Singapore venture capital fund Amereus Group acquires 25% stake in online service Fintender.ru

Amereus
Amereus Group

Singapore venture capital Fund Amereus Group that manages the money of the principal owner of the “Russian Aquaculture” Maxim Vorobyov, became interested in Internet projects of Sovcombank in the field of public procurement. As it became known Amereus Group received 25% of the online service Fintender.ru. The value of this share could amount to 300 million rubles, according to expert estimates.

Amereus Group became a shareholder of Fintender.ru in the second half of 2016 after the exercise of options. The effective share of the Fund is 25%.

Copyright to Fintender.ru according to their website belongs to JSC “Intender”. Prior to November 18th the company was called JSC “Triumph estate”. “Triumph estate” was identified as the “daughter” of PJSC “Sovcombank” according to memorandum of the Bank for the second quarter of 2015. The owner of “Triumph Estate” is another “daughter” of the Bank — JSC “Silhouette”. Sovcombank bought 65% of the JSC “Silhouette” for 795 million rubles in may 2015. At the end of the third quarter of 2016 Sovcombank owned 55% of JSC “Silhouette”.

According to statements of Sovcombank, Fintender.ru provides electronic document management for transactions with Bank guarantees issued by banks in the provision of state and municipal contracts. The project partners — Sovcombank and its subsidiary Bank “SKIB”.

Fintender.ru is a large player in the market of Bank guarantees for participation in procurement. Similar services are available on electronic trading platforms and services Penenza.ru “the Exchange of Bank guarantees”, Gosbroker.ru etc. Services like Fintender.ru take the money from the Bank in one completed or approved application for a guarantee, in fact, playing the role of a channel for attracting clients for the Bank. But the market is not very big: a small volume of government contracts, which usually involves customers of these services is approximately RUB 30 billion, therefore banks commissions will be about 300 million rubles. Perhaps it is because of the small market capacity Fintender.ru expanded service range offering not only guarantees, but also other assistance in the tender document for small businesses.

By the end of 2015, the revenue of JSC “Intender” doubled compared to 2014 and reached 661 million rubles. Net profit rose 2.7 times to RUB 77.2 million. “We saw the potential fold increase shareholder value in the next few years and strong management team that’s able to implement it,” says investdirector of Amereus Group. Fintender.ru also develops information and analytical services based on Big Data, alternative methods of credit analysis and their own solution based on blockchain technology, he added.

Nowadays, the revenue Fintender.ru can be up to 120 million rubles. per month, says Director of the center for financial and credit support of “Business Russia” Alexey Poroshin. He estimated the price of 100% Fintender to be at 1.2 billion rubles, and 25% is respectively at 300 million rubles. Fintender.ru position will rise due to the announced purchase of LLC “RTS-tender” by Sovcombank in the Fall of 2016 – another one of the five federal state and municipal procurement platforms.

Fintender.ru became the eighth Russian company in the Amereus Group portfolio, which also includes Rocketinternet and LendingClub. In October 2016 Amereus Group together with the structures of billionaire Alexander Mamut has invested $5 million in icandeliver.ru service. Other influential investor within Amereus Group this year included Sistema Asia Fund created by AFK “Sistema” of Vladimir Yevtushenkov.

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