Sistema PJSFC (SSA)
Sistema PJSFC: Sistema launches start-up fund Sistema SmartTech
27-Feb-2020 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Sistema launches start-up fund Sistema SmartTech
Moscow, 27 February 2020 - Sistema PJSFC ("Sistema" or "the Corporation")
(LSE: SSA, MOEX: AFKS), a Russian publicly-traded diversified holding
company, announces the launch of Sistema SmartTech ("Sistema SmartTech" or
"the Fund"), a fund aimed at supporting early-stage and start-up companies
from seed investment to Series A funding.
The Fund's target size is expected to be RUB 5bn, with up to RUB 1.5bn
investment from Sistema. In addition to Sistema, which shall act as an
anchor investor, the Fund will also include third-party investors, a number
of whom have already expressed an interest in participation.
The Fund will draw down commitments gradually as it approves specific
investment projects. These projects will be subject to a rigorous selection
process in order to ensure their compliance with the Fund's investment
guidelines and applicable legal/regulatory requirements.
Sistema SmartTech will have a total lifespan of eight years, with an
investment period of five years. The Fund is expected to support
approximately 20 early-stage venture capital projects, with investments in
each individual project ranging from RUB 50m to RUB 300m.
Sistema SmartTech will primarily invest in projects that have Russian
origin, operate in diverse sectors of the economy, and demonstrate upside
potential through the creation of new market niches. Preference will be
given to projects with strong prospects of a subsequent sale to strategic
investors for whom such projects can become an important element of their
ecosystem.
The Fund will be managed by an experienced team of managers with deep
expertise in venture capital investments and a robust project pipeline. The
team will be led by Ksenia Shoigu, an experienced manager with an extensive
track record of successful project implementation. Artem Sirazutdinov,
Managing Partner of Sistema, will serve as Chairman of the Fund's Board of
Directors.
Artem Sirazutdinov, Managing Partner of Sistema, commented:
"Virtually all sectors of the economy are currently undergoing major
technological changes. There is an ongoing process of technology replacement
and upgrade, the discovery of new attractive niches and even the formation
of entirely new industries. By supporting Russian entrepreneurs with
promising technology and product ideas, Sistema is striving to become a
leader in technology innovation and transformation."
Ksenia Shoigu, Managing Partner of Sistema SmartTech, said:
"With the transition to the Information Age, we are witnessing a global
technological shift that will impact almost all areas of everyday life.
Behind each technological change and innovation, there is always an
entrepreneur. One of the key objectives of the Fund is to seek out these
entrepreneurs and provide them with the resources and infrastructure
necessary for their development. It is also important to provide the
flexibility to allow these companies to integrate technologies in a timely
manner. In this regard, I believe that the Fund's central task is to become
a bridge between startups that offer solutions but lack experience in
implementation, and large companies that require these technologies."
Sistema SmartTech will join Sistema's family of funds, which also includes
Sistema Venture Capital (investments in growth-stage high-tech companies),
Sistema Asia Fund (investments in high-tech companies in India and Southeast
Asia) and Rusnano Sistema SICAR (a joint fund of Sistema and Rusnano
established in 2016 for investments in growth-stage tech companies with a
focus on Smart City projects).
***
Sistema PJSFC is a Russian publicly-traded diversified holding company
serving over 150 million customers in the sectors of telecommunications,
high technology, banking, retail, timber processing, agriculture, real
estate, tourism and healthcare. The company was founded in 1993. Its revenue
in 2018 reached RUB 773.9bn; its total assets equalled RUB 1.5tn as of 31
December 2018. Sistema's global depositary receipts are listed under the
"SSA" ticker on the London Stock Exchange. Sistema's ordinary shares are
listed under the "AFKS" ticker on the Moscow Exchange. Further information
is available at www.sistema.com [1].
***
For further information, please visit www.sistema.com [1] or contact:
IR Service Press Service
Nikolay Minashin Sergey Kopytov
Phone: +7 (495) 730 66 00 Phone: +7 (495) 228 15 32
n.minashin@sistema.ru kopytov@sistema.ru
ISIN: US48122U2042
Category Code: MSCH
TIDM: SSA
LEI Code: 213800JSZ2UUK4QQK694
Sequence No.: 49206
EQS News ID: 984803
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=f1efd490ef237092d4033512d119fe99&application_id=984803&site_id=vwd&application_name=news
(END) Dow Jones Newswires
February 27, 2020 02:00 ET (07:00 GMT)
