The Ukrainian Redevelopment Fund (URF), a private investment fund advised by Soros Fund Management, is to acquire a significant equity stake in IT service provider Ciklum Holding Limited.
The transaction which will see URF acquires the entire stake held by Horizon Capital and an undisclosed portion of the stake held by Majgaard Holdings Ltd, is expected to close by the end of 2015.
Torben Majgaard, Founder and Chief Executive Officer of Ciklum, says: “Over the past 13 years, we have built Ciklum into an award-winning, innovative global IT service provider, with strong engineering capabilities and solid relationships with some of the world’s biggest brands. We are truly excited to bring the Ukrainian Redevelopment Fund on board to support us in significantly expanding our company, both organically and through strategic acquisitions.”
“Ciklum employs 2,500 highly educated IT developers and clearly demonstrates the sustainable competitive advantages that Ukrainian companies have in the rapidly growing global IT services market,” says Michael Vachon, a spokesperson for the Fund. “Private investment, especially from Europe and North America, helps consolidate the gains that Ukraine’s reformers have made in the past year. We are pleased to partner with Ciklum and contribute to the growth of what George Soros calls ‘the New Ukraine’.”
“Ciklum’s visionary founder and talented management team have built a successful company fully committed to excellence,” says Horizon Capital Founding Partner and Chief Executive Officer Lenna Koszarny. “Attracting investment to the IT sector is critical for Ukraine’s economic revival. We are delighted that the Ukrainian Redevelopment Fund will partner with Ciklum to capitalise on the exciting growth opportunities this industry offers.”
