Internet Consulting merge with Internet Global Technology by late 2011
Kyiv, December 9 (Interfax-Ukraine) – The Internet Global Technology, the first public IT company in Ukraine, has started a merger process with Internet Consulting (both based in Kyiv) and the company is planning to finalize the deal by late 2011, Internet Global Technology President Oleksandr Volkov said at a press conference at Interfax-Ukraine on Thursday.
"I think that by the end of this year the procedure [of the two companies' merger] will be completed and all documents will be signed," he said.
He added that Internet Global Technology has placed its securities on one of the Ukrainian stock exchanges and in the near term the company does not plan to enter the international markets. He did not offer details on the issue.
Volkov did not disclose the details of the deal, adding that the information on its cost and all financial aspects will be published when the deal is finalized.
Internet Consulting Ltd. Director Olena Trishyna said that the company has been successfully developing for two years. Over the period the number of its employees doubled, to some 50.
According to the conditions of the deal on the friendly merger, the workforce, office and the management system of Internet Consulting will be retained.
A partner of AstapovLawyers law firm, Oleh Malsky said that the deal of the friendly merger is a unique for the Ukrainian IT market, as large companies are participating in the deal.
"It's no secret that the IT area today is one of the most quickly growing sectors in sales of equipment and designing of software," he said.
He said that the IT market of Ukraine is estimated at $200-250 million today, while in Russia its size is EUR 45 billion.
Internet Global Technology has been operating in Ukraine since 2011. Its core business is software design. The company has around 200 employees.
Internet Consulting was founded in 2010 and operates in the IT consulting and outsourcing areas in Ukraine.