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Security company Group-IB is leaving Russia. The organization has offices in Amsterdam, Singapore and Dubai. Russia belonged to the list, but no longer fits in with the company’s future plans.

Group-IB remains the Russian division’s owner for now. The security company wants to split ties within six months. Group-IB says it’s looking for new owners and shareholders to separate the regional division from the company’s global business.

Group-IB is based in Singapore. The company has a broad security portfolio, including threat intelligence, managed XDR, attack surface management and digital risk protection (DRP). Among its customers are Fortune 500 companies.

Singapore was not always a home. Group-IB was founded on Russian soil in 2003. In 2020, the company opened an office in Amsterdam to focus on the European market. A year later, co-founder Ilya Sachkov was arrested by Russian authorities on suspicion of treason.

The truth behind Russian arrests is hard to find. The Russian state claims that Sachkov is suspected of exchanging confidential information with a foreign government. Group-IB has always worked across borders. The organization secures clients in Europe, Asia and North America. We suspect its international nature plays a role in Sachkov’s arrest.

A future without Russia

Fast-growing security companies typically operate abroad. The market of a single country is simply too small for optimal growth. Group-IB has found its place with offices in Dubai, Singapore and Amsterdam.

Europe is an important region. Group-IB invests in a regional network. In 2021, the company helped Dutch police track down ‘Fraud Family’, a crime group. Later in 2021, the same team assisted Italian police in identifying the administrators of a criminal organization trafficking fake vaccination certificates.

Market freedom

Russia no longer fits the company’s future plans. The name of the division has been changed. The cash flow was split: non-Russian income is no longer invested in the Russian division. In the coming period, Group-IB will seek new owners and shareholders.

“Group-IB at its core has always pursued the mission of fighting cybercrime globally”, shared Dmitry Volkov, Group-IB Global CEO. “Amidst the world and market uncertainty, we have decided to implement these changes to be able to continue to follow this mission, independent of external circumstances.

Tip: European companies frequent targets of Initial Access Brokers