IDAP, which develops web and mobile applications for startups and mid-sized businesses and counts Coca-Cola, Red Bull and Mitsubishi among its clients, has become part of international IT company Globaldev Group. This is its third investment in Ukraine since the start of the full-scale Russian invasion.
IDAP, which develops web and mobile applications for startups and mid-sized businesses and counts Coca-Cola, Red Bull and Mitsubishi among its clients, has become part of international IT company Globaldev Group. This is its third investment in Ukraine since the start of the full-scale Russian invasion.
IDAP announced this in early April, noting that this is «a significant milestone that marks a new era of growth, opportunity, and global expansion for our team and clients».
«Living at the dawn of the era of artificial intelligence, I want to remain as human as possible. After 10 years of work at IDAP, I am proud to have become part of Globaldev Group, a company that shares our vision, goals and extremely professional approach to doing business. I believe that under the strong leadership of Mr. Khar, the team will strengthen its technical power and project implementation capabilities. As the CEO and founder, I feel calm and confident, handing over the company we created into reliable hands. With Globaldev, we will achieve global achievements», — commented Oleksiy Chernikov, CEO and founder of IDAP.
Globaldev Group CEO and founder Dror Har said he was «extremely pleased that the management team and dedicated professional employees of IDAP have joined» the company. He called it «a clear vote of confidence in the Ukrainian software development industry».
It is noted that this is Globaldev’s third investment in Ukraine since the beginning of the Russian full-scale invasion in 2022. Since 2021, the Globaldev Group has included four Ukrainian companies — X1 Group, Skywell, Steelkiwi, and Worknest, and since 2022 the company has technology hubs in Ukraine (Kharkiv, Kyiv, Vinnytsia, Odesa), as well as in Portugal and Poland.
«The deal was an important step for both companies. IDAP’s valuation was based on the mid-market EBITDA multiple. The structure of the deal involves the gradual integration of IDAP into Globaldev Group with a full buyout within a year,» Mergewave Capital Investment Director Artem Myrhorodsky told Forbes Ukraine. This company is representing Globaldev Group in the deal.
According to Myrhorodsky, the deal was closed in record time — in three months, including the process of collecting and analyzing information about the business object (due diligence).
