Reksoft Becomes Part of TechnoServ A/S

St. Petersburg, Russia, September 19, 2008 --( Reksoft, an expert software outsourcing provider with primary development centers in St.Petersburg, Russia, announced today that it joined TechnoServ A/S, one of the largest IT companies in Russia.

Reksoft was founded in 1991 and developed into the premier software outsourcing provider with 400 headcount and offices in Russia, Germany and Sweden. The company won the trust of Dirol Cadbury, Fujitsu Siemens Computers, Siemens, Mazda, Philip Morris, TietoEnator. Reksoft earned 22.6 mln. USD in FY 2007 and has had the CAGR of 41% over the last five years.

According to the latest IDC analytics, TechnoServ A/S is the second largest IT services provider in Russia. It accomplished the FY 2007 with 1.2 bln USD in revenues and has more 1500 employees in Russia and CIS. The alliance with TechnoServ A/S will strengthen Reksoft financial sustainability and accelerate the provider’s geographical expansion both to become closer to their clients and to develop new delivery locations in Russia and Eastern Europe.

Under the agreement, Reksoft will continue to operate independently and Alexander Egorov, company’s CEO since company’s inception, will stay in his position. MTVP, an Estonian-registered venture capital fund, which had invested in Reksoft in November 2005 and stayed in the Board of Directors of Reksoft since then, exited the company. “Among tens of different Russian IT companies we have worked with, Reksoft has one of the best managements, well-established processes, quality assurance and strong corporate culture”, says Allan Martinson.

“We are excited about the future cooperation with this new partner. The management of TechnoServ and Reksoft shares a common vision on the future development of our joint business and we will further increase the value to our existing customers and partners. We appreciated all the help and support that MTVP provided and I am sure that we will cooperate in the coming years,” confirms Alexander Egorov, Reksoft Chief Executive Officer.

Svetlana Vronskaya
+7812 3252100