Released on: May 28, 2008, 7:37 am

Press Release Author: Vica Vinogradova, DataArt company

Industry: Computers

Press Release Summary: New York, NY - DataArt, a New York-based high-end software
outsourcing provider with development centers in Russia and the Ukraine, secured a
$4 million private equity investment round, and is aiming to close an additional $2
million in the near future.

Press Release Body:
For Immediate Release

May 28, 2008


The first outside capital investment DataArt has taken since the company inception
in 1997 will be used to strengthen sales and marketing efforts in high-end
applications development and to support geographic expansion of DataArt's delivery
capabilities in Eastern Europe.

The deal was lead by London-based Tower Gate Capital, known for its investments into
high growth technology-centric businesses. CEO Michael C. Wright went on the due
diligence trip to St. Petersburg and Voronezh R&D centers and was impressed with the
established operation. \"It was a definite investment opportunity that clearly fell
within our investment banks\' objectives and focus. The management team is
exceedingly strong, with the business servicing an impressive client list notably in
the financial and travel sector,\" Wright said. \"We were happy to close off the
investment round, and look forward to working with the management going forward.\"

TGC was joined by one of the top Russian hedge funds and by New York-based Third
Millennium Russia Fund. John Connor, the fund's manager and the author of the book,
"OUT OF THE RED: Investment and Capitalism in Russia" was also an investor in
Mail.ru, the largest Web portal in Eastern Europe with 50+ million users, originally
developed by DataArt. \"Third Millennium Russia Fund assesses DataArt to be a very
promising play, giving it exposure to the Russian IT sector, which is dynamic and
growing,\" Connor said. \"Finding investments in the IT sector in Russia is not that
easy, but Russians tend to do very high-end programming work, and DataArt has great
access to intellectual talent.\"
"Raising money took away many of the barriers a company like this has
for expansion,\" said Eugene Goland, President of DataArt. \"There has
been a limit to how fast we can grow, and we are going to scale up and
invest in the brand reputation while expanding into other areas,
including media and publishing, telecommunications services and online
travel.\"

DataArt has been experiencing strong demand for its services, which include
developing bespoke software applications for customers in knowledge-intensive
industries, specifically in financial services including asset management and hedge
fund administration. Among DataArt\'s clients are Standard & Poor\'s, BNP Paribas,
HedgeSpeed Technology and Misys.

About DataArt:

DataArt (www.dataart.com) is a high-end software outsourcing company with
industry-specific expertise in financial technology, telecom and media sectors. The
company specializes in enterprise application development, system integration and
business automation tools. Headquartered in New York City, DataArt runs R&D centers
in St. Petersburg, Voronezh, Kherson and Kharkov, and maintains offices in London,
UK.

In 2006-2008, DataArt was named one of the world\'s top emerging outsourcing
providers by BusinessWeek, CMP's Global Services 100, IAOP and Aberdeen Group.




Web Site: http://www.dataart.com

Contact Details:
Media Contact:

Vica Vinogradova

212-378-4108 x. 4014

vica@dataart.com