Last week Intellias, a major Ukrainian IT service provider, announced that Kyiv (Kiev) based Horizon Capital acquired a minority stake in the company. The amount of the funding has not been disclosed, but Ukrainian tech blog AIN.UA believes it could be anything between $5 million and $20 million.
Founded in Lviv (Lvov), in 2002, Intellias has become an important supplier of software development services on the Ukrainian IT scene. The company now employs more than 1,100 people and serves a variety of clients globally, from SMEs to large firms.
Intellias is currently developing its customer service capacities with plans to open new delivery hubs in Kharkiv and Ivano Frankivsk “as well as locations in Central and Eastern Europe,” in addition to its existing facilities in Lviv, Kyiv (Kiev), and Odesa (Odessa).
Ukraine is a major destination for IT outsourcing and software development services. This industry has grown from circa $100 million in 2003 to over $3.5 billion in 2018, according to Intellias. With a strong legacy of math and science education, Ukraine has a considerable base of software engineers with a total of up to 200,000 IT professionals.
Private equity fund manager Horizon Capital has over $800 million under management. Backed by US and European institutions, Horizon Capital’s funds have invested in such tech companies as Rozetka, Jooble, Ciklum, Tinkoff Credit Systems, and others.