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Russian Tech to Prosper Under New Russian President

Files under: Inside View, News, Tech
Posted by: Quintura @ 22:30 [2. 03. 08]

Dmitry Medvedev is leading Russia’s presidential elections today, says preliminary data being released by Russia’s Central Election Commission (Izbirkom). Dmitry Medvedev leads the elections with more than seventy percent of votes counted. Will the Russian technology, Internet and software businesses continue to grow and become much more competitive globally, when Dmitry Medvedev becomes the President of Russia? The answer is Yes.

The leading Russian web company Yandex is rumored to do IPO on NASDAQ at a multi-billion valuation in 2008. The other Western IPO candidates include the IT services and system integration companies IBS Group and Verysell, virtualization software vendor Parallels, security software company Kaspersky Lab, and accounting and multimedia software vendor 1C Company. Russia is going to become the second largest Internet population in Europe by the end of 2008 while the Russian internet advertising market is expected to increase to $0.7 billion in 2008.

While Silicon Valley may be ignoring the rest of the world in light of potential economic recession, the Russian media companies have started expanding abroad. The Russian group Finam bought a stake in Badoo social network in the U.K., mobile entertainment provider Playfon acquired mobile community Wappy.to from Denmark, and A1 Group acquired AFM Cinemas in Turkey.

The Russian President Vladimir Putin, Time’s 2007 Person of the Year named Dmitry Medvedev his successor last year.

Dmitry Medvedev has been the first deputy prime minister of Russia for the past two years. He is 42 years old from St. Petersburg. Dmitry has legal background. He is a regular Internet user.

In his interview to Business Week in December 2007, Dmitry Medvedev said: “I want to preserve [Putin's] course, simply because it has shown that it can work. Our citizens have begun to live better. Living standards are rising. The most important social problems are being solved. Not as fast as we’d like, but it’s happening. I think that continuing on the path of modern, stable development over several decades will turn Russia into one of the most developed countries in the world. Today we’re already one of the 10 largest economies. The macroeconomic situation isn’t bad. But it’s obvious that there’s a lot left to do.”

Here is a picture of Dimitry Medvdev (left) talking to Vladimir Putin (right).

Medvedev and Putin Learn more about Dimtry Medvedev via Quintura.com

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