Itransition, a leading software solutions developer and full spectrum IT services provider, announces the sale of its minority equity interest to the Baring Vostok investment fund. The partnership’s main focus will be on strengthening ITransition’s position in key markets, such as the United States and the European Union.
“Cooperation with Baring Vostok will aid in accomplishing Itransition’s global goals. This agreement is going to affect all aspects of development – active growth in current and new regions, strengthening our service offerings by further developing the necessary competencies within the company, and strengthening current offerings through M&A,” said Alexey Demichev, CEO of Itransition. “We are enhancing our position in almost all areas of current activity.”
“We are excited to get a chance to partner with Itransition, and feel positive about the future roadmap. With Itransition’s strong team of managers and founders, highly qualified engineers and rapidly growing custom development market, the company has never been better poised for further expansion in current markets as well as making its way into new ones,” said Elena Ivashentseva, Senior Partner of Baring Vostok.
Itransition’s strategic plans after the deal will be put forward by the board of directors, which will include representatives from both sides. Itransition’s founder, Sergey Gvardeitsev, will continue to play a leading role in business and will become Chairman of the board.