Central regions | Finance, business | Technology & innovation
Russian competitor to Microsoft raises new investment
29 May '18
New Cloud Technologies, a developer of Russian office software, is raising $30+m from VEB Bank, a domestic state-owned financial giant, the Russian business daily Vedomosti reported. VEB is currently sanctioned by the U.S. authorities.
VEB Bank is reportedly investing part of the amount to acquire a minority shareholding in the IT company; the rest will be lent as a loan.
According to New Cloud Technologies CEO Dmitry Komissarov, the deal is being finalized and won’t be officially closed until several months from now. The software developer needs the money to fine-tune its current products meant to help Russia replace imports completely in the B2G market segment and partially in B2B.
New Cloud Technologies is developing a platform, called My Office, to enable the user to both work on documents and store files in a cloud. To enhance the product, the company is also developing a set of office services, including text editors, electronic tables, presentation tools, and an email client.
New Cloud Technologies is shooting for ongoing participation in the Russian government’s IT import substitution program.