CIMdata PLM Industry Summary Online Archive
23 September 2004
Company News
IFS Strengthens Its Presence in Eastern Europe With Acquisition of Its Russian Distributor
IFS announced that on October 1, 2004, it will officially establish a Moscow-headquartered subsidiary, IFS Russia, by acquiring a majority share of its Russian distributor. The office will coordinate IFS' activities in Russia and other former USSR countries such as the Ukraine, Kazakhstan, and the Baltic States.
According to the industry analyst, IDC, Russia has the world's fastest-growing large IT market; Russia's enterprise application suite sector grew by 55.6% in 2003.
"Our business in Russia and other former Soviet Union countries has great potential, and that's why it's time for us to open our subsidiary here," said Piotr Kozlowski, president of IFS CEE. "Previously we've been working in the region through our distributor, Corporate Financial Systems, which is now being acquired by IFS. With about 20 customers, including FSK EES, the company that manages the Russian power grid, as well as Bureya Power Plant, Podolskcable, and Urals Optical and Mechanical Plant, we have a strong position here and look forward to increasing our market share."
"Being focused on asset-intensive industries in utilities and heavy manufacturing, we are working together with our local partner network to deliver the most functional and flexible solutions," said Leonid Victorov, CEO of IFS Russia. "This hub will deliver advanced support and product localization to our customers and partners."
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