Telesens sets up joint venture in Russia

TelesensKSCL AG, the German developer of software for the telecoms industry, has announced the establishment of a joint venture with Russian company Telecominvest. The German company will own 49 per cent of the new venture, while the Russians will own the remaining 51 per cent.

It is hoped that the new business will achieve turnover of around 30m euros within the coming five years, with positive cash flow in the first year. Last year, TelesensKSCL's results fell dramatically, with enormous writedowns on acquisitions.