Altus Capital acquired shares of «Elecsnet»

AUGUST 2017 — In 2017 Altus Capital acquired 49.78% of shares of «Elecsnet» being creator of Russia's first remote payment service, as well as the largest Russian network of payment terminals with extended functionality.

Altus Capital acquired equity stake from several international investment funds, having accumulated the largest minority stake in the company. The investment strategy of Altus Capital with respect to Elecsnet included creation of synergy with portfolio companies of the group and extension of programs of cooperation with banks in Russia and outside of its territory with due consideration of accumulated experience. Throughout the period of holding by Altus Capital of equity stake of Elecsnet the company set up and implemented joint pilot projects with European systems of remote opening of accounts, currency conversion and payments, extended cooperation with one of the largest banks in Russia and started development of new products for handling payments from mobile devices.

Upon acquisition of a minority stake of Elecsnet by Sibintech, one of the largest IT holdings in Russia possessing extensive expertise in working with enterprises of oil and gas, and public sectors, for the company opened up new opportunities for integration of its services into Sibintech federal network.

In connection with appearance of such strategic partner of Elecsnet as Sibintech it became possible for Altus Capital to ensure early exit. As of the date of transaction relating to LLC «Long-term Iinvestments» Altus Capital was interested in Elecsnet as an asset and its development on the basis of the opportunities ensured by Sibintech group, however by that time the prospects of such development and the timeframe for appearance of Sibintech were not clear. Upon acquisition by Sibintech of a minority stake of Elecsnet, Altus Capital sold its equity stake of LLC «Long-term Iinvestments» in this (2018) year, having ensured attractive profitability.