Kyiv, Ukraine, February 27, 2019 --(PR.com
)-- Insoft Capital and AVentures Capital sold a majority stake in CoreValue to IT Kontrakt, a leading vendor of IT services outsourcing in CEE region. IT Kontrakt is owned by Oaktree Capital Management and Cornerstone Partners investments.
CoreValue is a fast-growing IT-outsourcing company based in Ukraine with delivery in 7 Ukrainian and Polish cities including Lviv, Kyiv, Wroclaw, Poltava, Ivano Frankivsk among others. Founded in 2004, the company has grown to over 400 employees and has been delivering advanced technology solutions to Fortune 500 companies as well as to medium to large enterprises in the US and Europe. CoreValue is a Salesforce Consulting Partner and a Microsoft Gold Partner in Application Development and customers in Pharmatechnology, Financial technology, and Healthcare verticals.
During 2016-17 CoreValue attracted investments from Insoft Capital, the niche Investment Management Company investing in IT Outsourcing (software development) companies, and AVentures Capital, a leading IT investment fund and M&A advisory firm focused on global companies that leverage R&D in CEE.
Igor Kruglyak, CEO and co-founder of CoreValue: “I am excited about opportunity to combine forces with IT Kontrakt and be part of the big CEE success story. I look forward to supporting the company through its next phase of development. CoreValue is fully committed to supporting IT Kontakt’s growth strategy in close partnership with management.”
“CoreValue has doubled its business over the last few years whereas its SalesForce practice has grown even faster. The company became a great fit for an acquirer with global ambitions, such as IT Kontrakt, and we welcomed this deal,” said Yevgen Sysoyev, managing partner of AVentures Capital, who was part of the Board of Directors of CoreValue prior to the sale.
Insoft Capital is a niche Management Investment Company in IT outsourcing (software development) field. The company provides investments (under private equity model), business development services (leads generation, business processes optimization, etc.) and M&A advisory services (helping companies with negotiations, due diligence process, structuring and transacting).
AVentures Capital is a leading investment and M&A advisory firm that leverages R&D in Ukraine and CEE founded in 2012. The firm invests and provides M&A advisory services across IT outsourcing, software, e-commerce, cloud services, mobile technology, IoT and other sectors. AVentures Capital has over 15 companies in its portfolio that operate in the US and EU market and leverage R&D in Ukraine and CEE.