S&T to invest millions in Russian companies in show of confidence

The  board of Austrian IT provider S&T has approved an investment plan which will see millions of euros committed to the acquisition of Russian IT concerns this year, its Vice-President Alexander Malshakov said earlier this month. The company is already negotiatingthe purchase of three firms with a combined workforce of between 400 and 500 employees.
S&T  is looking at acquisition targets operating in the smart data processing and internet arenas with annual turnovers ranging from $5mto $50m, and  also plans to open a resource centre  for software development in Russia.
“American companies are not extending assistance to Russian IT companies for a number of reasons. In Europe, on the other hand, and particularly in German-speaking regions, entrepreneurs are well disposed to Russia and believe that the companies from Russian and the CIS which they invest in now will soon grow in value. The current market stagnation cannot go on forever,” Mr. Malshakov said.