Three of the five largest Ukrainian IT companies have reduced their turnover in the three quarters of 2024, in particular — EPAM Systems, Intellias and Ciklum (the last company — by 14%).
Three of the five largest Ukrainian IT companies have reduced their turnover in the three quarters of 2024, in particular — EPAM Systems, Intellias and Ciklum (the last company — by 14%).
Forbes calls the lack of foreign contracts the general reason for this trend.
«Ukrainian IT works mainly with foreign companies, which are afraid to transfer development to a country where there is a full-scale war. The market is also affected by the downturn in the global economy, which reduces IT budgets», — the publication notes.
The financial director of Ciklum, Andriy Oksenyuk, previously claimed that the reason for the drop is related to the number of relocated specialists who work within client contracts from other locations, as well as the completion of some projects.
At the same time, the other two companies from the top five — GlobalLogic and Luxoft — showed growth, with Luxoft increasing its sales in the third quarter by almost 40%, which is now somewhat anomalous for the market.
The IT company Infopulse has not published reporting in YouControl at the time of publication of the material.
As we reported, in September the volume of IT exports from Ukraine increased by 2,4% compared to last month.
