Cybersecurity company Group-IB to split into Russian, international business
In a bid to maintain its presence in both the Russian and overseas markets, Cybersecurity outfit Group-IB will be splitting its Russian and international business into two separate companies, the company said on Wednesday.
Group-IB said in a statement that the company’s global headquarters in Singapore will handle international clients, while a “completely autonomous” Russian spin-off will work with businesses in Russia and a handful of other former Soviet states.
The move is in line with such steps taken by dozens of companies to exit or sell their Russian operations since the West hit Russia with unprecedented economic sanctions in response to Moscow sending tens of thousands of troops into Ukraine in February.
“The Russia and Commonwealth of Independent States (CIS) business from now on will evolve independently,” Group-IB said in a statement.
The first stage of separation has been completed, and shareholders’ assets will be divided between the two companies within six months, Group-IB said.
“We believe that this step will give us more market freedom and will accelerate business development in all regions of Group-IB’s presence,” said Group-IB Global’s general director Dmitry Volkov.
Group-IB was once a feted symbol of Russia’s home-grown tech industry, with President Vladimir Putin in 2019 awarding founder Ilya Sachkov a business prize for young entrepreneurs. Its international expansion and work with foreign law enforcement agencies appeared to be a concern for Russian authorities, as a result of which, in September 2021 Sachkov was arrested and charged with treason for divulging state secrets to a foreign power.
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