Ambient Sound Investments (ASI), an Estonian private equity firm by Skype engineers, has sold its stake in LogneX. ASI first invested in the Software-As-A-Service firm LogenX in 2008. The original investment was for USD 0.2 million wich accounted for a 30% ownership of the company.
ASI sold their ownership to 1C Company, a Russian software provider. 1C Company has stated that it intends to increase its stake in LogneX through additional equity capital.
LogneX was originally founded in 2007 as a cloud-based inventory management system, and was the first company of its type in Russia. Currently, LogneX has over 400 small and medium sized businesses which use its inventory management system. Targeted companies include: Retail, Construction, Catering and Manufacturing trades.
Ambient Sound Investments (www.asi.ee)
Ambient Sound Investments is a venture capital and private equity investment firm founded in 2003 by four of Skype’s founding engineers. The firm focuses on technology startups with an emphasis on social media, mobile applications, and software, and which are based in Eastern Europe, Asia, or Russia. A vision to become a global player in their chosen industry is a must for all Ambient Sound portfolio companies.
ASI targets Information and Internet based companies which are based in Russia, Eastern Europe or Asia. Ambient Sound currently manages total assets of €100 million. ASI has, since its inception, also created the ASI Private Equity Fund in 2006 and ASI Incubator in 2007.
1C Company (www.1c.ru)
Headquartered in Moscow, 1C Company is considered to be one of the largest software companies in the country. Outside of Russia, the company is best known as a game developer, whose games are already appearing for Xbox. However, the company is also a leader in business software and converting western software programs into Russian based programs.
1C Company was founded in 1991 and currently has 700 employees.