TalentTech, a subsidiary of Russian investment company Severgroup, has purchased 97.5% of freelance recruitment site Fl.ru.

No financial details of the transaction were disclosed. However, Alexei Soloviev, partner at iTech Capital told RusLetter that the purchase price could be in the range of RUB 500 to RUB 700 million (USD 7.8 million to 11.0 million.)

TalentTech runs a number of recruitment technology platforms in online learning, online staffing and applicant tracking systems as well as the JungleJobs job board.

FL.ru (formerly Free-lance.ru) was founded by Anton Mazhirin and Vasily Voropayev in May 2005. According to RusLetter, Fl.ru has more than 1.7 million unique users on average per month.

"FL.ru is a strategic asset for TalentTech, since our main task is the creation of a single service that will unite three areas: HR and Tech, EdTech and Freelance, self-employment,” TalentTech said.

Severgroup makes long-term investments on behalf of Russian billionaire businessman Alexey Mordashov, a steel magnate and, according to Bloomberg in 2018 , Russia’s second-richest person.