International IT company Ciklum Group Limited (one of the largest software developers in Ukraine) announced the acquisition of Czech software developer CN Group from Genesis Capital, one of the Central European private equity funds.
The deal will strengthen Ciklum’s market position in Central and Eastern Europe, as well as Germany, Austria and Switzerland, Ciklum said on Wednesday.
The amount of the deal was not disclosed.
As part of the agreement, Genesis Capital, which invested in CN Group in 2019, sold 100% of its shares in CN Group.
CN Group is headquartered in Prague, with five nearshore delivery locations in Central Europe. The company’s 360 digital technology specialists will become a powerful addition to the Ciklum team of more than 3,500 engineers, designers, product managers and data scientists.
“The combination of CN Group and Ciklum will build on each company’s long history of delivering high-impact products and platforms to clients across Europe and North America while opening new fields of opportunity for both. With delivery across the Czech Republic, Slovakia, Ukraine, Poland, Romania, and Spain, supported by a best-in-class employee culture and learning environment for engineering talent, the united companies will represent one of the largest digital transformation providers in the CEE region with global reach,” the report said.
CN Group has been delivering software engineering, IT consulting and mechanical design engineering for over 27 years. The company serves 62 international customers, including Procter & Gamble, Strabag, TF Bank, Bunte.de and FlatexDEGIRO, across more than seven markets.
Ciklum is a global IT company established in 2002 that provides software development and testing services, is engaged in innovative research and development (R&D), work with data sets (Big Data) and engineering consulting. It has offices in several countries, including Ukraine. In Ukraine, Ciklum is one of the largest IT companies, employing over 2,600 people.
