VTB group completed the transaction for the implementation of the project Grid Dynamics

© Photo : Webstone the head office of VTB Bank in Moscow. Archive photoVTB group completed the transaction for the implementation of the project Grid Dynamics© Photo : VTB

JSC «VTB Capital asset Management», part of VTB group, has completed the sale of Grid Dynamics project, located in a venture capital Fund is a closed-end Fund long-term direct investments «VTB — portfolio investments», the Chinese it company Automated Systems Holdings Limited (ASL) in more than 128 million dollars, according to a press release of VTB.

The Fund is a closed-end Fund with a size of more than three billion rubles was launched in 2008 with the involvement of the Group’s VTB and JSC «Russian venture company» (RVC). The Fund’s share in the transaction is 22.4%. Grid Dynamics is a leading developer of cloud-based applications for high-load distributed systems in e-Commerce, Finance and other B2C segments. The return on investment of the Fund will exceed the initially invested capital up to 15 times.

The transaction is expected to bring mutual synergistic effect: ASL will have access to the US market and Grid Dynamics will be able to enter the markets of countries in South-East Asia, including China.

«The project can be called a classic example of effective venture capital investment, which can ensure the profitability of the entire portfolio. Grid Dynamics is now the leading provider of scalable IT solutions in the areas of Big Data, the company employs more than 400 specialists from Russia. I am sure that in the future she will continue to create jobs, develop innovative sector of the economy. Performance indicators, which the Fund’s share in this project were implemented, constitute another confirmation of the great professionalism of our team,» said Chairman of the Board of Directors of «VTB Capital asset Management» Vladimir Potapov, quoted by the press service of VTB.

As noted by the head of the Department for venture investments «VTB Capital asset Management» Magomed Askhabov, this transaction is the largest and most successful in the history of venture business of VTB Capital at the moment.

«Transactions like this make the reputation of the management team. It is important to note the role of the founders and the team of Grid Dynamics. Largely thanks to their efforts we managed to build a strong and successful enterprise in the highly competitive US market, which attracted the interest of a number of large international strategic investors», — added companions.