Columbus exits the Russian market immediately
As a consequence of the Russian invasion of Ukraine, Columbus exits the Russian market.
With the escalation of the situation in Ukraine, Columbus has investigated options to exit the Russian market. Today, Columbus has entered into an agreement to hand over the Russian business unit to the management of the Russian business.
“We are shocked to witness Russia’s invasion of Ukraine, it goes against everything we stand for in Columbus. It’s a very sad situation, as we have run a successful business in Russia since 1997 and have 213 loyal employees. However, we cannot reconcile doing business in Russia with our values and we have therefore worked on a solution that allows us to leave the Russian market with immediate effect”, says Søren Krogh Knudsen, CEO & President in Columbus.
The hand over is effective as of 16 March 2022, and as part of the agreement the Russian business unit will cease using the Columbus brand immediately. The agreed purchase price is DKK 2m which will be paid in two installments, four and five years after closing. Columbus’ Russian business unit constituted 4.5% (DKK 68m) of Columbus’ total revenue in 2021. Columbus’ exit of the Russian market will impact group equity by DKK 9m.
Columbus’ outlook for 2022 is unchanged as presented in the Annual Report 2021 today.
For further information, please contact
Tine Rasmussen, Communications Director
Mobile: +45 29 69 06 77
Tine RasmussenCommunications DirectorColumbusTel:+firstname.lastname@example.org
About Columbus Global
Columbus is a global digital consultancy headquartered in Ballerup, Denmark. Our mission is to help ambitious companies transform, maximize, and futureproof their business digitally. Columbus employs more than 1,800 digital advisors focused on the retail & distribution, food and manufacturing industries. We offer end-to-end digital solutions like cloud, digital commerce, data & analytics and application management that help our customers run a sustainable. Columbus has offices and partners all over the world and we can deliver our solutions and services locally – on a global scale.
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