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Soros Invests In Ukrainian Software Developer

U.S. financier and billionaire philanthropist George Soros is buying a "significant" stake in Ukrainian software developer Ciklum.

According to a November 18 statement, Soros's Ukrainian Redevelopment Fund has agreed to buy the stake from Ciklum's Danish founder Torben Majgaard and private-equity fund Horizon Capital, which was co-founded by Ukrainian Finance Minister Natalie Jaresko.

Ciklum employs more than 2,500 programmers in Ukraine and other countries.

“It is a very dynamic company in an industry that represents the future of Ukraine,” Soros said. “It is also an investment in what I call the ‘New Ukraine’ -- Ukrainians who are young, well educated, and eager for their country to break from the past and to build an open society.”

Soros said in March he was ready to invest $1 billion in Ukraine's economy.

Last week, President Petro Poroshenko presented him with one of Ukraine's highest awards -- the Order of Liberty.

With reporting by
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