Billionaire Soros Invests in Ukraine Software FirmBy
Fund buys undisclosed stake in Ciklum with 2,500 programmers
Fund co-founded by Ukraine Finance Minister sells shares
The Ukrainian Redevelopment Fund, advised by Soros Fund Management LLC, agreed to buy an undisclosed stake in Ciklum from Danish founder Torben Majgaard and private-equity fund Horizon Capital, according to a statement Wednesday. Horizon was co-founded by Ukrainian Finance Minister Natalie Jaresko.
"It’s an investment in what I call the ‘New Ukraine’ – Ukrainians who are young, well educated, and eager for their country to break from the past and to build an open society," Soros said in the statement.
Ciklum employs more than 2,500 programmers in Ukraine and other countries. Like U.S.-traded EPAM Systems Inc. and Luxoft Holding Inc., the company’s business model is betting on cheaper engineering talent from Central and Eastern Europe to develop software for the U.S. and Western Europe.
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