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NGI Investment Fund to Buy 51% of PingWin Software Owned by I.T. Group of Companies

27.09.2010

NGI Investment Fund to Buy 51% of PingWin Software Owned by I.T. Group of Companies
NGI investment fund acquired 51% of PingWin Software owned by I.T. Group of Companies. This acquisition will provide а possibility for PingWin Software to enter new markets and win strong market positions.

Previously, NGI, who focuses on venture investments in high-tech companies, acquired a controlling interest in Mandriva. Mandriva is a Linux software developer targeted on different categories of users. Mandriva’s portfolio includes server solutions as well as software solutions for end users.

«Indeed, development is not all, you also need a professional team to implement and support open source software at each market location, - Arthur Akopyan, NGI Managing Director, said – That is why we are interested in long-term business development of PingWin Software. Immense perspectives of the Open Source Software market and recovery of this market provides practically unlimited opportunities and tremendous competitive advantages”. In recent years the Russian Open Source Software market has lived through a rapid growth period, and enjoys great interest from public authorities and commercial enterprises.

PingWin Software is a member of I.T. Group and was established in spring 2009 to develop, upgrade and provide support to corporate information systems based on Open Source Software. During that time the company implemented a number of significant projects for public and enterprise institutions, developed several unique solutions, and initiated a federal support center for information systems based on Open Source Software. In the nearest future PingWin Software plans to launch on the market several software solutions for educational institutions, public authorities and public health services. It is planned that in 2011 PingWin Software will manage to achieve at least 150 million rubles in sales.

Dmitry Komissarov, PingWin Software General Director believes that it is a right time to invest in the company due to the upcoming rapid growth of the Open Source Software market. Investments will provide opportunities for faster business development compared to results, which PingWin Software might achieve independently. Collaboration with NGI will allow fast and efficient integration in new vertical markets and development of demanded solutions.

In accordance with the transaction, NGI acquired 51% of PingWin Software business. Under terms of the Contract transaction details were not disclosed.

“During the last 20 years I.T. Co. launched a large number of IT companies, which became leaders in their market segments. PingWin Software is not an exception, - Tagir Yapporav, Chairman of the Board of Directors at I.T. Group of Companies, said – a year and a half showed that PingWin Software was able to occupy a strong market position that proved its high professionalism. The key factor for this success was the professional staff, clearly defined objectives and expert management”.


About NGI
NGI venture found was established in 2010. The fund focuses on IT and software solutions.

About PingWin Software
PingWin Software was established in 2009 to develop and consolidate expertise of I.T. Group of Companies in Open Source Software. PingWin Software is a full cycle IT company, which provides services to integrate solutions, implement, develop and support information systems based on Open Source Software. Find more information on   

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