Trivon AG, the Switzerland-based company which does business under the Virgin Connect brand in Russia, announced today that it has acquired MegaMax, a broadband and telecom operator in the Nizhny Novgorod region. The terms of the transaction were not disclosed.
The MegaMax Group has developed its own extensive fiber optic network and portfolio of high quality business services in the region. It was founded by a prominent local high tech figure, Eduard Fiyaksel, who is also an executive at the local branch of the Higher School of Economics. Nizhny Novgorod, a region in central Russia, is home to Russia’s fifth largest city, Nizhny.
“This project is the most successful of my venture investments. MegaMax was created from scratch up to the current stage together with my students. My best student, Nikolay Zotov, has become my business partner and manages the company,” Fiyaksel said.
Zotov will continue managing the Virgin Connect company branch.
“This acquisition strengthens the business for further investment in the Nizhny Novgorod region,” Virgin Connect stated.
According to Istvan Kovacs, the company’s General Director, this acquisition illustrates the company’s strategy, which consists in “finding local operators with talented local management and sharing in the growth opportunity with them.” It also demonstrates Virgin Connect’s positioning as a technology agnostic provider of broadband services, providing high quality services to businesses and consumers.
Markus Mueller, Co-CEO Trivon AG said that “more [acquisitions] were to come in the near future.”
The Virgin Connect brand is a licensed trademark of the Virgin Group, owned by British entrepreneur Sir Richard Branson. The Virgin brand is a global brand with its companies renowned for being innovative and customer focused.
A rumor circulated earlier this year suggesting Virgin’s business in Russia was troubled.