Twitter LinkedIn
    Wednesday, July 6
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»Investments»Ukrainian IT giant Ciklum attracts investment from US private equity fund
    Investments

    Ukrainian IT giant Ciklum attracts investment from US private equity fund

    December 31, 2020Updated:December 31, 20203 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    This story includes new information and a comment from AVentures Capital.

    U.S.-based global technology investment platform Recognize Partners is investing in Ciklum, one of the five largest IT outsourcing companies in Ukraine.

    The company disclosed neither the sum of its investment nor the stake in Ciklum, citing business-sensitive information.

    Ciklum will spend money on hiring new specialists. Now over 3,500 people work for the company. Its offices are located in Ukraine, Belarus, Spain, Poland and Pakistan.

    “New investors see career opportunities for both current and new employees. We are currently increasing our teams locally and, in particular in Ukraine, we offer 100-150 jobs per month,” the press service of Ciklum wrote to the Kyiv Post.

    “We plan to continue this growth aiming to double the number of employees in Ukraine during the next two-three years.”

    In addition, Recognize’s partners – Frank D’Souza, Rajeev Mehta, Josh Miller – will join the board of directors at Ciklum.

    “Ciklum is perfectly positioned to meet the demand for cutting-edge technological solutions with the exceptional quality of engineering talent it brings to clients. We look forward to supporting and accelerating the Company’s growth,” D’Souza said in its statement.

    At the same time, AVentures Capital, a minority shareholder of Ciklum since 2019, sold its stake.

    “It’s a happy ending after 5 years of joint history. In 2015, we attracted investments from the leading American investment fund to Ciklum. At that time, it was the largest investment in a Ukrainian IT company. After that, the Ukrainian IT sector received a wave of interest from international funds,” Andrey Kolodyuk, founder and managing partner of AVentures Capital, said, recalling the investment the company received from George Soros. Kolodyuk also has been a member of Ciklum’s board of directors since 2015.

    Recognize is a newly established private equity fund. Its founders are Frank D’ Souza, co-founder and former CEO of Cognizant, Charles Phillips, former CEO of Infor and former President of Oracle, and financier David Wasserman, a long-time partner at Clayton, Dubilier & Rice.

    According to the Times of India, Recognize manages $1 billion in investments.

    Recognize isn’t the single investor in Ciklum. In February 2019 Ciklum sold its minority stakes to two Ukrainian investment companies — Dragon Capital and AVentures Capital.

    Earlier, in 2015, the Ukrainian Redevelopment Fund headed by billionaire philanthropist George Soros bought a stake in Ciklum.

    According to the estimates of AIN.ua, Ukrainian tech media outlet, Ciklum was worth about $150 million in 2019.

    Source: Kyiv Post

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    investment tech
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    Private lenders are offering cheaper debt than Wall Street banks

    July 5, 2022

    Sequoia China raises $9B as investors flock to big funds

    July 5, 2022

    Goldman Sachs invests in direct lending firm Varagon Capital Partners

    July 4, 2022

    Carlyle hires BlackRock’s McNeely to work with biggest clients

    July 1, 2022

    Comments are closed.

    Other Articles

    Illumio’s $225 Million Series F Financing

    June 26, 2021

    Cyber protection specialist Acronis secures more than USD250m investment at a USD2.5bn valuation

    May 5, 2021

    Arlington Capital Partners’ Acquisition of TRP Infrastructure Services

    July 17, 2021

    Exabel closes USD9m seed round

    March 14, 2021

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2022 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?