11 Nov '16
1C, a Russian developer of business and household software, and Ascon, a developer of engineering software, have invested in their joint venture called Renga Software. The JV is busy creating new software for 3D design of buildings, according to Ascon.
The partners are reported to be participating in the JV in equal shares. Ascon is contributing its intellectual property, specifically its rights for the Renga-branded software products, and a team of developers. 1C is expected to cover investment costs and provide resources for joint development, marketing and distribution.
Renga Software is working on building information modeling (BIM) software solutions for real estate development projects. It is reported to already have 15 commercial clients from among construction companies. In the Russian market, Renga Software is primarily competing with Autodesk, a U.S. software developer that cannot export its products to Russia because of the current sanctions.