Russian Yota Devices Relocating to Canada

yotaUp-and-coming Russian smartphone maker Yota Devices has decided to make the switch from its homeland to Canada. The company’s CEO told the Financial Post that it plans on moving its head office from Moscow to either Toronto or Waterloo, Ontario by the end of 2014.

Yota Devices is known for its YotaPhone, an Android device which has, in addition to a regular LCD screen, a touch-sensitive e-ink panel on its back. CEO Vlad Martynov was quoted as saying that the company aims to take advantage of Canada’s talent pool, which was left behind by BlackBerry in the “wake of its restructuring.” This includes 15 former BlackBerry employees already working for Yota.

The decision to move makes sense for the company, which has 70 percent of its workforce outside of Russia including three individuals in Toronto. Canada also offers lower costs, tax benefits and government support.

With the help of Toronto-based investment bank Jakob Securities, Yota plans on raising $100 million in capital within a year, which may put the company on the Toronto Stock Exchange.

*Source: Antara News