Russians buy ITC Networks

Romanian ITC Networks (ITCN), a developer of telecommunications software and systems, has been acquired by Russian Luxoft, the software development division of the IBS group, the largest IT solutions integrator in Russia, whose business stands at approximately 700 million euros. ITCN was established by Doru Mardare in 2000, who will retain a minority interest of 10% in the company and the position as chief executive for at least three years, ITCN representatives say. They did not care to reveal the value of the deal. Sources on the market say that based on the indicators used for such business, the value of the deal could be somewhere between 15 to 20 million euros. ITCN currently employs 630 people and forecast turnover worth 30 million euros this year, an increase from the approximately 22 million euros in 2007.