Skype’s Co-founders Invest 2 million EUR in MarkIT

19.12.2006

Investment Group Ambient Sound Investments (ASI) established by the four founding engineers of Skype has agreed to invest 2 million Euros (31,3 million EEK) in an Estonian IT company MarkIT to fuel the development of their novel e-purchasing system and expansion to five new Central and Eastern European markets.

The company will invest in further development of the popular e-purchasing system and services in current markets as well as expanding to the Czech Republic, Slovenia, Slovakia, Hungary and Poland within next 18 months.

In the course of the expansion MarkIT will establish five local offices and start offering purchasing of IT goods to corporate clients. MarkIT is currently the only company offering the service on the Internet in more than two European markets. Currently the company has more than 10 000 corporate customers in Estonia, Latvia, Lithuania and Finland.

The investment will give ASI, the company established by the four founding engineers of Skype a minority stake in the Estonian-based MarkIT.

“We are very pleased to get ASI on board. The investment helps us improve the services we provide to our customers and fuel our strong expansion to the new promising markets,” explains Andres Agasild, the CEO of MarkIT.

Toivo Annus, the CEO of ASI says MarkIT is a well-established company with a competent team. „MarkIT is the leader of the sector which has a potential to grow significantly since it offers customers more flexibility to purchase IT goods,” adds Annus.

The current partners and management of MarkIT will continue with the company. ASI appoints Ott Kaukver, Skype’s Head of Development, to the Supervisory Board of MarkIT. Mr Jaan Pillesaar, the founder and investor of MarkIT will also continue with the company.

“In the venture capital business it is common that new investors join as the company develops and Skype’s co-founders proved to be the best choice. Based on the rapid growth of last years I believe that MarkIT has a chance to become one of the leading e-businesses in the New Europe,” says Jaan Pillesaar, member of the Supervisory Board of MarkIT.

MarkIT
MarkIT is the largest e-purchasing system for IT goods in the Baltics. More than 10 000 large and medium sized companies in Estonia, Latvia, Lithuania and Finland implement their IT purchases using MarkIT’s Internet-based system. The company’s estimated consolidated turnover for 2006 will be 18 million euros, up more than three times from last years 5.4 million euros.

Ambient Sound Investments
The investment group Ambient Sound Investments, established by the four founding engineers of Skype, has invested in seven technology companies since March 2006. Other investments include the following companies: semiconductor developer Clifton, remote tracking device producer Oskando, radio communications technology developer Modesat Communications, telemetry company Connecty, time stamping technology developer GuardTime and electronics manufacturer Evikon MCI. For more information, please visit: http://www.asi.ee/

For more information, please contact:

Andres Agasild
CEO, MarkIT
Skype: agasild
+372 6 998 664
andres.agasild@markit.eu

Toivo Annus
CEO, Ambient Sound Investments
Skype: toivo
http://www.asi.ee
toivo@asi.ee