10:35 | 09.02.18 | Armenia Startup Academy | exclusive 38130

Armenia Startup Academy graduates: Himnark

On February 3 the American University of Armenia hosted the Demo Day of the first stage of Armenia Startup Academy’s accelerator, within the frames of which 11 teams introduced their projects.

Itel.am presents a special column, dedicated to the first graduates of Armenia Startup Academy.


Himnark elaborates an online system for automated calculation of salaries and management of labor contracts.

According to the team, the system will allow to significantly reduce the time and resources, spent on calculation of salaries and labor contracts as a result.

“Armenian SMEs represent our target market. Currently the Armenian market offers higher rates for similar services, so they aren’t affordable for small and medium-sized enterprises. We target IT companies, consulting agencies and other service providers.”

The team involves 11 experienced specialists. The founders of the company are Ruben Osipyan and Smbat Petrosyan.

Over the coming year the startup plans to provide cost recovery, lay foundation for further development and enter international markets. To bring this goal into reality the team plans to attract investments in Armenian market, and the negotiations are already underway.

Armenia Startup Academy is initiated by Catalyst Foundation and implemented in the framework of the EU4Business Support to SME Development (SMEDA) Project, which is co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by GIZ’s Private Sector Development in South Caucasus Programme. SMEDA is part of the EU4Business and EU4Innovation initiatives of the European Union.

Narine Daneghyan