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Early Stage Alternative Fund Invests In E-Learning Service Competentum

Files under: Enterprise, News, Tech
Posted by: Quintura @ 18:23 [4. 10. 08]

The venture capital fund, Early Stage Alternative Fund, which is managed by Svarog Capital Advisors (formerly Renova Capital), has acquired a blocking minority stake in e-learning solution and content provider Competentum, the company recently announced on its corporate web-site. According to business daily newspaper Kommersant, the fund paid just under $10 million for a 35% stake in Competentum.

Founded in 1993 as Physicon, Competentum generated revenues of $10 million in 2007. Its customers include Thomson Learning and Pearson Education in the U.S. as well as VimpelCom, Uralsib, LUKOIL, and Rosgosstraph in Russia. The Russian e-learning market, which grows over 30% per year, is valued at more than $100 million.

In June 2008, Early Stage Alternative Fund acquired a 51% majority stake in PROMT, a St. Petersburg-based machine language translation software and service provider, for $10 million.

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