The EMF New Europe Insurance Fund (‘NEIF’) and VIRTU SYSTEMS Russia have completed a transaction under which NEIF has committed to invest into VIRTU SYSTEMS.
VIRTU SYSTEMS is a Russian insurance software provider specializing in front-end/distribution solutions for the insurance industry. The investment will expand VIRTU SYSTEM’s team of experts and programmers and will help the company with the creation of its new product range: Virtu front office system (NG) New version will initially be launched in Russia, but in the future the company intends to explore opportunities in international markets.
Peter Lovas, CEO of EMF Capital Partners, comments: “We are excited to be able to support a vibrant and dynamic Russian company such as VIRTU SYSTEMS. We see the IT sphere in the Russian insurance sector as a high growth segment which will enable the industry to improve its efficiency and reporting transparency ultimately leading to higher profitability.’’
Ivan Ivanov, CEO of VIRTU SYSTEMS, comments: “This investment by NEIF is an important milestone in the development of VIRTU SYSTEMS and will allow the company to invest in development staff and new products and to improve the services we offer to our clients”.