Sergey Gushchin and Sergey Smyslov, the owners of rail carrier Rail Garant, acquired SpaceTeam delivering navigation equipment for transport vehicles, according to SpaceTeam's press release.
The transaction value was not disclosed in the statement.
S. Gushchin and S. Smyslov emphasize that their ownership of SpaceTeam will have no impact on the holding's current operations. "Spearheaded by CEO Alexey Smyatskikh, SpaceTeam will continue its development pursuant to the approved strategy," S. Gushchin commented.
According to the businessmen, SpaceTeam's experience and expertise, coupled with a portfolio of GLONASS/GPS-based projects and products for the transport sector will enable the company to enter the global market in the near future.
Both in Russia and worldwide, navigation and information services are becoming increasingly more popular, appealing to the mass-market consumer, not only to the B2B and B2G segments. In the motor transport segment alone, the domestic navigation market may expand 20 times to $9 billion in money terms by 2020, experts say.
SpaceTeam entered Russia's navigation market in March 2013. For ten months, the holding's consolidated revenues exceeded RUB 800 million making SpaceTeam one of the top three market leaders with a 17% market share.