In 2024, the IT divisions of the largest Ukrainian business groups became significant players in the technology market, demonstrating rapid revenue growth and expansion beyond domestic projects. The total revenue of the ten leading domestic IT companies of Ukrainian holdings reached $174 million, nearly doubling the figure from the previous year.
This is reported by Finway
Market Leaders and Their Innovative Solutions
Among the leaders in this segment are Modus X (DTEK), Nova Digital (NOVA Group), Kyivstar.Tech, Metinvest Digital, and TemaBit (Fozzy Group). These companies not only create software products for their shareholders but also actively promote their developments in both domestic and foreign markets. For instance, Modus X has successfully entered new European markets, while Mint Innovations from the Modern Expo group is implementing a large-scale project for Royal Mail in the United Kingdom. Kyivstar.Tech, alongside the development of mobile services, is working on creating a platform for working with LLM and is participating in the development of a national language model in collaboration with the Ministry of Digital Transformation.
Diversification and New Challenges
A key trend for corporate IT companies has been the pursuit of diversification. Structures such as Foxteam Digital and Kernel Digital are no longer solely dependent on their parent companies and are gradually increasing the share of external clients in their operations. Most IT companies that are part of large business groups were established in the last 5-7 years; however, their full-fledged development began after 2022. This indicates the flexibility and adaptability of the Ukrainian IT business to new realities.
“The ten most successful domestic IT companies of Ukrainian holdings earned a total of $174 million in 2024. This is nearly 100% more than the previous year.”
Experts note that the entry of IT divisions from large business groups into export markets and the focus on innovative solutions strengthen Ukraine’s position in the international technology market.