Germany’s Media-Saturn acquires online consumer electronics retailer 003.ru

German consumer electronics retailing group Media-Saturn announced yesterday it has acquired 003.ru, a leading Russian online retailer of consumer electronics, from its founder Vladislav Ulendeev, for an undisclosed amount. Founded in 2000, 003.ru generated revenues of €20 million euros in 2011 with a headcount of approximately 50 employees. The brand 003.ru comes number four in the customer awareness ranking …

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Sarov technopark to raise $30m in venture investment

The technopark of Sarov in the Nizhny Novgorod region plans to raise 1 billion rubles, or some $30 million, to finance investment projects which will be selected through an innovation contest, the RIA news agency reported earlier this week. The contest will cover 13 different technological fields, including IT, supercomputers, space systems, transportation, and electrophysical …

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Schneider Electric to open R&D center in Skolkovo

Earlier this week, the Skolkovo Foundation and the French global energy engineering company Schneider Electric inked an agreement that gives Schneider Electric residency status in Skolkovo, the state-sponsored innovation hub under construction outside Moscow, and paves the way for opening its own R&D center there, Schneider Electric reports. The innovation center, which is expected to …

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Russia’s General Satellite expands pay-TV activities in Asia and Africa

The Russian research and production company General Satellite Corporation is expanding its pay-TV activities outside the country. According to Kommersant, the company, which is believed to have ownership links with the leading Russian DTH platform Tricolor TV, has entered into a 51/49 joint venture with the Royal Group of Companies (RGC) to launch what will be …

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International research study sheds full light on Russian e-commerce

Today, East-West Digital News is releasing a 316-page research study on the Russian online retail market – one of the fastest growing but least known (and most misunderstood) on the planet. The research – in which PwC in Russia and the Moscow Higher School of Economics, among others, took part – is based on interviews …

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Moscow startup Gfranq turns amateurs into professional photographers

Gfranq, a photo editing site launched just four months ago, is getting strong traction among amateur photographers, with more than 100,000 users in its first three months. Gfranq’s idea is to provide a simple, yet poweful image processing service to the average online user who has no knowledge of complex image processing software, allowing the …

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Kayak.com paddles limply into Russia

Good luck guys! Fresh off its insignificant $91 million IPO on NASDAQ, news is trickling in about Kayak.com’s ambitions in the Russian market. Stories on the web actually started breaking on July 19th, the day before the IPO, after the Quintura blog noted that Kayak.ru is forwarding to Kayak.com and identified the Russia & CIS …

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Alternative accomodation websites attract VC money

Renthome.ru, a HomeAway.com clone offering short-term vacation rentals across Russia and the CIS, closed earlier this month an angel investment round of approximately $1 million. Participants in this round of investment include Russian and foreign entrepreneurs, as well as investors from the real estate market and finance sector, announced Fast Lane Ventures, which invested in …

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LTE tenders won by leading national operators; Sweden’s Tele2 kept off the game

The Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Communications (Roskomnadzor) announced the results of the long-awaited tender to allocate four natiowide LTE frequencies, which took place last week. The results brought no surprises, with the “Big Three” Russian mobile operators MTS, Megafon and Vimpelcom, as well as the national …

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Association of “smart cities” to be formed in Russia

An association of “smart cities” will be formed in Russia by the end of 2012, the ITAR-TASS news agency reported last week, citing Peter Schipper, the Director of the Department of Engineering and Transport Infrastructure of Skolkovo, the state-sponsored innovation hub nearing completion near Moscow. According to Schipper, the term ‘smart city’ implies a complex …

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