Deutsche Bank and Hillside Apex Fund SPC invested $15 million in exchange for a minority stake in Verysell Group, a leading system integration and IT consulting group in Russia and CIS countries. Verysell plans to use the new funds for acquisition purposes.
In the beginning on 2007, Verysell raised $50 million from Renaissance Pre-IPO Fund, Steep Rock Capital, Mint Capital, and RP Explorer Fund. Verysell Group is controlled by its management. It is expected that Verusell will go IPO in 2009.
The group reported gross sales of $470 million in 2006, including $244 million from systems integration and consulting services and $226 million from IT distribution services.