Sberbank bought a children’s programming school “Algorithmika” – Forbes

The founder and CEO of Algorithmika, Andrei Lobanov, confirmed to the publication the fact of the transaction, but denied that Sberbank was the buyer. According to him, a private investor has become the new owner of the Russian part of the Algorithmics business. Lobanov himself will develop the company’s independent and separate international business, he said.

According to the Unified State Register of Legal Entities as of October 21, 2024, Andrey Lobanov remains the general director of Algorithmika. A 14.29% stake in Algorithmika LLC is owned by Management and Development LLC, which became part of the company’s capital in March 2024, RB.RU said.

Forbes sources in the EdTech market said that the final acquirer of Algorithmics is Sberbank. According to Alexander Chaikin, venture fund manager at Sk Capital, the bank is not the buyer directly: the transaction was carried out through companies affiliated with it, but in its interests.

A senior manager at an unnamed educational technology company estimated the deal at approximately 1 billion rubles. Chaikin believes the bank could pay up to 1.5 billion rubles for the Russian business school. According to Netology and Foxford founder Maxim Spiridonov, Algorithmics was valued at 1-1.5 of revenue. In October 2024, Sberbank closed the deal to purchase Netology and Foxford.

According to information from the Unified State Register of Legal Entities, the total income of two legal entities of Algorithmika (Algoritmika and Algosvervis) at the end of 2023 amounted to about 700 million rubles with a net loss of 100 million rubles.

In December 2023, Algoritmika transferred the Cypriot holding’s share in the capital to the Russian Algoservice LLC, RB.RU wrote.