FC-Novosti

MOSCOW. Renova Capital, set up by Viktor Vekselberg's Renova holding, has set its eyes on the IT business. It has decided to invest in the acquisition of a controlling stake in Promt, a leading developer of machine translation products and services, including @promt automated translation software.

Renova Capital is a leading Russian private equity fund investing in fast-growing midmarket companies with significant market share.

Earlier Stage Alternative Fund, a direct investment fund managed by Renova Capital, is buying more than 50% of Promt and will increase its stake with each new investment.

The value of the deal has not been disclosed, but analysts say Renova Capital, which usually invests $30-$50mn per project on average, will pay less for the stake in the IT company.Last year, Promt’s revenue was approximately $10mn, up 80% year-on-year, and Renova Capital will most likely pay as much for the stake.

The company holds approximately 10% of the global market of machine translation products, which is highly attractive and may grow exponentially in the next three or four years, according to experts.