Government fund of funds
Development institute of the Russian Federation


VTB Capital Asset Management successfully completes the transaction for the implementation of the Grid Dynamics project

VTB Capital Asset Management successfully completes the transaction for the implementation of the Grid Dynamics project

VTB Capital Asset Management JSC successfully completed a transaction for the sale of the Grid Dynamics project, which is in the venture Fund of the ZPIF (Closed unit investment fund) of long-term direct investments of VTB — Portfolio Investments. The fund with the size of more than three billion rubles was launched in 2008 with the involvement of the capital of VTB Group and JSC Russian Venture Company.

The buyer of the share and shares of other shareholders of the Fund was the Chinese diversified IT company Automated Systems Holdings Limited (ASL).

The total amount of the sale of Grid Dynamics amounted to more than $ 128 million, the Fund’s share in the transaction is 22.4%. Return on the Fund’s investment will exceed the original invested capital by up to 15 times.

Vladimir Potapov, the Chairman of the Board of Directors of VTB Capital Asset Management, said: "The project can be called a classic example of effective venture capital investment, which are able to ensure profitability of the entire portfolio. Grid Dynamics is now the leading provider of scalable IT solutions in the areas of Big Data, the company employs over 400 professionals from Russia. I am confident that it will continue to create jobs in the future and develop the innovative sector of the country’s economy. The performance indicators, with which the Fund’s share was implemented in this project, is another testimony of the great professionalism of our team."

Grid Dynamics is a leading developer of cloud applications for highly-loaded distributed systems in the field of e-commerce, finance and other B2C-segments. Customers are the companies of the Fortune 500 list.

It is expected that the transaction will bring mutual synergies. ASL will gain access to the US market, and Grid Dynamics will be able to enter the markets of Southeast Asian countries, including China and Hong Kong.

Mikhail Fedotov, Deputy General Director of RVC, said: "Attraction of international investors is a prerequisite for the development of the national venture market, and we are happy to witness positive dynamics in this direction. Over the last month, this has been the second major transaction for the acquisition of the RVC funds portfolio company by a Chinese investor."

Magomed Askhabov, Head of VTB Capital Venture Capital Asset Management, commented: "This is the largest and most successful transaction in the history of VTB Capital’s venture business at the moment. Transactions like this one create a reputation for the management team. It is important to note the role of the founders and team of Grid Dynamics. Largely due to their efforts, it was possible to build a bright and successful enterprise on the highly competitive US market, which attracted the interest of a number of large international strategic investors."

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