The largest Ukrainian telecommunications company Kyivstar is acquiring one of Ukraine’s largest cloud providers GigaCloud. This was reported to dev.ua by several sources in the market in competitive structures and insiders-former employees. The official agreement has not yet been signed.
The largest Ukrainian telecommunications company Kyivstar is acquiring one of Ukraine’s largest cloud providers GigaCloud. This was reported to dev.ua by several sources in the market in competitive structures and insiders-former employees. The official agreement has not yet been signed.
«Today, at an all hands meeting (with employees — ed.) at Gigacloud, they announced that they had sold 80% of Kyivstar,» one of the sources said. However, he added that the deal was most likely not officially closed yet, as there were no notifications in the register.
The interlocutor does not know why minority shareholders will remain in the company and what shares they will retain.
The shareholders of Gigacloud LLC are currently Nazlami Limited (Malta) with a share of 48,43%; Telliani Limited (Cyprus) — with 31,15%; Zvityaga Limited (Malta) — with 20,42%.
Among the founders of Gigacloud are Nazariy Kurochko, Anton Khvastunov, and Oleg Polishchuk.
In 2024, the company’s revenue amounted to UAH 410 million, net profit — UAH 45.6 million.
The company places its equipment in 5 data centers: in Kyiv, Lviv, and Warsaw.
Let us recall that during a recent speech at NASDAQ, Kyivstar CEO Oleksandr Komarov called cloud business one of the promising areas for business expansion.
One of dev.ua’s interlocutors says that deals in this market are usually valued at 2.5-3 times EBITDA. According to his calculations, the company could have been valued at $12-15 million.
This year, Kyivstar closed a deal to purchase 97% of Uklon for $155 million and increased its stake in Helsi (from 69,99% to 97,99%) for $11 million.
We have reached out to the parties to the new agreement for comment.
«An application has been submitted to the AMCU. As the largest Ukrainian cloud provider, over the past 20 months GigaCloud has been considering many opportunities to attract investments to implement our most ambitious and innovative plans. In the end, we settled on a partner with whom we share a strategic vision,» — Nazariy Kurochko, CEO of GigaCloud
