Rostec liquidates a subsidiary that developed IT exports – Kommersant

Rostec will liquidate its subsidiary RusITExport or RITE (Russian Information Technology Export) by the end of the year, RBC reported with reference to the Unified State Register of Legal Entities. RITE was created to promote Russian high-tech products in the IT field abroad The representative of Rostec said RBCthat the company has completed all the tasks assigned to it and its development against the backdrop of sanctions has become inappropriate.

“RusITExport was created for a number of specific international projects. At the moment, the company has fulfilled its obligations and is not bound by any contracts,” Rostec said. They assured that for the sale of Russian products within the country and abroad, “new channels are being built”, and RITE employees were assigned to other Rostec companies.

RITE opened in 2017. Her representative saidthat private investors invested $2.5 million in the asset. The main areas of its activity were to be the E-Government and Smart City projects, integrated security systems and business process automation. The greatest demand was expected from Asia, Africa, Latin America and the Middle East.

The authorized capital of the company is 181 million rubles. Rostec’s structure – RT-Business Development LLC – owns 76%, the rest is owned by private investors through Valkyria LLC. At the end of 2022, RusITExport’s revenue amounted to 928 thousand rubles, net profit – 600 thousand rubles.

Laura Keffer