Rostelecom acquires Forkam, a digitization provider for utility companies
Moscow, Russia – July 15, 2020 – Rostelecom PJSC (MOEX: RTKM, RTKMP; OTCQX: ROSYY), the largest integrated digital service provider in Russia, today announces that it has signed the agreements to secure a 51% interest in Forkam Limited, a provider of smart software solutions in the utilities sector.
Forkam’s key products include proprietary software solutions in accounting, planning and maintenance of city infrastructure facilities, supplier management and utility inventory. Rostelecom has been utilising Forkam’s products as part of the company’s complex project for developing a “United system of telemetric control of transportation and mobile service teams” within Rostelecom’s contract with the Housing and Utility Department of Moscow.
“Rostelecom has solidified its position of a leading provider of turnkey smart solutions in utility management. Smart City projects, which have been rolled out across the entire country, are one of the strategic areas of the company. For a number of years, we have been supporting the Government of Moscow in the implementation of telemetry systems to control the transportation. The Forkam team and its software solutions have been a significant contributor to rendered services reconciliation, as well as data monitoring and transmission. The acquisition will support Forkam’s expansion across the country within Rostelecom’s similar projects”.