MOSCOW: Rostelecom PJSC, the largest integrated digital service provider in Russia, has signed the legally binding agreement to acquire 51% of a Fastech Ltd, a digitization provider for utility companies, a news release said.

The agreement has been signed through Rostelecom’s subsidiary company Netris.

Fastech provides proprietary software solutions in the areas of information and analytical utility infrastructure, automated systems for capital repairs, state housing inspection, as well as management systems for power supply data collection. Rostelecom has been benefitting from Fastech’s solutions within its complex utility projects in Moscow Region.

Anna Shumeiko, Senior Vice-President, the Chief of Staff of the President of Rostelecom, commented: “Rostelecom continues to integrate assets with smart utility solutions in their portfolios. Fastech is a significant addition to our product range and a strong contribution to strengthening our position in the utility digitisation market.”

Rostelecom is the largest integrated digital services and products provider, operating in all segments of the telecommunications market in Russia. The Company serves millions of households, state and private enterprises across the country.

Rostelecom is Russia’s undisputed market leader, providing high-speed Internet access and pay-TV. The total number of broadband users stands at over 13.4 mln users, it has more than 10.7 mln pay-TV customers, over 5.8 mln of which are subscribed to Rostelecom’s IPTV services. Tele2 Russia, a Rostelecom subsidiary, is a major player in the mobile market with over 44 mln subscribers and the industry-leading NPS, a customer satisfaction benchmark.

During the first six months of 2020, the Group generated RUB 248.9 bln of revenues, RUB 95.9 bln of OIBDA (38.5% of revenue) and RUB 15.4 bln of net income.

The Group is the leading provider of telecommunications services to government bodies and corporates of all levels.

Rostelecom is a key strategic innovator that provides solutions in the following fields: E-Government, cybersecurity, data-centers and cloud computing, biometry, healthcare, education and housing & utility services.

The Group’s stable financial position is confirmed by its credit ratings. Rostelecom has been assigned ‘BBB-‘ and ‘BB+’ international credit ratings by Fitch Ratings and Standard & Poor’s respectively, and AA(RU) by ACRA.