The EBRD is considering providing a loan to Prognoz, the leading software developing company for Business Intelligence (“BI”) applications in the Russian market. The financing will enable Prognoz to implement its long-term growth strategy, expand internationally and extend BI offerings to a wide range of clients in government and private sectors.
The project will support development of standardized BI applications on the basis of proprietary PROGNOZ™ Platform, expansion of the company’s sales force in CIS markets and enhancement of the existing PROGNOZ™ Platform, a development toolkit for BI applications.
The Project will facilitate the development of the local Russian company, a representative of the knowledge economy, with significant intellectual capital and linkages to local universities. EBRD financing will help the company to achieve more recognition in local and international markets and support promoting the company’s new standardized offerings to clients in the private sector, especially among small and medium sized companies that currently have limited access to such products.
Prognoz business intelligence applications are aimed to help the company’s clients to boost efficiency, streamline operations, optimize resource allocation and increase competitiveness by improving their decision making capabilities.
EBRD will also assist the company in improving its corporate governance principles and aligning them with the global best practices.
Prognoz is a leading Russian software developer of business intelligence applications, established in 1991 and headquartered in Perm, Russian Federation. The Company designs and markets sophisticated BI applications, developed based on the proprietary Prognoz platform, to the wide range of clients in public and private sectors
Prognoz BI applications help clients to improve decision making, monitor vital statistics and anticipate key trends and incorporate data integration & storage, monitoring, reporting and forecasting capabilities.
EBRD is considering providing a convertible loan in the amount of up to USD 30 million.
The project was categorised “B” which means that an environmental and social analysis was required by the Bank, in accordance with the 2008 Environmental and Social Policy and Performance Requirements (PRs) (706KB - PDF)
The project is unlikely to be associated with significant environmental and social impacts. Due diligence including a review of the completed EBRD Environmental & Social and Human Resources Due Diligence Questionnaires showed that the company is in compliance with relevant law and in line with PRs. For the upcoming project, the company is required to ensure that the project is in compliance with PRs and submit an annual environmental and social report to the Bank.
Dmitry Kolpakov, Head of corporate financing centre
T. + 7 495 772 78 88, +7 342 240 36 63
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