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Polish Development Fund Plans Large-Scale Investments in the Ukrainian IT Market
Vlad Zghurskyi
04.02.2025
3 Min Read
The Polish Development Fund (PFR) is set to make its first-ever investment in Ukraine by supporting the expansion of the IT consortium Euvic Group. Since 2022, Euvic has been acquiring small Ukrainian outsourcing firms and is now preparing to scale its operations. This initiative opens new opportunities for Ukrainian IT companies to attract international capital in collaboration with the investment firm Mergewave Capital.
Building a Strong Presence in Ukraine
Taras Bachynskyi, Euvic’s exclusive investment advisor in Ukraine, stated:
Euvic is establishing a serious presence in Ukraine. Their over 40 successful deals track record proves that long-term partnerships are built on mutual growth potential rather than short-term gains. Euvic evaluates companies based on pre-war market multipliers (4-6x EBITDA), which reflects their strategic approach.
About Euvic Group
Euvic has already completed several deals backed by Mergewave Capital, acquiring minority stakes (20-40%) in Ukrainian companies. The group has invested in four Ukrainian IT firms: Lviv-based Exoft, Dnipro’s Artkai, Kharkiv’s 7Devs, and Vinnytsia’s Lampa Software.
The Polish group plans to increase its stake to a controlling share, aiming for full ownership. At the same time, the founders of the Ukrainian companies will remain co-owners of Euvic Ukraine, allowing them to contribute to the group’s future development. The company’s current strategy includes expanding its team to 500 employees and strengthening its presence in the Ukrainian market.
Lukasz Czernecki, Vice President of Euvic and President of Euvic Ukraine, commented:
Our investments in Ukraine have exceeded expectations. Two companies have increased their EBITDA by 2.5 times in two years, while the others have maintained stable growth of 15-20%. Ukrainian founders are ambitious and transparent, and their decision to collaborate with us is a testament to their trust in our business model.
PFR’s First Investment in Ukraine
The FEZ2 fund, created by PFR, which has allocated $2.5 million to expand Euvic’s presence in Ukraine, provides half of the capital for these investments. This marks PFR’s first-ever investment project linked to the development of Ukrainian businesses — and its first investment in a country at war.
Piotr Maciuk, President of PFR, emphasized:
International expansion is essential for the continued growth of Polish companies. Within the PFR group, we have the tools and resources to support them in this endeavour. Ukraine is a particularly interesting market for us. Poland’s geographic position allows us to play a significant role in Ukraine’s recovery — as a logistics hub, a construction and capital base, and a partner in IT, innovation, and technology.
Opportunities for Ukrainian Companies
Euvic is replicating a model in Ukraine that the group has already applied in nearly 50 cases with Polish companies — acquiring a majority stake in IT firms. These investments are built on mutual growth potential, making them particularly valuable for Ukrainian IT companies during wartime.
For Ukrainian entrepreneurs interested in collaboration, Mergewave Capital offers full support throughout the deal process. Euvic Group is specifically looking for:
- Teams with 80 to 150 employees;
- Founders who wish to stay and grow with Euvic Ukraine;
- Companies willing to sell 51-60% of their shares to Euvic;
- Businesses valued at 4-6x EBITDA.
This initiative represents a major opportunity for Ukrainian IT firms to secure international investment and grow despite challenging economic conditions.
IT Investment
Polish Development Fund
Euvic
Ukrainian IT Market
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