Intel Capital invests US$10M in Mango Telecom
MOSCOW, February 11, 2014 Mango Telecom announced today that it has received an investment from Intel Capital, Intel Corporations global investment and M&A organization. These funds will help Mango to pursue expansion of its cloud-based business services to the European markets.
With nine offices and 300 employees, Mango Telecom is Russias leading provider of software-as-a-service solutions for business communications.
The company offers integrated cloud-based business solutions including Virtual PBX, call center and CRM systems. Mangos unique service range allowed the company to increase its income from 303,4 mln RUR in 2011 to 884,8 mln RUR in 2013. Mangos client base has surpassed 30,000 businesses and 200,000 active users in recent years. While more and more companies turn to new technologies trying to minimize costs, improve business agility and client services, Mango Telecom is expecting continuous growth of its business in the range of 50% year-on-year.
The company also plans to further expand its presence in Russia and enter the European market. The Russian IP PBX market, which was estimated at up to 2 billion RUR in 2013, is expected to grow a further 30-40% yearly in the near future.
Considering the importance and potential of the cloud-based business communications market, Mango will use Intel Capitals investment to fulfil its ambitious plans and invest further in R&D and infrastructure.
Yuriy Zigulya, President of Mango Telecom, stated: Mangos cloud PBX solution is more scalable and has superior functionality as compared with traditional hardware-based PBX. It also eliminates the need to pay for expensive hardware and maintenance, drastically reducing the overall cost of ownership for business communication solutions.
Were seeing strong growth in our markets and we are excited to receive the investment from Intel Capital to strengthen our leadership, added the companys CEO, Dmitry Byzov.
Marcin Hejka, Intel Capital Managing Director for Russia, Eastern Europe, Middle East and Africa, said: The segment of cloud-based communications solutions has been growing dynamically, addressing the needs of the SME and enterprise customers in both mature and emerging markets. Mango is perfectly positioned to capitalize on this trend. We are delighted to crown our tenth year of operating in Russia with such an exciting deal.
Mango Telecom has grown to become one of the largest SaaS companies in Russia and still enjoys tremendous potential. We look forward to working together with management and existing investors in the company, added Maxim Krasnykh, Intel Capital Director for Russia and CIS.
Source: Presss Release on www.intelcapital.com