Some of the pre-credit crunch rules still apply to the digital economy: Russia is experiencing massive growth and private equity houses fund some of the biggest deals. Both those rules are proven by Russia’s biggest software vendor 1C Company, which is looking to raise up to $100 million (£68.3 million) in a PE placement according to Quintara.com (via Kommersant). Investment bank Renaissance Capital is managing the deal.
1C, which is still majority-owned by founder Boris Nuraliev, made revenues of more than $350 million (£239.3 million) in 2007 and was estimated to be worth more than $1 billion (£683 million) in the pre-recession days. It develops video games, business software and creates Russian-language versions of international software including many leading video games. The company has more than 700 employees and 10,000 distributors and sellers in 600 cities across Russia and neighbouring states.