Half of Ukraine’s top IT firms see revenue drop amid war, relocations

Half of Ukraine’s top IT firms see revenue drop amid war, relocations

Ukraine's ongoing war against Russia has forced relocations and saw staff and resources move abroad. / Oleksandr Pidvalnyi via Pixabay

By bne IntelliNews October 26, 2024

Half of Ukraine’s largest IT companies recorded a decline in revenue in 2023 as the ongoing war forced relocations and saw staff and resources move abroad.

According to industry data, 15 of Ukraine’s 30 biggest IT firms reported lower revenues than in 2022, a trend attributed to shifts in business between affiliated legal entities, relocation to other jurisdictions, the departure of skilled workers and an overall downturn in business activity.

Despite these challenges, several global players have remained resilient. EPAM, GlobalLogic and Luxoft continue to dominate Ukraine’s IT market in terms of revenue, with EPAM Digital showing particular growth after transferring part of its operations. Fintech company Monobank and SoftServe also recorded positive revenue gains during the year.

Playtika led in terms of revenue per employee, generating an impressive $6,900 per month, while most of Ukraine's other major IT firms posted monthly revenues of between $3,000 and $5,000 per employee. The highest net profits were recorded by Monobank, EPAM, and GlobalLogic, accounting for nearly 47% of the total profit among Ukraine’s top 30 IT companies.

Meanwhile, employment has grown across Ukraine’s IT sector, with the 30 largest firms collectively employing 10,500 full-time workers in 2023, up from 8,500 in 2022.

#Ukraine #tech #technology

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