Horizon Capital exits Ciklum to Soros fund
Ukraine-focused GP Horizon Capital has sold its stake in Kyiv-headquartered IT services company Ciklum to the Ukrainian Redevelopment Fund (URF), owned by George Soros’s Foundation.
KEY FACTS
Ciklum
DEAL – Exit
LOCATION – Kyiv
SECTOR – Business support services
FOUNDED – 2002
VENDOR – Horizon Capital
Soros’s URF will acquire Horizon’s entire minority shareholding in Ciklum, as well as a part of the majority stake held by founder and CEO Torben Majgaard’s holding company Majgaard Holdings.
For Ciklum, URF’s investment will support the company’s expansion through organic growth, focusing on the US and UK in 2016, as well as add-on acquisitions.
Previous funding
Horizon Capital took a minority stake in Ciklum through a growth capital investment in April 2012. The investment was made through Horizon’s 2008-vintage Emerging Europe Growth Fund II, a $390m vehicle that typically invests $15-40m per ticket.
Company
Kyiv-based Ciklum is an IT outsourcing services company focused on the recruitment of dedicated software development teams for corporate clients.
Founded in 2002, the company has offices in Ukraine, Belarus, the US, the UK, Switzerland, Denmark, Romania, Israel and Pakistan.
People
Denis Tafintsev is a partner at Horizon Capital. Torben Majgaard is the CEO and founder of Ciklum.