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Russian mobile operator invests $10.8 million in local retail software developer

Nov 05, 2017
Earlier this month Russian cell phone operator MTS acquired a majority stake (50,82%) in Oblachyi Retail ("cloud retail" in Russian) for 620 million rubles ($10.8 million at the current exchange rate). The news was reported by local online publication based on its exchanges with MTS.

The funding includes 30 million rubles (roughly $525,000) for debt repayment, 420 million rubles ($7.3 million) of investment to fuel the company’s business development, and 170 million rubles ($2.9 million) for MTS to receive a majority stake.

Oblachyi Retail is a retail software developer operating in 14 Russian cities, in addition to Moscow. Its flagship product, LiteBox, is a cloud-based retail software that combines a cash register terminal and a merchandising system. It is intended for business to monitor and manage operation remotely from anywhere in the world. The services include automated procurement management, sales and key performance indexes analytics, as well as loyalty programs management.