Russian Positive Technologies intends to enter the public market, despite being included in the American list of malicious companies. General Director Denis Baranov notes that the decision of the US Department of Commerce is not information about new sanctions. Positive Technologies has been working since April under the restrictions of the US Treasury Department due to accusations of cooperation with the special services.
Positive Technologies Group produces solutions in the field of information security, the parent company is JSC “Group Positive”. In March Positive Technologies announced plans to conduct an IPO on the Moscow Exchange, placing about 10% of its shares.
“In the six months that have passed since we were included in the sanctions list, we have not experienced practically any economic consequences. <...> These sanctions are not new, and now we will not change any of our plans for business development, the release of new technologies or our entry into the public market, “Mr. Baranov told Kommersant.
The Russian company notes that 97% of its revenue comes from Russia and the CIS countries. Mr. Baranov states that Positive Technologies’ “organic growth” in revenue averages 40% annually. According to him, the sanctions have not affected this dynamic.
The United States added Positive Technologies to the list of malicious companies the day before. The Ministry of Trade explained the decision by the fact that the company’s cyber capabilities were allegedly used to gain unauthorized access to information systems, as well as the fact that the company “threatened the privacy and security of individuals and organizations around the world.” In April, the US Treasury accused Positive Technologies of supporting Russian government customers, including the FSB, and of “holding large-scale conferences that are used as recruiting events for the FSB and the GRU.”
About plans for an IPO – in the material of “Kommersant” “Positive Technologies did not notice the sanctions.”
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