International Globaldev Group Acquires Ukrainian IDAP Group With a Team of 100
Ukrainian web and mobile application developer IDAP Group has been acquired by international IT company Globaldev Group, according to an announcement on the IDAP website. While the deal amount was not officially disclosed, Scroll.media reports it to be around $6 million.
What’s Known
- Globaldev Group acquired IDAP to strengthen its position in the mobile development market. According to the official release, IDAP’s management and team will join Globaldev Group.
«The deal is a significant step for both companies. IDAP’s valuation was based on the market-average EBITDA multiple. The structure of the deal includes the gradual integration of IDAP into Globaldev Group, with a full buyout to be completed within a year,» said Artem Myrhorodskyi, Chief Investment Officer at Mergewave Capital, which represented Globaldev Group in the transaction, in a comment to Forbes.
- According to Myrhorodskyi, the deal was closed in only three months, including due diligence.
- This marks Globaldev Group’s third investment since the beginning of Russia’s full-scale invasion of Ukraine. However, the company began its M&A activity in the Ukrainian market earlier: since 2021, it has acquired four Ukrainian companies — X1 Group, Skywell, Steelkiwi, and Worknest.
About IDAP Group
- Founded in 2013, IDAP Group is a Ukrainian company with offices in Kryvyi Rih and Kyiv. It specializes in mobile and web application development for healthcare, fintech, logistics, and media industries.
- The company has a strong portfolio and extensive experience with clients, including Coca-Cola, Red Bull, Mitsubishi, and Turk Telecom. Its team numbers around 100 employees.
«I believe that under the strong leadership of Mr. Har (Dror Har, CEO of Globaldev Group), the team will enhance its technical and delivery capabilities. As CEO and founder, I feel confident in leaving the organization we’ve built in good hands. Together with Globaldev, we’ll achieve global success,» said Alex Chernikov, CEO and founder of IDAP.
About Globaldev Group
- Founded in 2009, Globaldev Group provides software development services, including engineering, design, custom solutions, re-engineering, support, and upgrades. The company employs more than 450 specialists.
- Since 2022, Globaldev Group has established technology hubs in Ukraine (Kharkiv, Kyiv, Vinnytsia, Odesa, and remote locations), as well as in Portugal and Poland.
International Globaldev Group Acquires Ukrainian IDAP Group With a Team of 100
Ukrainian web and mobile application developer IDAP Group has been acquired by international IT company Globaldev Group, according to an announcement on the IDAP website. While the deal amount was not officially disclosed, Scroll.media reports it to be around $6 million.
What’s Known
- Globaldev Group acquired IDAP to strengthen its position in the mobile development market. According to the official release, IDAP’s management and team will join Globaldev Group.
«The deal is a significant step for both companies. IDAP’s valuation was based on the market-average EBITDA multiple. The structure of the deal includes the gradual integration of IDAP into Globaldev Group, with a full buyout to be completed within a year,» said Artem Myrhorodskyi, Chief Investment Officer at Mergewave Capital, which represented Globaldev Group in the transaction, in a comment to Forbes.
- According to Myrhorodskyi, the deal was closed in only three months, including due diligence.
- This marks Globaldev Group’s third investment since the beginning of Russia’s full-scale invasion of Ukraine. However, the company began its M&A activity in the Ukrainian market earlier: since 2021, it has acquired four Ukrainian companies — X1 Group, Skywell, Steelkiwi, and Worknest.
About IDAP Group
- Founded in 2013, IDAP Group is a Ukrainian company with offices in Kryvyi Rih and Kyiv. It specializes in mobile and web application development for healthcare, fintech, logistics, and media industries.
- The company has a strong portfolio and extensive experience with clients, including Coca-Cola, Red Bull, Mitsubishi, and Turk Telecom. Its team numbers around 100 employees.
«I believe that under the strong leadership of Mr. Har (Dror Har, CEO of Globaldev Group), the team will enhance its technical and delivery capabilities. As CEO and founder, I feel confident in leaving the organization we’ve built in good hands. Together with Globaldev, we’ll achieve global success,» said Alex Chernikov, CEO and founder of IDAP.
About Globaldev Group
- Founded in 2009, Globaldev Group provides software development services, including engineering, design, custom solutions, re-engineering, support, and upgrades. The company employs more than 450 specialists.
- Since 2022, Globaldev Group has established technology hubs in Ukraine (Kharkiv, Kyiv, Vinnytsia, Odesa, and remote locations), as well as in Portugal and Poland.
