PFR plans to invest in Ukrainian companies for the first time

23 January, 2025, 18:13 399

Polski Fundusz Rozwoju is planning to invest in Ukraine for the first time, cooperating with the Polish IT group Euvic, which in 2022 began acquiring small Ukrainian outsourcing firms and is now preparing to scale up.

Taras Bachynskyy, co-founder of Mergewave Capital and investment advisor at Euvic, shared the announcement with AIN. The press release states that this initiative will allow Ukrainian IT companies to raise international capital in cooperation with Mergewave Capital.

What Ukrainian companies can get

In the Ukrainian market, Euvic is following the same model as in the Polish market, i.e. buying out a majority stake in an IT company. The IT consortium is interested in such businesses:

  • Teams with 80 to 150 employees;

  • Founders who want to stay in the company for a long time and develop together with Euvic Ukraine;

  • Willingness to sell 51-60% of the company's shares to the Euvic group;

  • Market valuation of the business in the range of 4-6 times EBITDA

Mergewave Capital is ready to provide support at all stages of the transaction.

It is also reported that Euvic has already completed a number of deals, having acquired minority stakes (20-40%) in Ukrainian companies. In particular, it has invested in four Ukrainian IT companies:

  • Lviv-based Exoft,

  • Dnipro-based Artkai,

  • Kharkiv-based 7Devs,

  • Vinnytsia-based Lampa Software.

“In the future, the Polish group plans to increase its stake to a controlling stake, aiming for full ownership in the long term. At the same time, the founders of the Ukrainian companies will remain co-owners of Euvic Ukraine, which will allow them to contribute to the further development of the group. The current strategy is to expand the team to 500 employees and increase its presence in the Ukrainian market,” states the announcement.

Previously, AIN informed that Euvic Group acquired 25% of WeExpert, a Ukrainian platform for freelancers.

Read more