27 May 2011

ASI sells its Share in Russian Software Developer

TALLINN, May 27, 2011 - Ambient Sound Investments has sold its minority stake in LogneX, a Moscow-based developer of web-based inventory management software for Russian small- and medium-sized enterprises. The investment generated positive return for ASI.

ASI's share was acquired by 1C, a leader in Russia's enterprise software market. In lieu of acquiring ASI's shares in LogneX, 1C also injected additional capital into the company for further product development and market expansion.

ASI invested in LogneX in 2008, being the company's first financial investor, and funded the development of initial product and its launch to the market. At the time of the investment LogneX was one of the few software companies in Russia to launch a Software as a Service (SaaS) offering.

About LogneX
LogneX is a developer of online inventory management software MoySklad for small and medium businesses in Russia and other Russian speaking countries. LogneX was founded in 2007 and is based in Moscow, Russia. For additional information see: http://www.moysklad.ru/
For more information, please contact:

Askar Rahimberdiev
CEO, LogneX
Skype: arahimberdiev

Margus Uudam
ASI, Head of Venture Capital Investments
E-mail: margus@asi.ee
Skype: margusuudam