20% of Ukraine’s IT exports are provided by 5 companies. Who else is in the top 30 by net income

In March 2023, the State Statistics Service of Ukraine published the information submitted by companies for 2022. Using this data, the Better Regulation Delivery Office (BRDO) IT&Telecom sector team prepared an overview of the situation in the Ukrainian IT market. AIN.Capital highlights the key figures and facts on Ukraine’s IT exports.

• The top 10 Ukrainian IT companies are predominantly service companies.
• The net income of the five — Epam Systems, GlobalLogic Ukraine, Luxoft Solutions, Ciklum, and Intellias — made up almost 20% of Ukrainian IT export earnings that amounted at $7.34 billion in 2022.
• Infopulse, Lohika, Playtika, FintechBand, and Sigma Software are also in the top 10 by net income.

• 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 list also includes smaller service companies, R&D centers of foreign product companies (legal entities of Samsung, Ubisoft, Snap) and Ukrainian product companies (legal entities of EVO, AUTODOC).
• The top 30 companies in 2022 generated $307 million in net profit. Large service companies EPAM, GlobalLogic, and Fintech Band have the highest profits, accounting for more than 60% of the net profit of the top 30.
• As a whole, the IT market continued to grow and the top 30 companies received $412 million more in revenue than in 2021 (61% of this increase is accounted for by the five largest service companies).
• Interestingly, among the largest IT companies, not all are the most profitable. Conversely, among the most profitable companies, there are those that do not appear in the top by the number of employees. 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 $9,000 income in 2022.
  • The legal entity of the Ajax Group, engaged in computer programming (Assets Renting LLC), got UAH 4.7 million in 2022, and the main income of the group comes from legal entities engaged in production and distribution.