such publication, disclosure or release would be unlawful. This press release does not constitute an offer for the sale of securities in the United States of America, Canada, Australia, Japan or any other jurisdiction in which an offer would be subject to legal restrictions.
SOURCE IBS Group Holding Limited and MAYKOR Group