Moscow. September 16, 2002. Delta Capital Management, manager of The U.S. Russia Investment Fund (the Fund), and the International Finance Corporation (IFC) announced today an investment in EGAR Technology, Inc, a company specializing in capital markets software applications development with headquarters in New York and a research & development center in Moscow. EGAR boasts one of the fastest-growing software and related services practices in the financial technology sector worldwide.
IFC, the private sector development arm of the World Bank Group, is providing an equity investment of US$ 1.5 million. The Fund is participating with a US$ 1 million equity investment.
"The Fund's investment in EGAR reflects a fundamental element of our investment strategy: to leverage Russia's rich scientific brainpower and knowledge base into commercial applications that drive the technology sector forward," said David Jones, President and CEO of the Fund. "EGAR Technology is optimally utilizing its talented pool of Russian software developers, and its management team possesses extensive experience in the financial technology industry."
"Russia is in the midst of developing the skills base necessary to compete in high-technology exports," said Mohsen Khalil, Director of IFC's Global Information and Communication Technologies Department. "IFC's investment will support EGAR's efforts to provide highly specialized capital markets software services to companies globally with highly qualified human resources. This investment also fits in with IFC's strategy to create quality jobs in Russia and to support the development of high-end services exports in the country," Mr. Khalil added.
EGAR Technology was founded in March 2000 and has since become a force in providing financial technology systems. EGAR has developed its own suite of trading, risk management and analytical systems, custom application development, web application and ASP services, and integration and implementation services for the capital markets. EGAR's highly specialized products are entirely built in Moscow, while the New York office holds the management and sales team. With the investment, EGAR will expand its marketing and sales efforts and further enhance product development and R&D.
"An investment from such prominent institutions as IFC and the U.S. Russia Investment Fund is evidence of the success that EGAR has attained thus far and the potential that exists for future growth," said EGAR Technology CEO Ravi Jain. "This investment is important to EGAR because it will assist in the next phase of growth in the company. It will enable EGAR to not only expand its product offering, but also to truly become a global financial technology company. We view both investors as strategic partners who can play a significant role in EGAR's expansion. EGAR Technology is well on its way to achieving the status of a premiere financial technology company for the long run."
For more information please contact:
Ms. Carrie Brown, EGAR Technology.
Tel: +1 212 223 3552