In recent years, BRDO together with other NGOs and entrepreneurs demanded the publication of financial statements of enterprises in the form of open data. As a result, in March 2023, the State Statistics Service of Ukraine finally published the information submitted by companies for 2022. Using this data, the BRDO IT&Telecom sector team prepared an overview of the situation in the Ukrainian IT market.
Before that, for similar studies, we relied on generalised information, surveys and expert assessments. The release of the financial statements allowed BRDO to analyse the industry in more detail.
So, what was the first year of the full-scale invasion for the biggest players in Ukrainian IT?
The top 10 IT companies are predominantly service companies. The net income of the five largest – Epam Systems, GlobalLogic Ukraine, Luxoft Solutions, Ciklum, and Intellias – made up almost 20% of Ukrainian IT exports.
Only two companies from the top 10 develop their own products:
- Playtika Ukraine, the development centre of the Israeli online game developer Playtika;
- Fintech Band, which develops Monobank, the banking product popular in Ukraine.
The popular ranking system for assessing the size of IT companies in Ukraine is the DOU Top 50, which is determined through a survey that estimates the number of specialists employed by each company. The lists of the largest and most profitable companies do overlap, but they are not identical.
In particular:
- Evoplay did not make it to the list of the largest in terms of income due to the fact that their legal entity “EVOPLAY ENTERTAINMENT” LLC showed only 9 thousand USD income in 2022.
- The legal entity of the Ajax group, engaged in computer programming (Assets Renting LLC), showed UAH 4.7 million in 2022, and the main income of the group comes from legal entities engaged in production and distribution.
- Despite high revenues, Fintech Band LLC did not enter the dou.ua Top-50, probably due to the small number of specialists.
With this material, we begin a series of publications devoted to the review of the largest Ukrainian IT companies in 2022 by net income. The full version of the document, which provides information on the top 30 companies, is available here.
When working on the review, the BRDO team used data from the State Statistics Service, aggregated by the analytical service YouControl.