NGI

The fund was created in 2008, its volume was 20 million euros. In four years he invested in the French Mandriva (the developer of one of the most popular Linux distribution kits), in the Russian developer of software ROSA and in Pingwin Software system integrator which in 2011 handed over to the Ministry of Telecom and Mass Communications a prototype of the operating system for state institutions and the organizations. Based on this prototype of the Ministry of Telecom and Mass Communications was going to create the Russian analog of Windows — the operating system based on Linux. In 2010 it became clear that one of investors of fund — Leonid Reiman. Among owners of fund Akopyan Artur and Gleb Ognyannikov were also mentioned.

2012: Liquidation of fund

On October 25, 2012 the NGI fund reported that it "completed a stage of active investment and management of the companies specializing in the open source based on Linux". In the nearest future he will sell assets and will return means to investors. Gross internal regulation of investment profitability (IRR) made 20%, the founder and the managing director of fund Artur Akopyan said.

Most likely, assets of NGI will be redeemed by his investors, tells the source close to fund. Pingwin Software and ROSA will continue to work as before, the co-founder and the CEO Pingwin Software Dmitry Komissarov calculates them. Thanks to cooperation with the NGI command total sales of these companies in 2012 will double up to 500 million rubles ($16 million), he says, giving for comparison turnover of Canonical releasing Linux distribution kit Ubuntu, most popular in the world — $40-45 million a year^[1].

One of assets of NGI — Mandriva — left from under control of fund: this company which shares were once traded at the exchange, and then faced threat of bankruptcy and stood generally thanks to NGI, displaid the main product — the Mandriva Linux operating system — in non-profit partnership, reminds a source, close to fund (Mandriva reported about it in July, 2012). Everything, according to him, NGI invested a little more than $4 million in Mandriva: these investments did not return, but indirectly helped development Pingwin Software and Dews. But investments in Mandriva will be written off not completely, tells a source: its perspective Brazilian division remained to Connectiva at fund and will be redeemed by investors.

Classical venture funds are created for the long periods and the first four-five years only invest in projects, and from them think of an exit much later, the partner of Runa Capital fund Andrey Bliznuk says. Perhaps, investments of NGI were not really successful and the major shareholder decided to redeem shares of partners, the CEO of the Center of a transfer of technologies of RAS and Rusnano Alexey Gostomelsky assumes. In general IRR indicator in 20% per annum for venture fund not really impresses, considering that investments were made in the middle of crisis when assets were cheap, he says: good profitability for such fund — not less than 30% per annum.

2010

Purchase of 5% in the French Mandriva

In July, 2010 NGI acquired 5% of shares in the French company Mandriva, acting for the benefit of the ex-Minister of Communications of the Russian Federation Leonid Reiman.

In September, 2010 it became known that NGI purchases control over the French Mandriva. The source close to one of the parties of the transaction^[1] reported about it^[1].

On September 17 Mandriva shareholder meeting which made the decision on reduction of authorized capital and an additional issue and convertible bonds for benefit of Townarea Trading and Investments ltd took place. The Townarea company belongs to NGI.

The controlling stake of Mandriva cost NGI approximately 2 million euros. Scheme: the fund invests in the company about 2 million euros then a part of an additional issue will be distributed between two other shareholders of Mandriva — the French Occam and the American Millenium. Shares of other shareholders will not be redeemed, he emphasizes. NGI does not aim at accumulation "more than a controlling stake", Akopyan specified.

At the beginning of 2011 the Ministry of Telecom and Mass Communications is going to announce competition on development of the national operating system on Linux. Now Mandriva intends to participate in it along with Russian Technologies which redeemed recently ALTLinux.

Purchase of 51% in Pingwin Software

On September 21, 2010 it became known that NGI buys Pingwin Software. According to Akopyan, NGI redeems 51% of Pingwin Software from shareholders of IT, 49% will remain with founders and managers of group.

The manager, close to participants of the transaction, says that Pingwin could estimate approximately at two annual revenues. In 2009 Pingwin earned 60 million rubles, the independent consultant for marketing in IT Lyubov Aronova who estimated the market of the free software by request of Pingwin considers.

In 2014 it was announced closing of the company.

Investments of 60 million rub into creation of ROSA company

November, 2010 the ex-Minister of Communications and the former adviser to the president Russia Leonid Reiman created the company on production and maintenance of software on the basis of an open program code "Dew". Investments into the project made about 60 million rubles. At the initial stage of ROSA it will be concentrated on software development for Russia, and development of cooperation with foreign partners, for example with Mandriva is planned afterwards (5% of stocks belong to Reyman through NGI venture fund). At the end of 2010 the declaration of the tender for creation of national OS is expected. From the budget it is supposed to select 490 million rubles in the next three years for financing of this program. By estimates of Finam company, the volume of the Russian market of the open source software can be 300-350 million dollars.

In 2014 it was declared bankruptcy of the company and migration of the project in STC IT of ROSA.

Notes