Ukrainian TechMagic acquires New York-based Dynamo Development
Ukrainian software developer TechMagic has acquired the US company Dynamo Development, DOU reports. The financial details of the deal are not disclosed. According to AIN.Capital sources data, its amount can reach over $3 million. As AIN.Capital estimated, the deal could be worth $1 million.
As part of the deal, Dynamo Development will operate as a separate Delivery Unit of TechMagic. The Salesforce department of the US company will become a part of TechMagic’s subsidiary, MagicFuse. Its team and working approaches will also be preserved.
“Even before the war, we were looking for a solution to scale the company effectively. Dynamo’s experience and reputation will expand our presence in the US and complement our portfolio with stable and promising customers,”Oleg Dats, co-founder and CEO at TechMagic, commented on the deal.
The integration process will be gradual and should be completed in early 2023. After that, TechMagic’s team will count about 300 specialists. Ukrainian company plans to invest in the development of its delivery centers and further expand the team. It also wants to open an office in Kraków in the near future.
About TechMagic and Dynamo Development
- Dynamo Development is based in New York and has its main development center in Kyiv. Dynamo now has more than 50 specialists. The company’s operate in fields of finance, healthcare and real estate. The Dynamo Development team has expertise in Salesforce, .Net, Java, PHP, QA, C++.