The income of the top 10 IT companies in Ukraine grew by only 1% in a year

GlobalLogic Ukraine, owned by the American company Bonus Technology INC, took first place in income for the first time. The company’s revenue changed only slightly over the year — ₴11.66 billion (up 2%), but its profit dropped by 28% to ₴653 million. Even though GlobalLogic has been in the Index for three years, this is the first time it has ranked first.

«We are honored to continue and grow our business in Ukraine, knowing how much it costs to have this opportunity. GlobalLogic in Ukraine brings together thousands of talented engineers. Their intelligence, education, hard work, and high productivity help the company grow and pay taxes into our country’s economy. Our teams in Ukraine create high-tech solutions in AI, automotive, healthcare, and semiconductors. These innovations are highly valued by our clients in the U.S. and Europe», 

— said Anna Shcherbakova, Chief Operating Officer at GlobalLogic Ukraine.

The other two places in the top 3 were taken by two companies from Epam, founded by Arkadiy Dobkin. Together, they make up one-third of the total income of the top 10. Epam Systems, which held the top spot in the Index for the last two years, moved down to second place with a revenue of ₴11.35 billion — 10% less than in 2023. However, its profit grew by 27%, reaching ₴1.67 billion.

Epam Digital, on the other hand, showed steady growth. With a revenue of ₴7.5 billion (up 25%) and a profit of ₴838 million (up 11%), the company ranked third in the Index. It’s worth noting that this legal entity was founded only in December 2021.

«EPAM Ukraine has remained a leader in the IT industry for several years based on key indicators: the number of specialists, total revenue, and taxes paid to the national budget. Last year, we paid over ₴1 billion in taxes, confirming our role as one of the biggest taxpayers in Ukraine’s IT sector. Since the start of the full-scale invasion, the company has provided $100 million in support for our Ukrainian team, their families, the country’s defenders, and critical national needs», 

— said Stepan Mitysh, Vice President and Head of EPAM Ukraine.

For the second year in a row, Luxoft Solutions is in 4th place in the Index. This company is a subsidiary of the Swiss Luxoft, founded by Dmytro Loshchynyn. Its revenue dropped by 7% to ₴5.45 billion, and profit fell by 12% to ₴263.6 million.

Intellias, an IT company, took 5th place with a revenue of ₴4.06 billion (down 6%). However, its profit grew by 18% and reached ₴300.7 million. The company is owned by ITility Limited, with Vitaliy Sedler and Mykhailo Puzrakov as final beneficiaries.

SoftServe Technologies moved up two spots to 6th place last year. It was founded by Lviv entrepreneurs Taras Kytsmey and Yaroslav Lubynets. The company’s revenue increased by 1.6 times in a year — up to ₴3.83 billion, while profit stayed the same — ₴210 million.

Fintech Band, owned by the founders of Monobank — Oleh Horokhovskyi and Mykhailo Rohalskyi — dropped two positions in the Index this year. Due to a large decrease in revenue (almost 1.5 times), the company is now in 7th place with ₴3.71 billion. Profit fell even more — by 2.7 times — to ₴1.15 billion.

Infopulse Ukraine is in 9th place. It was founded by Oleksii Sihovyi and Andrii Anisimov. Now the company belongs to the Swedish firm NUK HOLDING AB. Its revenue went down by 5% to ₴3.06 billion, and profit decreased by 14% to ₴332.7 million.

This year’s Opendatabot IT Index also includes some newcomers with impressive results.One of them is Highload Solutions (formerly Favbet Tech), founded by Dmytro Matiukha. It entered the Index with ₴3.22 billion in revenue and a record profit of ₴2.4 billion — the highest among the top 10 companies. This company, registered in January 2022, made up one-third of the total profit of all companies in the ranking.

Another newcomer that closed the top 10 is SQUAD Ukraine, a young company founded in August 2022. It is owned by the Cypriot company SQUAD IT Limited, whose owners are Ukrainians Liubomyr Vasyliev and Yurii Katkov. SQUAD’s revenue grew 2.8 times in one year, reaching ₴2.6 billion, and profit increased 3.4 times — to ₴80.6 million.

It’s important to note that 7 out of the top 10 companies chose to join the legal framework Diia City, which provides tax benefits, simpler rules, and support from the government for IT development. The only ones not using Diia City are EPAM Systems, Luxoft Solutions, and Intellias.

At the same time, some companies dropped out of this year’s IT Index:

• Playtika Ukraine — revenue dropped by 8% compared to 2023, down to ₴2.14 billion.
• SoftServe Industry — revenue fell more than twice, down to ₴889 million.

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