IFC and Horizon Capital Invest in Miratech, Ukrainian technology services provider
Miratech, a leading global IT services and consulting company, has raised an investment from IFC, in partnership with Horizon Capital, AIN.Capital was informed. The companies did not disclose the terms of the new investment round, as well as the valuation with which Miratech raised the investment. It is only known that IFC led the funding.
Details of the deal
- The deal is part of IFC’s $2 billion Economic Resilience Action (ERA) program, launched last year to preserve economic activity and job creation amid Russia’s invasion of Ukraine.
- IFC is a division of the World Bank Group and an important investor for Ukraine, Its investment in Miratech is unusual, as it is one of the first in IT. The fund invests in the private sectors of emerging markets. Interestingly, in September 2022, IFC announced a $30 million investment in Horizon Capital, and in April — an additional $30 million to support the high-tech sector in Ukraine and Moldova during the crisis, IFC is one of the largest investors in Horizon Capital.
“IFC is committed to ensuring access to credit and boosting innovation as the key preconditions for Ukraine’s recovery.”said Alfonso Garcia Mora, IFC’s Vice President for Europe, Latin America, and the Caribbean.
- Horizon Capital is a US-domiciled leading private equity firm in Emerging Europe, backed by over 40 institutional investors with a capital base of over $570 billion, over $1.1 billion in assets under management, and a tenure of 28 years in the region.
- It is the second time Horizon Capital invested in Miratech. In April 2022, the company announced that its $200 million Emerging Europe Growth Fund III, LP (EEGF III) fund has acquired a minority stake in Miratech. Details of the transaction have not been disclosed. However, as AIN.Capital previously reported, EEGF III usually invests about $5-20 million in one company.
- Horizon Capital’s portfolio includes more than 20 biggest Ukrainian companies and brands like Rozetka-EVO, Ajax Systems, Jooble, etc. In the digital engineering and consulting services sector, in addition to Miratech, EEGF III also previously invested in Intellias and Ciklum.
- Miratech plans to utilize the investment to fuel its scaling efforts, enhance its industry position, and generate new job opportunities in Ukraine’s thriving IT industry.
Miratech is a technology services provider with over 700 employees across 25 countries. The company provides IT and consulting services for Fortune 500 companies as well as for rapidly growing companies in financial services, healthcare, technology, debt management, government, and telecommunications sectors.
Miratech was founded in Ukraine in 1989, but today its headquarter is located in New York, USA.