20 February 2008

ASI to invest in Russian E-warehouse Service LogneX

Tallinn, February 20, 2008 – The investment group Ambient Sound Investments (ASI) has acquired shares in a Russian company LogneX that will introduce an online inventory management service MoySklad to small and medium businesses in Russia and other Russian speaking countries. With a contribution of 200000 USD ASI will acquire a 30 per cent stake in LogneX, a Moscow-based software development company launching the service MoySklad (MyWarehouse) in the end of February. MoySklad is a new browser-based inventory management service for small and medium sized businesses that provides freedom of location and a low cost alternative to uphold daily communication, documentation and accounting. "With reliable Internet services available everywhere it is a perfect time for companies to use online business software such as MoySklad to lower cost and simplify operations," says Askar Rahimberdiev, CEO of LogneX. "Introducing MoySklad, we will benefit from the experience of ASI team, an ideal investor for a technology business." Tauno Tats, CEO of ASI is impressed of the growth potential and the team of LogneX. "MoySklad represents a service with vast potential in a niche in Russia that is underserved and growing fast," says Tats. "We also see the experienced software developing team as an asset delivering the new service to the market." LogneX is currently working on other services for small and medium businesses including online accounting, client relationship and human resources management etc. The company also sees great potential to expand its activities further to Ukraine and Kazakhstan. Simply with online subscription and a monthly fee of 50 USD per user the service is available without any installation or additional hardware needed. LogneX LogneX is a software development company offering online inventory management service MoySklad to small and medium businesses in Russia and other Russian speaking countries. LogneX software development team was formed in 2007 and is based in Moscow, Russia. For additional information see: http://www.moysklad.ru/ ASI Ambient Sound Investments (ASI) is an investment holding of four Estonian co-founders of Skype, using its assets to fund budding international technology enterprises. ASI is mostly focusing on Eastern Europe, searching companies that are developing novel technologies or based thereon to be added to its investment portfolio. For additional information see: www.asi.ee For more information, please contact:
Askar Rahimberdiev
CEO, LogneX
Skype: arahimberdiev
askar@moysklad.ru
Tauno Tats
Managing Director, Ambient Sound Investments
Skype: taunotats
tauno@asi.ee