The Polish IT company Euvic Group, with approximately 6,000 employees, has acquired a majority stake in the Ukrainian software supplier Artkai. Earlier, Euvic acquired a stake in another Ukrainian company, Exoft.
Forbes reported, citing an investment representative of Mergewave Capital, that the Ukrainian software supplier Artkai has been acquired by the Polish IT company Euvic Group. This move is expected to help Artkai enter new markets and expand its client base.
"For us, it is important to become part of a larger company that has successfully invested in and developed dozens of service companies. So, by joining now, it will be easier to grow. In a broader sense, each new project is the help that benefits investors and at the same time helps the economy and people of Ukraine," commented Yegor Shakala, co-founder of Artkai.
"We believe that in the next two to three years, we will be able to create a similar ecosystem in Ukraine as in Poland. A group of companies working together, sharing their capabilities with each other," stated Wojciech Wolny, Chairman of the Board of Euvic SA.
The deal amount was not disclosed, but according to estimates of IT outsourcing companies, Artkai, with around a hundred employees, may be valued at approximately $5 million.
"Euvic is not seeking benefits from cheap valuations, and all the upcoming acquisitions in Ukraine will be carried out with the highest EBITDA multiples that were typical for the sector before the war and recession," commented Taras Bachynsky, co-founder of MergeWave Capital.
Euvic Group plans to make a series of additional investments in outsourcing IT companies in Ukraine. The main requirements are that the company should have a size of 50-150 people in Ukraine with expertise in .NET and web development.
