Algorithm Online wins Foreign invesment

Algorithm Group and a consortium of Western companies led by the German investment holding Worldwide Business Activities (WBA) have signed an agreement. Under the terms of the contract, the consortium becomes a 26 percent owner of Algorithm Online, which includes about ten information resources updated on a daily basis. According to WBA head Igor Schleiger, the consortium brings together two German and one American companies and was created to support “serious and prospective Internet projects in Russia”. He says the deal with Algorithm is valued “at several million dollars”. In future, the consortium plans to invest about $30 million in the Internet in Russia. According to Algorithm Group president Alexander Kann, the sale was driven by the need for expansion. Now the office of Algorithm will be about doubled, he says.

Algorithm Group: (+7 095) 124-62-92 www.algo.ru

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