Euvic Group, a major Polish IT group, acquired three Ukrainian IT companies this year. The first deal was announced in April as Euvic absorbed Exoft, an award-winning Lviv-based software development provider. While the terms of the deal were not disclosed, a market insider estimated that the amount could be under $1 million.
Announced earlier this month, the second target was Artkai, a Kyiv-based developer of fintech, proptech and e-marketing solutions with more than 100 employees.
“With its integration into Euvic Group, Artkai will be able to enter new markets and expand its client base. For Euvic Group, this represents a strategic partnership with a shared vision for further development,” wrote in LinkedIn Ukrainian Taras Bachynskyy, Euvic’s M&A advisor in Ukraine.
Euvic Group also acquired 7Devs, a Ukrainian software developer with some 50 employees, Bachynskyy told Ukrainian tech blog AIN.
Euvic’s Ukrainian acquisitions will continue, with “plans to make several more investments in 2024.”
“We are aware of the risks associated with doing business in the current situation in Ukraine, but we also see opportunities in this. The IT industry, despite everything, remains stable. We believe that the war will end, and we want to support our partners in further development,” said Euvic VP Lukasz Chernetski, as quoted by AIN, commenting on the Exoft acquisition.
“I hope that Exoft’s entry into the Euvic Group will allow both parties to grow and significantly increase efficiency,” he added, pointing out Exoft’s “strong position in the software development market and highly qualified employees.”
Founded in 2005, Euvic Group generated roughly $250 million in sales in 2021 with a team of nearly 5,000 employees.
