George Soros’s Ukrainian redevelopment fund is to take a stake in IT service provider Ciklum Holding. The transaction is expected to be completed by the end of 2015, subject to customary closing conditions and regulatory approval. The Ukrainian Redevelopment Fund is acquiring the entire stake held by Horizon Capital and an undisclosed portion of the stake held by Majgaard Holdings Ltd.
Torben Majgaard, Founder and Chief Executive Officer of Ciklum, said “Over the past 13 years, we have built Ciklum into an award-winning, innovative global IT service provider, with strong engineering capabilities and solid relationships with some of the world’s biggest brands. We are truly excited to bring the Ukrainian Redevelopment Fund on board to support us in significantly expanding our company, both organically and through strategic acquisitions.”
“Ciklum employs more than 2,500 highly educated IT developers and clearly demonstrates the sustainable competitive advantages that Ukrainian companies have in the rapidly growing global IT services market,” said Michael Vachon, a spokesperson for the Fund. “Private investment, especially from Europe and North America, helps consolidate the gains that Ukraine’s reformers have made in the past year. We are pleased to partner with Ciklum and contribute to the growth of what George Soros calls ‘the New Ukraine’.”
Ciklum is a global software engineering and solutions company which says it selivers software engineering to Fortune 500 and other organisations across various industries. The company’s 2,500+ developers are located in the delivery centers around the world, providing a range of services including extended software development teams, quality assurance, research & development, product development and engineering consulting.
The Ukrainian Redevelopment Fund is a private investment vehicle that focuses on special situations and private equity investments in Ukraine and companies with significant operations in Ukraine. The principal investment adviser to URF is Soros Fund Management LLC, a private investment advisor to a number of private investment funds that are managed exclusively for Soros family clients.