Rostelecom division becomes owner of business communications services developer Mango Telecom

MOSCOW. March 11 (Interfax) - Telecom-1, a division of PJSC Rostelecom , now owns 100% of both Mango Telecom LLC and M. Developer LLC, the Unified State Register of Legal Entities shows.

The deal took place on March 7.

Meanwhile, as collateral, Telecom-1 received 100% of the shares of both legal entities, which were previously owned by the Embassy Invest closed mutual fund, on February 26.

Telecom-1 is 99.99% owned by Westelcom JSC (a subsidiary of Rostelecom PJSC).

Mango Telecom LLC (Mango Office brand), was registered in 2003. The company develops software and services for business communications, and provides IP telephony and virtual PBX services. Its revenue reached 4.5 billion rubles in 2022, with net profit of 897.9 million rubles.

M. Developer LLC (Mango Developer brand), registered in 2019, is engaged in the comprehensive development and support of software for corporate communications. Revenue totaled 580 million rubles in 2022, while net profit was 44.4 million rubles.

Both legal entities have been the property of the Embassy Invest closed mutual fund since February 20. Prior to that date, the companies were owned by Cypriot Mango Cloud Systems Limited, part of businessman Grigory Berezkin's business holdings.