Business news from Ukraine

Business news from Ukraine

Revenue of top 10 IT companies in Ukraine grew by only 1% per year

8 April , 2025  

UAH 56.48 billion was the total revenue of the best IT companies in the Opendatabot 2025 Index. The top three leaders belong to American companies, with Globalogic Ukraine taking the first place. Also, 2 companies left the top 10, one of which was included in the Index for 2 years. 7 out of 10 companies in the Index are in the Diia City register

GlobalLogic Ukraine , owned by the American Bonus Technology INC, debuted on the first place in terms of revenue. Revenue for the year changed slightly to UAH 11.66 billion (+2%), while profit decreased by 28% to UAH 653 million. Despite the fact that the company has been in the Index for 3 years, it took the leading position for the first time.

“We are honored to continue and develop our business in Ukraine, as we understand the high price of such an opportunity. GlobalLogic in Ukraine unites thousands of talented engineers. It is their intelligence, education, diligence and high efficiency that helps the company grow in Ukraine and pay taxes to our country’s economy. Our engineering teams in Ukraine create high-tech solutions in the areas of artificial intelligence, automotive, medical, semiconductors, and more. These developments are highly valued by our customers in the US and Europe,” comments Anna Shcherbakova, COO of GlobalLogic Ukraine.

The remaining top 3 positions were shared by two companies of Epam, founded by Arkadiy Dobkin. They account for a third of the top ten earnings. Epam Systems , which previously topped the Index for 2 years in a row, went down a notch with revenue of UAH 11.35 billion. This is 10% less than in 2023. At the same time, its profit increased by 27% to UAH 1.67 billion.

At the same time, Epam Digital ‘s revenues and profits are growing year on year. With revenue of UAH 7.5 billion (+25%) and profit of UAH 838 million (+11%), the company ranked third in the Index. It is worth noting that this legal entity was founded only in December 2021.

EPAM Ukraine has been a leader in the IT industry for several years in terms of key indicators: the number of specialists, revenue, and the amount of tax payments to the country’s budget. Last year, we paid over UAH 1 billion in taxes, which confirms our position as one of the largest taxpayers in the Ukrainian IT sector. Since the start of the full-scale invasion, the company has committed $100 million to support its Ukrainian team, their families, Ukrainian defenders and the country’s critical needs,” comments Stepan Mitish, Vice President, Head of EPAM Ukraine

For the second year in a row, Luxoft Solutions, a subsidiary of Swiss Luxoft founded by Dmytro Loshchynin, remains fourth in the Index. Its revenue fell by 7% to UAH 5.45 billion, while profit decreased by 12% to UAH 263.6 million.

The Institute of Information Technologies “Intellias” took the 5th place with a revenue of UAH 4.06 billion (-6%). At the same time, the company’s profit increased by 18% to UAH 300.7 million. The business is owned by ITE Limited, whose ultimate owners are Vitaliy Sedler and Mikhail Puzrakov.

SoftServe Technologies, founded by Lviv residents Taras Kitsmey and Yaroslav Lyubynets, moved up two places last year: 6th place. The company’s revenue grew 1.6 times over the year to UAH 3.83 billion, while profit remained the same at UAH 210 million.

Thefintech band, owned by Monobank founders Oleg Gorokhovsky and Mikhail Rogalsky, lost two positions in the Best Index this year. Due to a significant decrease in revenue – by one and a half times – the company was ranked seventh: UAH 3.71 billion. Profits decreased even more significantly: by 2.7 times to UAH 1.15 billion.

Infopulse Ukraine, founded by Oleksiy Sigovyi and Andriy Anisimov, took the ninth place. It is now owned by the Swedish company NUK HOLDING AB. The company’s revenue decreased by 5% to UAH 3.06 billion, while profit decreased by 14% to UAH 332.7 million.

At the same time, this year’s iteration of the Opendatabot Index also includes newcomers that debuted with stunning results. With revenues of UAH 3.22 billion and a record profit of UAH 2.4 billion among the top 10 companies, Highload Solutions (formerly Favbet Tech) by Dmitry Matyukha appeared in the Index. The company, registered in January 2022, accounts for a third of the total profit of the ranked companies.

Another newcomer to the Index rounds out the top ten is the young company Squad Ukraine (SQUAD), established in August 2022. The business is owned by the Cypriot company Squad IT Limited, owned by Ukrainians Lyubomyr Vasyliev and Yuriy Katkov. Last year, Squad’s revenue grew 2.8 times year-on-year to UAH 2.6 billion, and its profit grew 3.4 times to UAH 80.6 million.

It is worth noting that 7 of the top companies chose the Diia City legal regime, except for Epam Systems, Luxoft Solutions, and the Institute of Information Technologies “Intellias”. This means that these companies do not enjoy special tax benefits, a simplified administrative process, and other tools for the development of the IT sector from the state.

At the same time, this year the IT Companies Index was dropped:

https://opendatabot.ua/analytics/index-it-2025