The Polish Development Fund (PFR) is going to invest in Ukraine for the first time, providing $2.5 million to the Polish IT giant Euvic Group for cooperation with Ukrainian IT companies. Euvic spoke about the conditions for startups interested in the possibility of integration into its international group.
The Polish Development Fund (PFR) is going to invest in Ukraine for the first time, providing $2.5 million to the Polish IT giant Euvic Group for cooperation with Ukrainian IT companies. Euvic spoke about the conditions for startups interested in the possibility of integration into its international group.
Over the past two years, Euvic Group has acquired shares in Ukraine in software provider Artkai, Exoft, Kharkiv outsourcer 7Devs, and the WeExpert platform.
«We believe that now is a good time to create a brand for ourselves on the Ukrainian market and position ourselves well. We are very satisfied with the investments already made. The founders of these companies are ambitious, motivated and honest people. They decided to cooperate with us in order to use our experience to accelerate the development of their business. Two companies grew much faster than we expected — they increased their EBITDA by 2.5 times in two years. The other two, as planned, grew by 15-20%», — Lukasz Czernecki, Vice President of Euvica and President of Euvic Ukraine, told Puls Biznesu.
According to him, the deal on the fifth investment in Ukraine is already being finalized — this is a company from Lviv, which employs over 80 people and generates about $3 million in revenue. «We are buying it in a 60/40 ratio together with the founders of Exoft, our first Ukrainian company,» said the CEO of Euvic Ukraine.
PFR says that foreign expansion is a development necessity for Polish companies.
«Ukraine is a particularly interesting destination for us. Poland’s location means that we can play an important role in its recovery as a logistics center, construction and capital base, as well as a partner in the field of IT, innovation and technology,» said Piotr Maczuk, President of PFR.
Taras Bachynsky, co-founder of Mergewave Capital and investment advisor to Euvic, told DOU that the consortium offers Ukrainian entrepreneurs the opportunity to integrate into an international group.
Ukrainian IT companies interested in integrating with Euvic should:
«Strategic partnership and joining a large international IT corporation can provide many advantages for Ukrainian IT developers: additional financial capital for expansion or problem solving; experience in management and improving the company’s governance. One of the non-obvious advantages is that the company’s capitalization from such an acquisition can grow,» says Bachynsky.
CEO of Euvica Ukraine. «Our fifth investment, which we are currently completing, is a company from Lviv that employs over 80 people and generates about $3 million in revenue. We are buying it in a 60/40 ratio together with the founders of Exoft, our first Ukrainian company», — says CEO of Euvica Ukraine.
