Reksoft, a leading name in Russian ITO has been purchased by TechnoServ A/S, one of the largest IT companies in Russia.

The combined companies reported a combined US$1.22bn in revenues for fiscal 07. Reksoft adds another 400 staff to TechnoServ’s existing 1500 headcount

In a statement the company expressed hopes that the acquisition would ‘strengthen Reksoft’s financial sustainability and accelerate the provider's geographical expansion both to become closer to our clients and to develop new delivery locations in Russia and Eastern Europe.’

Under the agreement, Reksoft will continue to operate independently and Alexander Egorov, company's CEO since company's inception, will stay in his position.

"We are excited about the future cooperation with this new partner. The management of TechnoServ and Reksoft shares a common vision on the future development of our joint business and we will further increase the value to our existing customers and partners. We appreciated all the help and support that MTVP provided and I am sure that we will cooperate in the coming years," explained Alexander Egorov, Reksoft Chief Executive Officer.