DataArt, a designer of custom software systems, has received equity funding from investors including the German development finance institution DEG.
Other backers included Da Vinci Capital, an emerging markets private equity firm.
DEG will look to support DataArt’s IT engineering capacity in emerging markets to help strengthen technology communities and bring them opportunities and integration within the world economy, the company said.
Furthermore, DEG hopes to aid the future growth in emerging markets by giving relevant guidance with the implementation of environmental and social best practices and improving corporate governance.
DataArt builds custom software for enterprises spanning the finance, healthcare, travel and media industries, boasting clients such as Nasdaq, Ocado, Tinkoff Bank and Apax Partners. Finance companies can use the software for cybersecurity, data management, business process management, digitalisation, cloud enablement and migration, trading solutions and access technology such as AI and blockchain.
Its cybersecurity offering helps corporates to establish a security program to protect a network and all web and client-server applications. Capabilities include, penetration testing, security code review, compliance management, risk identification and evaluation, vulnerability assessment and security consultation.
Data management tools are also available to clients, giving them the power to improve data governance and the storage of information. Through data and analytics tools, users can improve compliance, data costs, data quality, regulations and controls, data integration, and the availability of data.
The RegTech has witnessed strong growth over the years, recording a $140m annual revenue in 2018 with a compound annual growth rate of over 25 per cent.
DEG head of corporates & funds for Europe, Middle East & Central Asia Dr. Tilman Kruse said, “DataArt provides bespoke engineering services for complex IT software projects which can only be achieved by experienced IT personnel. DataArt´s footprint in emerging markets was pivotal to DEG´s investment decision.
“For example, more than 1,250 IT engineers in Ukraine are currently working for DataArt. We are excited to partner with a company that capitalizes on the strength of the Ukrainian IT sector and the high-quality skills of local engineers, mitigating brain drain risks in countries like Ukraine.”
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