The Russian IT system distribution and integration group Stins Coman has announced it is expected to consolidate 42% shares in RiT Technologies, a NASDAQ-listed provider of physical network infrastructure control and management solutions. Stins Coman will invest a total of over $5 million to purchase RiT‘s shares and warrants from the company’s founders and directors as well as via partial tender offer. Stins Coman has been RiT‘s distributor in Russia since 1994.
RiT Technologies was founded in 1989 and traded on NASDAQ since 1997. The company is headquartered in Tel Aviv, Israel and has over 100 employees. RiT reported sales of $23.4 million (down from $25.1 million in 2006) and net loss of $5.3 million in 2007. In Q1 2008, RiT reported sales of $4.8 million (down from $5.5 million in Q1 2007) and net loss of $1.1 million.
RiT solutions are deployed in a broad range of enterprise and carrier environments, including organizations, branch offices, government agencies, data centers, and others. Its clients include Business Objects, AENA, Prague Airport, Czech Telecom, Deutsche Telecom, and KPN. RiT is a member of RAD Group, a world leader in communications solutions.
Stins Coman is a group of Russian IT system distribution, integration, training and service companies with total sales of more than $90 million in 2007, up 77% from 2006. Through RiT‘s acquisition, Stins Coman is expected to grow its position in several IT system distribution market segments in Russia, including the cabling solutions market valued at over $60 million per year, by marketing RiT smart cabling solutions.