March 4, 2024
  • This content was produced in Russia where coverage of Russian military operations in Ukraine is restricted by law.

MOSCOW (Reuters) – Russian cybersecurity firm Group-IB said on Wednesday it would split its domestic and international business into two separate companies in a bid to maintain a presence in both the Russian and foreign markets.

Group-IB said in a statement that the company’s global headquarters in Singapore would handle international clients, while the “completely independent” Russian firm would work with companies in Russia and a few other former Soviet countries.

The move reflects steps that dozens of global companies have taken to exit or sell off their Russian operations since the West hit Russia with unprecedented economic sanctions in response to Moscow sending tens of thousands of troops to Ukraine in February in what it calls a “special military operation.” Read more

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“The business of Russia and the Commonwealth of Independent States (CIS) from now on will develop independently,” Group-IB said in a statement.

Group-IB said the first phase of the split has been completed, and shareholders’ assets will be split between the two companies within six months.

“We believe that this step will give us more freedom in the market and accelerate business development in all areas of Group-IB presence,” said Dmitry Volkov, General Manager of the IB Global Group.

Group-IB was once an iconic symbol of Russia’s tech industry, with President Vladimir Putin in 2019 giving its founder Ilya Sachkov the Business Award for Young Entrepreneurs.

Its international expansion and work with foreign law enforcement agencies seem to worry the Russian authorities, and in September 2021, Sachkov was arrested and charged with treason for disclosing state secrets to a foreign power.

Sachkov remains in detention in Moscow and has denied the charges. Read more

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Reporting by Reuters. Editing by Frank Jack Daniel

Our criteria: Thomson Reuters Trust Principles.

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