Investment companies UFuture and InSoft Partners signed an agreement on strategic partnership in the IT industry and founded InSoft Software, a joint company that will specialize in IT outsourcing, the press service of UFuture has reported.
InSoft Software will develop software on a turnkey basis and provide software consultancy services.
“Today, InSoft Software is a majority shareholder in IT companies Lenal and Rozdoum, which it plans to expand rapidly through the development of a new marketing strategy and a series of international roadshows,” the investor said.
According to the report, the InSoft Software team has many years of experience working with tech giants like Ericsson, Telcordia, Chrysler, Samsung, DiGi, Avid, and BNP Paribas Group.
InSoft Partners will be responsible for market research and acquisition of IT companies, their subsequent consolidation, and strategic management and development.
In turn, UFuture will use its international relationship map to build new strategic partnerships and contribute to the organic growth of the business.
“The pace of Ukraine’s IT industry development is staggering. It has been demonstrating annual growth of 20-26% for quite a long time. These are billions in revenue. I am convinced that InSoft Software enters the market in time and will become one of the major players thoroughly contributing to the development of innovation and creative economy of our country,” the founder of UFuture, Vasyl Khmelnytsky, said.
The investment fund said that Ukraine has a very good reputation in the global IT community. More than 170,000 Ukrainian IT specialists work in startups and large companies around the world.
“Many well-known and ambitious brands, such as Grammarly, MacPaw, Readdle, PetCube, GitLab, People.AI, are the brainchildren of Ukrainian developers. More than 110 R&D centers owned by such leading international corporations as Microsoft, SnapChat, Samsung, ABBYY, have offices in Ukrainian cities,” UFuture said.
“We continue to see a great demand for software development services and we know how to transform the classic software development outsourcing model to get a margin that is significantly higher than the market average,” InSoft Partners Managing Parter Vitaly Gorovoy said.
UFuture unites companies and social projects of Khmelnytsky. The group includes the Bila Tserkva industrial park, the UDP development company, the Sikorsky Kyiv International Airport, outdoor advertising operator RTM-Ukraine, as well as innovative businesses: UDP Renewables (creates and develops photovoltaic power plants under its control), the pharmaceutical company Biopharma, innovative parks UNIT.City and LvivTech.City.
InSoft Partners is an investment managing company that invests in IT business and provides M&A advisory services. Among the company’s counterparties are the famous American investment fund, Oak Tree Capital Management, and FinPoint/Rothschild&Co. The first joint IT project of InSoft Partners and UNIT.City was X.Teams career center.