6 Sep 2022 13:13

Yadro acquires data storage system software developer Raidix

MOSCOW. Sept 6 (Interfax) - Yadro Group LLC has completed the acquisition of 100% of Raidix LLC, a St. Petersburg-based developer of software-defined data storage solutions, from the company's founder and majority shareholder Andrei Fyodorov and a Rostelecom fund, Yadro reported.

Yadro acquired a 30.03% stake in Raidix from CommIT Capital LLC, a Rostelecom venture capital fund that bought the stake in Raidix in 2016, data from the Unified State Register of Legal Entities showed.

The register shows that the other 69.97% of Raidix is owned by Fyodorov, but Yadro said it has purchased his stake. Yadro did not say how much it paid for the company.

"The deal is an important step in the implementation of the strategy to enter new segments of the data storage systems market. We are expanding our product portfolio and portfolio of competencies for working with clients and partners. At the same time we will continue to invest in the development of the flagship line of TATLIN corporate class data storage systems, which is represented in several segments, including midrange unified storage systems," Yadro product director Pavel Yegorov was quoted as saying in the press release.

Rostelecom's press service confirmed the sale of the Raidix stake and said that CommIT Capital received more than twice its initial investment, but it did not name the sum of the deal.

"Raidix was a venture capital investment for Rostelecom. This is not the company's first time exiting projects, for example T8 and Brain4Net, if analysis shows that their development outside the group will be faster and more efficient," the national telecom provider said.

Raidix, founded in 2009, develops software for building high-performance data storage systems for businesses and government organizations. Raidix products are delivered primarily as part of hardware and software suites and distributed through a network of partners in Russia and abroad, including the United States, South Korea, the United Kingdom, Brazil, India, Egypt and other markets.

Raidix's net profit tumbled more than 70% to 10.3 million rubles in 2021 on sales up 19.4% to 119.9 million rubles, the SPARK-Interfax system showed.

Yadro is a group of Russian technology companies that includes development and production of computing platforms, data processing and storage systems, telecommunications and network equipment, personal and smart devices, microprocessor cores and fabless development of microprocessors. The group has R&D centers in Moscow, St. Petersburg, Yekaterinburg and Nizhny Novgorod.