Ciklum liquidates its legal entity in Belarus

Ciklum, an international IT company with offices in Ukraine, is leaving the Belarusian market. According to information, Ciklum Bel LLC, which is a part of the Ciklum international group, is in a process of liquidation from June 2022.

  • Ciklum was founded in 2002 by the Dane Torben Mygaard. In 2006, he opened a subsidiary in Belarus called Ciklum Bel LLC (ТАА «Сіклум Бел»). A year later, it became one of the first residents of the Belarusian Hi-Tech Park, a special tax and legal regime for IT companies. As of 2019, Ciklum Bel LLC (ТАА «Сіклум Бел») employed 171 specialists.
  • When the process of Ciklum Bel LLC liquidation will be completed, the Belarusian economy will lose not only a part of tax revenues, but also a large investor, George Soros. His Ukrainian Redevelopment Fund has owned a controlling stake in Ciklum since 2015.
  • In Ukraine, Ciklum has development centers in Kyiv, Odesa, Vinnytsia, Dnipro, Kharkiv and Lviv. According to the ranking of the 50 largest IT companies in Ukraine by the number of specialists, as of July 2022, more than 3,000 specialists work at Ciklum.
  • Ciklum is currently expanding the geography of its presence in Europe. The company has recently opened delivery hubs in Romania and Bulgaria.