The Polish Development Fund (Polski Fundusz Rozwoju) has announced an investment project in Ukraine in partnership with the IT group Euvic, reports DOU. As part of the initiative, Euvic plans to expand its presence, having already acquired several Ukrainian tech companies.

Details

• This is the Polish Development Fund’s first project in Ukraine, aimed at developing a strategic partnership between Poland and Ukraine.
• The fund has allocated $2.5 million to the Euvic Group through the FEZ2 fund.
• The integration means that Ukrainian companies will transfer 51-60% of their shares to Euvic Group.
• Euvic is looking for companies that meet the following criteria:
  • Teams of 80-150 people;
  • Founders interested in staying with the business and working long-term with Euvic Ukraine;
  • Company valuations based on a 4-6x EBITDA multiple.

«Strategic partnership and integration into a large international IT corporation can offer many advantages for Ukrainian developers: additional financial capital for expansion or solving problems, their own management experience, and improved company management. One of the less obvious benefits is that the company’s capitalisation can increase from such an acquisition,» said Taras Bachynskyi, co-founder of Mergewave Capital and investment advisor to Euvic, speaking to DOU.

• Euvic Group is a Polish IT consortium with a global workforce of 6,000 employees. Euvic includes more than 30 IT companies with a total turnover of $230 million.
• Previously, Euvic Group has invested in four Ukrainian tech companies: the Lviv-based Exoft, Dnipro-based Artkai, Kharkiv-based 7Devs, and Vinnytsia-based Lampa Software.
• M&A company Mergewave Capital, the official representative of Euvic Group in Ukraine, provides investment services and full support.