BERLIN Prompt, a St Petersburg-based developer of automatic translation software, has been acquired by the Earlier Stage Alternative Fund.
The Fund is run by Moscow-based private equity firm Renova Capital. The investment amount was not disclosed.
"The investment in Prompt aims to create a world market leader in automatic translation, in both Internet services and in boxed products," said Renova Capital Partner Dmitry Levonyan in a statement.
The new management intends to open offices in Western Europe, Latin America, and the US.
Prompt provides automatic translation between 26 pairs of languages and is the market leader in automatic translation software in Russia, the Commonwealth of Independent States and Germany, according to Renova officials.
Prompt's corporate clients include Lukoil, MTS, Aeroflot, Cisco and Xerox.
Renova Capital targets investments in Russia and CIS countries. It specializes in direct investments in companies with revenues ranging from $100 to $500 million. The average investment is $25-50 million.
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