VTB acquires 40% of Technoserv IT Group
VTB Group closed acquisition of 40% stake in Technoserv Group, Russia’s largest system integrator. The acquisition had been duly approved by the Federal Antimonopoly Service of the Russian Federation. VTB will have the opportunity to appoint its representatives on the company's Board of Directors and thus participate in the management.
Technoserv is one of the leaders in the system integration market and possesses vast client portfolio, including major companies from across various industries of the economy.
For VTB acquisition of Technoserv is a strategically important transaction that will significantly enhance bank's technological expertise. As such, this will considerably increase VTB Group's capabilities to create new competitive products and services for its customers, further enhance the quality of innovative IT developments for the digital transformation of VTB and will ultimately positively impact the Group's financial performance.
Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, noted: “We see significant strategic prospects for the further development of Technoserv. The highest level of expertise of the Technoserv team will give a new impetus to the technological development of VTB. We also view that as a financially beneficial transaction in the rapidly growing innovative economy sector.”
Alexey Ananiev, Chairman of the Board of Technoserv Group, said: “VTB is Russia’s leading banking group with which Technoserv has a long-standing relationship as a a major client and a financial partner. This transaction makes VTB a strategic partner in the development of our business in the open IT market. Moreover, the potential of Technoserv as one of the largest domestic system integrators will be realized as a priority in the development of digital services of VTB Group and its affiliated companies.”