A consortium comprised of the Russian Direct Investment Fund (RDIF), the European Bank for Reconstruction and Development (EBRD) and the CapMan Russia II fund has completed an investment in MAYKOR, a Russian IT outsourcing and service provider.
The three partners will invest up to USD100m in MAYKOR that will allow the group to grow its market share. The RDIF will invest USD50m, with the EBRD and the CapMan Russia II fund contributing the remaining part.
The new funds will support MAYKOR’s growth strategy to increase the scale of its operations and its service portfolio diversification inside Russia.
MAYKOR has a leading market position in Russia and is specially focused on the one-stop-shop servicing of IT equipment, facility systems and business applications. The group was founded in 2010 and has since evolved into the largest outsourcing service provider in Russia. MAYKOR serves over 1,000 large and medium geographically-distributed clients across various industries, with 83 regional branches, over 400 service subdivisions and more than 3,000 certified engineers employed across Russia.
Kirill Dmitriev, chief executive of the RDIF, says: “This is RDIF’s first investment in the fast-growing Russian IT services sector and its potential has attracted a group of highly credible foreign co-investors. In the last year the sector has grown by approximately 15 per cent and we expect this growth rate to increase. MAYKOR’s diversified geographical presence, coupled with the expert support on offer from our top tier consortium partners CapMan and EBRD means the company is well placed to extend its position as a market leader.”
Heikki Westerlund, chief executive and senior partner, CapMan Group, says: “We see great potential in the outsourcing industry and have first-hand experience in this space through several portfolio companies in the Nordics. The Russian outsourcing market consists of small service providers with limited regional coverage. In contrast, MAYKOR enjoys significant economies of scale that allow the company to remain highly competitive across Russia.”
Sergey Sulgin, president of MAYKOR, says: “This investment will enable MAYKOR to continue to lead the process of industry consolidation through our selective M&A strategy. Integrating newly acquired service providers and increasing our cross-selling opportunities will further boost organic growth and improve our capability to support our customers. Moreover, investors’ entry will contribute MAYKOR to building the corporate governance system according to the world standards.”
