The London-based Tower Gate Capital together with a Russian hedge fund and New York-based Third Millennium Russia Fund invested $4 million in DataArt, a high-end software outsourcing provider with development centers in Russia and the Ukraine. The company said it would add $2 million to the round in the near future. 11-year old DataArt is chaired by Eugene Goland who co-founded Russia’s leading online portal Mail.ru.
DataArt specializes in enterprise application development, system integration and business automation tools for financial, hedge and fund management, telecoms, and media sectors. Headquartered in New York City, DataArt has over 400 software developers and consultants in its R&D centers in St. Petersburg and Voronezh in Russia as well as in Kherson and Kharkov in Ukraines, and office in London. Its clients include Standard & Poor’s, BNP Paribas, HedgeSpeed Technology and Misys.
DataArt generated revenues $12.5 million in 2007, up 73% from 2006. The company plans to reach revenues of over $18 million in 2008. In January 2007, DataArt was named #4 emerging global service provider and #4 emerging European service provider by CMP’s Global Services 100.