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Russia-based Facebook investor changes name

Digital Sky Technologies, known for its investments in Facebook and acquisition of AOL's ICQ, changes it name to Mail.ru Group.

Digital Sky Technologies, a large Russian Internet company and a major investor in Facebook, has changed its name to Mail.ru Group.

Along with international media group Naspers, Mail.ru Group has been co-owner of Mail.ru, a Russian firm that offers e-mail, social-networking, gaming, and entertainment services. The switch in name from Digital Sky Technologies to Mail.ru Group reflects the changing nature and focus of its business, the company said late yesterday.

Mail.ru Group has already made a name for itself by pouring huge investment dollars into U.S. Internet companies, such as Facebook, Groupon, and Zynga. The company also took ICQ off AOL's hands earlier this year to the tune of $187.5 million.

Mail.ru Group's $200 million infusion of cash to Facebook last year was especially crucial to the social network in its drive to win more customers in Eastern Europe.

Founded in 2005, Mail.ru Group is one of the leading internet firms in the Russian-speaking and Eastern European markets and focuses its investments specifically on Internet-related businesses. The privately held company, based in Moscow, is backed by several international financial institutions and companies.