M.Video-Eldorado Group announced the creation of M.Tech, an IT company that will focus on developing products and IT services for the retail, e-commerce, consumer lending and electronic payment markets and will improve the operational efficiency of the Group’s current business.
“M.Tech will act as an external partner for all of M.Video-Eldorado’s IT development, as well as a platform for possible subsequent sales of its own IT solutions to the external market. The Group is currently consulting with regulators on possible formats for the IT business.
M.Tech was formed on the basis of M.Video-Eldorado Group’s 2021 acquisition of Direct Credit, a leading provider of fintech services, and will be responsible for developing IT products, launching new solutions, developing the big data office, and searching for and implementing innovations.
It is planned that developers, analysts, testers and other technological experts of M.Video-Eldorado will move to the new IT company. The separation of an independent IT company in the structure of the leading retail market player will also make it possible to develop motivation systems and improve working conditions for the Group’s IT experts.
Retail is a technological industry where high speed of innovation is one of the main competitive advantages, and technology itself is a strategic resource. M.Video-Eldorado Group has a market-recognized IT-expertise, whose separation into a separate company will allow us to scale existing developments more effectively and increase the transparency of business processes, taking into account the high degree of uncertainty that currently exists. We also expect a significant effect from this solution for IT specialists – it is important that our employees have access to everything that is now being implemented to support this industry.
Director of Organizational Transformation and Human Resources Irina Ivanova