Insoft and AVentures Capital sold a majority stake in the Ukrainian outsourcer CoreValue
AVentures Capital and Insoft Capital, the investment companies, have sold a majority stake in CoreValue company. This was reported in the official press release of AVentures Capital. The buyer was IT Kontrakt, one of the leading IT outsourcing companies in the Central and Eastern European region (СEE). This company is owned by Oaktree Capital Management and Cornerstone Partners Investments. The amount of the deal is not disclosed.
CoreValue develops software for pharmaceutical, health care and finance companies. The company has eight offices in Ukraine: in Kyiv, Lviv, Cherkasy, Poltava, Khmelnytskyi, Ivano-Frankivsk, Lutsk and Vinnytsia. There is also a representative office in Wroclaw. Today, the company employs over 400 people.
“We are excited about the opportunity to join our forces with IT Kontrakt and to become a part of the success story in the CEE region. CoreValue fully supports the growth strategy of IT Kontakt and will work in close cooperation with its management,” said Igor Kruglyak, CEO and co-founder of CoreValue.
“CoreValue has doubled the business over the past few years, and its SalesForce practice has grown even faster. The company has become a good option for a buyer with global ambitions, such as IT Kontrakt, and we welcome this deal,” said Yevgen Sysoev, managing partner at AVentures Capital, who served on the company’s board of directors before the deal took place.
Let us recall, AVentures Capital bought a minority stake in CoreValue exactly a year ago. The parties did not disclose the amount of the transaction. Back then, Kolodyuk noted that the fund expects to earn on the share in CoreValue, as the company quickly increased its earnings. In addition to AVentures Capital, the outsourcer has another investor – Insoft Capital.