OpenView Venture Partners and ABRT Venture Fund Announce “Partnership for Russia”

by || 04/10/2007

Boston, MA – OpenView Venture Partners of Boston, MA and ABRT Venture Fund of Moscow, Russia, today announced their new “Partnership for Russia” investment program. The goal of the joint effort is to identify and invest in the best software & information technology companies in Russia and East-Central Europe.

This alliance is the formalization of a long-standing and highly successful working relationship between the founders of both firms, Scott Maxwell of OpenView Venture Partners (and formerly of Insight Venture Partners), and Ratmir Timashev and Andrei Baronov of ABRT Venture Fund. Joint successes include Aelita Software (sold to Quest Software in 2004 for $115 million), Acronis, and Quintura, among others, totaling over $30 million in investments.

“We are delighted to have ABRT as our primary co-investor in Russia and East-Central Europe. The team’s deep personal relationships in the region as well as their understanding of the local culture and business environment are invaluable to us,” said Scott Maxwell. “In addition, the ABRT team has the experience of building a world-class software company.”

Although OpenView and ABRT will continue their separate teams and operations their “Partnership for Russia” will jointly focus on fast growing software companies and other information technology start-ups that are looking to expand their sales & marketing operations in the US and Europe.

“Together we intend to be the strongest and most successful software and IT venture capital effort in the region,” Ratmir Timashev stated. “In addition to a significant capital pool, the OpenView team brings deep operating expertise in helping software companies position themselves in the world market and rapidly scale their sales and marketing efforts.”

“If you are an entrepreneur with a young, fast growing software company in Russia, we would love to talk to you,” commented Andrei Baronov. “If you want to learn more about how Ratmir and I have grown Aelita Software with the help of the OpenView team to an exit of $115 million, give us a call or send us an email!”

The combined capital available for investments between both firms exceeds $100 million.

About OpenView Venture Partners

OpenView Venture Partners is an expansion stage venture capital fund with a focus on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives who collectively bring several decades of technology & management experience to the firm, OpenView is able to help portfolio companies with quickly ramping up sales, marketing and product development functions to best practice levels. The firm was founded in 2006 by Scott Maxwell with an inaugural fund encompassing $100 million in committed capital. OpenView Venture Partners is based in Boston, and invests on a worldwide basis.

About ABRT Venture Fund

ABRT Venture Fund is a venture capital fund focused on early and growth stage software and internet companies with R&D efforts based in Russia and East-Central Europe. The firm was established by Ratmir Timashev and Andrei Baronov, the founders of Aelita Software. Aelita Software was sold in March 2004 for $115 million to US-based Quest Software, constituting one of the largest deals in the Russian software market to date. ABRT Venture Fund is based in Moscow, Russia. To learn more about ABRT, please visit www.abrtfund.com.

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