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EquityStory.RS, LLC-News: Rostec Corporation / Key word(s): Miscellaneous Rostec introduces a provider of Russian IT solutions at CIPR-2017 2017-05-25 / 15:27 The issuer is solely responsible for the content of this announcement. *Rostec introduces a provider of Russian IT solutions at CIPR-2017* _Press release_ _25 May 2017_ *Rostec State Corporation introduced a new company, RITE (Russian IT Export), during the Digital Industry of Industrial Russia - 2017 (CIPR-2017) international forum. RITE will promote Russian hi-tech IT products in international markets.* The key area of activities of RITE is promotion of multipurpose Russian IT products and services in international markets with use of the cross-border interaction institute and the extensive network of Rostec offices and representative offices in partner countries. RITE will become a unique window for export of Russian IT solutions thanks to its industrial and country expertise allowing it to offer optimal solutions for every client and its role of the integrator in a number of packaged solutions of the Russian IT market players. "At the moment, we have a number of major advantages," *Vasily Brovko*, the Director for Special Commissions at Rostec and the Chairman of the Board of Directors at RITE said. "First of all, we are ready to offer a deeply customized product to our international partners. RITE has significant strategic, management and regulatory consulting competences allowing to achieve this. Secondly, unlike some global market players, we offer to clients transfer of title to the IT systems created through collaboration. Besides, our products will be competitive price-wise thanks to the relatively low cost of Russian IT solutions and a low exchange rate of the national currency." RITE focuses on work with B2B market segments, B2G first of all. This focus is determined by the product solutions such as the ones represented by multipurpose products, primarily of the state level, as well as substantial GR support provided by Rostec State Corporation thanks to which RITE has a unique opportunity to sign contracts with state authorities of partner countries. At the moment, the key target markets of RITE are South-East Asia, Latin America, the Middle East, Africa and the EURASEC countries, i.e. the regions with which Russia has established good political, economic and trade relations. "We are ready to offer special contract terms tailored to each of our partners' needs. We plan that most often RITE will operate as a consortium uniting various solutions and companies. However, in some situations, local partners will need to be involved according to tender terms or concessionary agreements with local governments will be required. And this is one of the key RITE competences - we are prepared for various collaboration formats, we are ready to sign contracts in accordance with financial and legal requirements to avoid inconveniences for our partners," *Egor Ivanov*, CEO at RITE said. RITE is currently negotiating the terms of its international expansion with about 40 Russian companies. Within the framework of CIPR-2017 the agreements were signed with six of them: Group IB, Softline, Ntechlab, VRTech, "Eton" and "My Office". Cooperation with RITE will allow Russian companies to enter the markets of more than 50 countries. For many of these companies and start-ups, attaining independent access to such a large number of markets would require enormous financial expenses. *Rostec State Corporation* is a Russian corporation established in 2007 to facilitate development, production and export of high-tech industrial products designed for civilian and military applications. It comprises over 700 organizations that are currently part of eleven holding companies operating in the military-industrial complex and three holding companies working in the civilian industry, as well as over 80 directly managed organizations. Rostec's portfolio includes well-known brands such as AVTOVAZ, KAMAZ, Kalashnikov Concern, Russian Helicopters, VSMPO AVISMA, UralVagonZavod, etc. Rostec companies are located in 60 constituent entities of the Russian Federation and supply products to more than 70 countries. In 2016, the consolidated revenue of Rostec reached 1 trillion 266 billion rubles, while the consolidated net income and EBITDA amounted to 88 and 268 billion rubles respectively. In 2016, the average salary in the Corporation was 44,000 rubles. According to Rostec's strategy, the main objective of the Corporation is to ensure that Russia has a technological advantage in highly competitive global markets. Rostec's key objectives include introduction of a new techno-economic paradigm and digitalization of the Russian economy. *CIPR* is the first IT conference in Russia that provides a platform for an effective dialogue between representatives of the industry, the sector and defense complex professionals, and venture investors. 2017-05-25 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EquityStory.RS, LLC Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de 577619 2017-05-25
(END) Dow Jones Newswires
May 25, 2017 09:28 ET (13:28 GMT)