The amount of the deal is not disclosed, but according to InSoft Partners founder Vitaly Horovyj, it is less than $1 million.
Euvic intends to build a permanent presence in Ukraine in the coming years by acquiring Ukrainian IT companies with a size of about 100 specialists.
The plans also include the construction of service centers in Ukraine, as well as the development of business centers in the Scandinavian and American markets, in Dubai and Great Britain.
Although the acquisition strategy involves a gradual buyout of the controlling stake, Exoft will further have full operational autonomy.
The buying of Exoft is the first step on the way to Euvic Group’s foreign expansion. The company is intensively working on the international diversification of its team and seeks to strengthen its presence in the countries of Eastern Europe.
“Exoft has a strong position in the software development market and a team of highly qualified employees. I hope that Exoft’s entry into the Euvic Group will allow both parties to grow and significantly increase efficiency. Yes, we are aware of the risks associated with doing business in the current situation in Ukraine, but we also see opportunities in this. The IT industry, despite everything, remains stable. We believe that the war will end, and we want to support our partners in further development,” comments Lukasz Chernetski, Vice President of Euvic.
Euvic Group has been operating on the Polish market for 17 years. The company specializes in providing IT services in Poland and some European countries.
Exoft is a Ukrainian company with a development center in Lviv, which employs up to 100 IT specialists. The main specialization is the development of desktop, web, and mobile software using C#, .NET MVC Web API, ASP.NET, WPF, WCF technologies. The company operates in more than 24 foreign markets.