European Bank for Reconstruction and Development and EU Donors Sponsor a Management Advisory Project at ScienceSoft

October 14, 2011. A mission of management advisors from Germany and Ireland started an advisory project (TAM) sponsored by the European Bank for Reconstruction and Development (EBRD) and the European Union for ScienceSoft Inc.

The objective of the project, which is expected to last between 12 and 18 months, is to provide advice and technical assistance to the management team of ScienceSoft with respect to the development and implementation of strategic and operational business goals. In particular, the project will focus on the marketing and operations dimension of ScienceSoft’s business. During the run of the project, the advisors are expected to spend a total of 60 days at ScienceSoft premises analyzing the company’s performance, communicating to the teams of the top and middle management, providing advice and supervising the implementation of the project.

“We are excited that our company has been chosen by the EBRD for this management advisory project. It means that we are going to get advice on the key issues from the experienced European business advisors. This year ScienceSoft expects to see its revenue growing by around 25 percent and to increase its staff by 40 to 50 employees. We expect to have a staff of 300 people by early 2012. There is an understanding, however, that much more needs to be done to remain competitive and successful in the long run. Last year we opened our first EU office in Helsinki, this year we have successfully launched a new consulting service in the area of Security information and Event Management. We want to move further along these lines and expect to benefit from our advisors’ deep competence and experience,” commented the CEO of ScienceSoft Nick Kurayev.

“Science Soft is a modern and dynamic Software Services company with a proven track record of success in both local and international markets for the last 22-years. We look forward to working with the management team to help it achieve its long term business goals,” said management advisors Hartmut Voelkl and Gerry Cahill.

About the EBRD

The EBRD is an international financial organization. Main facts: 1,500 employees, primary capital 20 billion euro. Since 1991 the EBRD carried out about 3000 projects in 29 countries around the globe. By the end of 2008 the bank’s capital amounted to 11.8 billion euro. The EBRD invests mainly in private enterprises, usually together with commercial partners. It provides project financing for the financial sector and the real economy, both new ventures and investments in existing companies. It also works with publicly-owned companies to support privatisation, the restructuring of state-owned firms and improvement of municipal services.