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EY Ukraine advised Horizon Capital on its investment into Ajax Systems

16/ 04/ 2019
  KYIV, 11 APRIL 2019. EY Ukraine advised Horizon Capital in connection with the acquisition of a minority stake in Ajax Systems. The investment was realized through the purchase of a part of existing shares of Ajax Systems by a new Horizon Capital fund – Emerging Europe Growth Fund III, LP (EEGF III). Ajax Systems is Europes leading manufacturer of professional security systems, founded in 2011. The company demonstrates impressive revenue growth and profitability and is well positioned for future growth, considering that the market of professional security systems will also grow by an average of 25% annually to $24b in 2022. The EY multidisciplinary team acted as an advisor to the buyer, conducted legal, tax and financial due diligence, took part in negotiations and preparation of transaction documentation, and provided deal signing and closing support. EY project team was led by Igor Chufarov, Partner, Tax & Law Services, with support from Bogdan Malnev, Senior Associate, Daria Gulinska, Manager, Daria Tkachenko, Associate. The financial part was managed by Larysa Marchenko, Partner, Transaction Advisory Services. We were pleased to become Horizon Capital’s legal, financial and tax consultant during this transaction. It was one of the largest foreign investments in Ukrainian IT-companies. The constant attention of venture capital investors and direct investment funds to Ukrainian innovative products is evidence of their high potential, - commented Igor Chufarov, Partner, Tax & Law Services, EY Ukraine. We are pleased to remind that EY Ukraine was recognized as one of the established practices in the Corporate and M&A practice area. Ajax Systems is a fast-growing business-group that is a professional manufacturer of security systems. It was founded in 2011 by Oleksandr Konotopsky. The products of the company are manufactured in Ukraine and sold in many countries around the world, the geography of foreign markets is constantly expanding. Ajax Wireless Security System is one of the most high-tech in the world. The Ajax Systems product line includes more than 20 devices for protecting premises and adjacent areas, fire safety, flood protection, and devices for home appliance automation. Horizon Capital is a leading investment company in Ukraine, which manages four direct investment funds (more than 40 institutional investors). The company controls more than $850m. The aggregate capital of fund investors exceeds $350b. Horizon Capitals funds invested a total of over $650m in 140 companies that employ 46,000 people in Ukraine and the region. Horizon Capital is an active investor and supports entrepreneurs – visionaries that transform the business environment in Ukraine and the region. About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Contacts Nataliya Letik Senior Marketing Specialist EY Ukraine +380 (44) 499 3364 Nataliya.Letik@ua.ey.com

KYIV, 11 APRIL 2019. EY Ukraine advised Horizon Capital in connection with the acquisition of a minority stake in Ajax Systems. The investment was realized through the purchase of a part of existing shares of Ajax Systems by a new Horizon Capital fund – Emerging Europe Growth Fund III, LP (EEGF III).

Ajax Systems is Europe’s leading manufacturer of professional security systems, founded in 2011. The company demonstrates impressive revenue growth and profitability and is well positioned for future growth, considering that the market of professional security systems will also grow by an average of 25% annually to $24b in 2022.

The EY multidisciplinary team acted as an advisor to the buyer, conducted legal, tax and financial due diligence, took part in negotiations and preparation of transaction documentation, and provided deal signing and closing support.

EY project team was led by Igor Chufarov, Partner, Tax & Law Services, with support from Bogdan Malnev, Senior Associate, Daria Gulinska, Manager, Daria Tkachenko, Associate. The financial part was managed by Larysa Marchenko, Partner, Transaction Advisory Services.

“We were pleased to become Horizon Capital’s legal, financial and tax consultant during this transaction. It was one of the largest foreign investments in Ukrainian IT-companies. The constant attention of venture capital investors and direct investment funds to Ukrainian innovative products is evidence of their high potential,” – commented Igor Chufarov, Partner, Tax & Law Services, EY Ukraine. We are pleased to remind that EY Ukraine was recognized as one of the established practices in the Corporate and M&A practice area.

Ajax Systems is a fast-growing business-group that is a professional manufacturer of security systems. It was founded in 2011 by Oleksandr Konotopsky. The products of the company are manufactured in Ukraine and sold in many countries around the world, the geography of foreign markets is constantly expanding. Ajax Wireless Security System is one of the most high-tech in the world. The Ajax Systems product line includes more than 20 devices for protecting premises and adjacent areas, fire safety, flood protection, and devices for home appliance automation.

Horizon Capital is a leading investment company in Ukraine, which manages four direct investment funds (more than 40 institutional investors). The company controls more than $850m. The aggregate capital of fund investors exceeds $350b. Horizon Capital’s funds invested a total of over $650m in 140 companies that employ 46,000 people in Ukraine and the region. Horizon Capital is an active investor and supports entrepreneurs – visionaries that transform the business environment in Ukraine and the region.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

Contacts

Nataliya Letik

Senior Marketing Specialist EY Ukraine

+380 (44) 499 3364

Nataliya.Letik@ua.ey.com

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