SOFTWARE DEVELOPMENTin Ukraine, Poland, Belarus and Romania

Presenting

Partnering with

February 2019

�2SPONSORS & PARTNERS

Participating organizations

Sponsoring partners

Supporting organizations

�3ABOUT

Report Focus

The report is brought to you by AVentures Capital, Aventis Capital and Capital Times. It is meant to provide a comprehensive overview of the Software Development sector in four countries: Ukraine, Poland, Belarus and Romania.

The report provides industry and market insights based on an analysis of Software Development companies with 50+ employees located in the four countries. Not only does it include the analysis and country profiles, but also a long list of all companies with contact information and focus areas.

Inaccuracies & updates

Copyright policy

Although we have tried to gather the latest and most accurate information, we realize the possibility exists for inaccuracies and mistakes. If you notice a mistake or a false piece of information, please do not hesitate to contact us at report@aventurescapital.com. Our team will do our best to analyze and correct such inaccuracies and update the report as quickly as possible.

The report is available free of charge to the public. Individuals and organizations can copy, cite, or republish short quotes or portions of the report without prior permission with clear indication of the source and link in the following format: Software Development in Ukraine, Poland, Belarus and Romania in 2019.

COMPANIES ANALYZED

COMPANIES INCLUDED

700+ 490+49%Companies provided data

�4ABOUT

Foreword

The Software Development market benefits from the long-term upward trend due to increasing economic interdependence, readiness of developed countries to move jobs offshore, and ever-growing need for digital transformation while the tech talent in CEE is world-class.

We see an acceleration of the industry growth during last few years and 2018 was characterized by a spike in M&A and Private Equity activity in the outsourcing industry in CEE.

AVentures Capital Managing Partner

Yevgen Sysoyev

�5AUTHORS

Founded in 2012, AVentures Capital is a leading investment fund and M&A advisory firm focused on global companies that leverage R&D in CEE. AVentures Capital portfolio companies are mostly focused on the U.S. market and have raised follow-on rounds from international funds.

Capital Times is a financial advisory company that engages in investment banking, wealth management and other financial services for institutional and private clients. Its principal executive offices are in Kyiv (Ukraine) and Minsk (Belarus) supported by 54 Globalscope partners on every continent in 45 countries.

Yevgen SysoyevManaging Partner at AVentures Capital

Yulia SychikovaAssociate at AVentures Capital

Natalia PiddubenkoProject Manager at AVentures Capital

Ilya Soloducho Director at Capital Times, Investment Adviser

Sergey Goncharevich, MBA Managing Partner at Capital Times, Corporate Finance Division

Oleg Stadnik M&A Director at Capital Times (Kyiv)

Yevhenii VashchukAssociate at AVentures Capital

Ekaterina Karelina Investment Analyst at Capital Times

Aventis Capital is a premier M&A advisory firm based in Warsaw, Poland. The company has extensive experience in working with international private equity investors and family-owned businesses. Aventis Capital is a partner of Globalscope, an international M&A advisors group.

Łukasz LuberadzkiDirector at Aventis Capital

Dorota Ponczek Associate at Aventis Capital

Krzysztof Sliżak Analyst at Aventis Capital

Maksymilian Hudzykevych Analyst at Aventis Capital

�6ABOUT

Global market overview

Regional market overview

Mergers and acquisitions (M&A) activity in the region

Ukraine

Poland

Belarus

Romania

List of companies: Ukraine (p 123), Poland (p 156), Belarus (p 169), Romania (p 180)

Methodology and sources

I

II

III

IV

V

VI

VII

VIII

IX

Content

7

10

18

36

69

83

109

121

189

GLOBAL MARKETOVERVIEW

I

�8I GLOBAL MARKET OVERVIEW

Global software development services market is expected to reach $843B by 2021

The IT Services market benefits from the long-term upward trend due to increasing economic interdependence, readiness of developed countries to move jobs offshore, and ever-growing need for digital transformation especially among enterprises, all three powered by demand-supply imbalance of technical talent

6%

34%

3%

35%

22%

6%

30%

10% 29%

25%

Consulting ImplementationCloud Services Infrastructure OutsourcingApplication Outsourcing

$630B $843B

2015A 2021F

5.0% CAGR

2015—2021

Source: Gartner, Forecast: IT Services, Worldwide, 2015-2021, 3Q17 Update

Global IT Services market value

�9I GLOBAL MARKET OVERVIEW

Software development delivery volume by country. Eastern Europe is among top-5 destinations globally

• 70% of demand for Software Development services and outsourcing come from the USA and Western Europe

• Over 80% of supply is fulfilled by India and China, giving Eastern Europe a 5% piece of the global market share

5%8%

10%

33%

44%

IndiaChinaBrazilSouth Africa Eastern Europe

11%

5%

15%

22%

46%

North AmericaWestern EuropeJapanMature Asia/PacificOther

Source: Gartner Worldwide IT Services Forecast (2016 – 2021), Zinnov Zones 2016 Product Engineering Report

5% EASTERN EUROPE SHARE OF SUPPLY

Top demand regions, 2017 Top supply regions, 2017

REGIONAL MARKET OVERVIEW

II

�11

Ukraine, Poland, Belarus and Romania together present a formidable competition to other development hot spots

• While each is a fraction of Indian or Chinese software development markets, together the four countries export $13B of Software Development services, forming a large and expanding regional competing force

• The growing demand from predominantly US and Western European clients is matched by 580K+ IT specialists

• The region houses over 200 universities and colleges which graduate 60K IT specialists annually

• Out of estimated over 490 software development companies with 50+ employees operating in four countries, 28 have over 1,000 employees and 250 have over 100

Source: Electronics and Computer Software Export Promotion Council (ESC), China Ministry of Commerce, The State of European Tech 2017

Total IT export, USD bn, 2017

111

3813

India

ChinaRegion

REGIONAL MARKET OVERVIEWII

�12

Key report insights

Companies by headcount, #1 Software development market in Ukraine, Poland, Belarus and Romania grows x4-5 faster than globally, with US and EU being the main customers*

2

3

4

II

5

Over 580K professionals serve the market. However, the availability of talent remains main bottleneck to faster growth

The market is highly fragmented with many small companies and just a handful reaching USD 200M mark in annual revenue

Largest players are likely to become IPO candidates within the next five years

The sector presents hot market for M&A activity, with over 70 deals in 2015 – 2018

<100

100-199

200-499

500-999

>1000 3

6

20

13

23

5

6

14

31

19

5

10

18

22

36

12

11

39

61

107

Ukraine Poland Belarus Romania

Note: market data by AVentures Capital

REGIONAL MARKET OVERVIEW

�13

The region in numbers: 490 companies generating $5B in annual revenue

India$13B+ Total IT Exports generated by Belarus,

Poland, Ukraine, Romania

$5B+ Revenues generated by 477 companies in the four countries covered and analyzed in the report

580K+ Software development and technical specialists

60K Technical graduates from 200 local universities and colleges

76 Number of IT Service M&A transactions in four countries in 2015-2018

Poland 100 companies* generating $1.35B revenues*** 255K IT specialists 31 universities and colleges

Belarus 77 Companies* generating$0.75B revenues*** 49K IT specialists 14 universities and colleges

Romania 71 companies* generating $648M revenues*** 105K IT specialists 15 universities and colleges

Ukraine 245 companies* generating $2.07B revenues*** 172K IT specialists 150 universities and colleges

II

* Companies with 50+employees **Includes all IT products in the four countries *** revenues by companies covered in our report

**

***

REGIONAL MARKET OVERVIEW

�14

Business of software development

Software development (SD) companies are involved in the process of design, installation, testing and maintenance of software solutions for other businesses.

”Components

Bespoke solutions SD companies prepare custom-designed solutions individually tailored for each client’s needs.

Managed services SD companies retain responsibility for maintaining and updating developed product.

Knowledge Services Having knowledge and experience in the field SD companies offer solutions that meet user wants or needs.

Quality assurance SD companies develop approaches to assure the quality of supplied product.

Staff augmentation SD companies provide own specialists to augment client team’s know-how for the project.

II REGIONAL MARKET OVERVIEW

�15

Salary analysis: one of the top value-for-money destinations

• Amid the growing demand, the salaries have been on a constant rise for the past decade. With its strong technical education traditions, the region, however, continues to offer one of the best price-to-quality ratios globally

• Among the four countries, the salary rates are similar with Belarus being a slightly cheaper talent market

• Salaries range from $500 for Junior Developer to nearly $5,000 for a Team Lead, all depending on the skill and experience level

*Gross salaries / Employee perspective. For each countries salary tax burdens, please see individual country sections: Ukraine p. 60, Poland p. 82, Belarus p. 92, Romania p. 119

II

Average front-end development salaries, USD/month

0

900

1800

2700

3600

Software engineer (Mid-career) Java developer (Mid-career) Experienced IT project Manager

24252272

1971

2204

18001939

3496

22952224 222620002028

Ukraine Poland Belarus Romania

REGIONAL MARKET OVERVIEW

�16

Competitive landscape: fragmented market with a few large players

• Out of the companies that disclosed their revenues, around 70 generate over $10M in revenue, 12 companies make over $100M in revenue and only 5 exceed the $200M mark within the four countries.

• 15% of companies reported >$10M in revenue, which makes up >95% of total reported revenue.

Note: (1) companies represented on this slide are just examples of their revenue category and do not represent any ranking within their respective category

(2) companies are presented based on the revenues delivered in Ukraine, Poland, Romania and Belarus

Annual revenue, USD

10-25M 25-50M 50-100M 100-200M >200M

II REGIONAL MARKET OVERVIEW

�17

Note: (1) Companies represented on this slide are just examples of their revenue category and do not represent any ranking within their respective category

Diversified Financial services E-Commerce Healthcare

Auto & Transport Blockchain

DistributedLab

II

Security

Logistics IOT

Manufacturing

Travel

Salesforce

Media

Energy Telecom

Insurance

REGIONAL MARKET OVERVIEW

Big Data

Vertical excellence: fragmented expertise with few firms having deep vertical focus

M&A ACTIVITYIII

�19III M&A ACTIVITY

Software development M&A: executive summary

Growth 4-5x faster than globally • CEE outsourcing grows much faster than global average: 20-25%* y-o-y vs 5% globally

• Fundamentals are very strong for continuous growth, we expect the CEE software outsourcing sector to double in revenue terms within 4-5 years

• Peak number of M&A / investments in CEE in 2018: 30 deals announced • Most of the deals closed in 2018 are in the range of 1-2x EV / Revenue and

7-14x EV / EBITDA

• 5+ well-funded CEE players with revenue around $100M or more are expanding through M&A with the ultimate aim of IPO / exit play

Strong fundamentals

Peak M&A activity in 2018

Leaders` M&A IPO / exit play

Note: growth rate estimated by AVentures Capital. Based on the financials of a set of market players who disclosed their results directly to AVentures Capital

�20III M&A ACTIVITY

Financial investors: capitalizing on superior growth and profitability

Superior growth and high profitability attract interest from both large international and local financial investors

Consistent growth of outsourcing globally

Faster-than-market average growth of the outsourcing in CEE

Attractive growth and financial performance of CEE outsourcing leaders

High global demand for development capabilities to deliver increasingly complex and short time-to-market projects

Global IT outsourcing industry value, US$bn

2015A 2021F

843

630

Source: Gartner

CAGR: 5%

25% YOYCEE outsourcing market growth in 2018 by our estimations

Source: AVentures Capital

2013-17 revenue CAGR benchmarking, %

CEE

Res

t of t

he w

orld

EPAM Luxoft Endava

39%

26%27%

Altran Alten Devoteam

4%13%9%

2017 EBITDA margin benchmarking, %

EPAM Luxoft Endava

17%12%14%

Altran Alten Devoteam

10%11%10%

Source: Morningstar

+ +

III M&A ACTIVITY

What are the largest acquirers looking for (1/2)

1 Company’s ability to retain and win new large contracts, so that the most of the revenue is recurring

2 Mid-market and/or enterprise clients

3 Above the market revenue growth (consistently over 30% YOY)

III M&A ACTIVITY

4 High EBITDA (over 15%) and Gross margin (over 40%)

5 Founders’ willingness to stay for 2-4 years post acquisition

6 Other strategic rationales might play a role depending on an acquirer – as type of delivery, technology specialization or broad stack etc.

What are the largest acquirers looking for (2/2)

�23III M&A ACTIVITY

Key strategic rationales driving M&A strategy

Inorganic growth gives established players a way to expand capabilities, client portfolios and scale

Vertical capabilities

• Acquisition of new verticals or deepening of existing capabilities.

Deal example: Luxoft – IntroPro, 2017 (Media, TV and Entertainment)

Delivery diversification

• New delivery geographies to diversify market / political risks. • Delivery in new countries/regions enables to tap into talent pool.

Deal example: Endava – Velocity Partners, 2018 (delivery centers in Argentina, Uruguay, Colombia, Venezuela)

Client acquisition

• Acquisition of new clients or enhancement of current client profile. • Small players can be attractive depending on their client profile.

Deal example: GlobalLogic – Rofous Software, 2011 (e.g. LinkedIn, Stryker)

Scale

• Enables companies to bid for larger projects.

Deal example: Helmes – Solbegsoft, 2018

Technical / language capabilities

• Enhancement of tech teams is faster via M&A than through organic growth.

Deal example: Smile – Adyax, 2018

”We expect established players to continue consolidating a fairly fragmented market

�24III M&A ACTIVITY

Result: upward trend in M&A activity in the region. 2018 was a peak year

Selected PE funds active in the region

Count of M&A deals announced in Ukraine, Poland, Belarus, Romania in 2015-18

Selected strategics active in acquisitions

2015 2016 2017 2018

30

2219

5

Sources: AVentures Capital, Aventis Capital, Capital Times

”• Attractiveness of the software

development outsourcing industry is at a peak level

• 2018 had the highest number of M&A/cash out in CEE/CIS region during the last decade

�25III M&A ACTIVITY

Industry leaders expand through M&A pursuing IPO / exit play

Selected 2015-18 deals Russia / Ukraine Poland / Argentine Russia / Ukraine

Poland

Russia / Ukraine Central Europe

Ukraine / Belarus Poland / Spain

Lviv

Belarus /Russia

Krakow

Germany

Argentine

• 5+ well-funded CEE players with revenue from $50M up to $100M+ are expanding through M&A with the aim of IPO / exit play

• Our insights into recent deals demonstrate that implied EV / Revenue lies in 1.0x-2.0x range and EV / EBITDA in 7.0x-14.0x range

Russia

Belarus

Ukraine

Poland

Merged from:

Note: “Ukraine / Belarus” or “Lviv” – main delivery locations of M&A targets

Lviv

�26III M&A ACTIVITY

Indicative M&A valuation factors: software development in UkraineMultiples went up double-digit in 2018 Revenue growth YOY, revenue resilienceEV / Revenue in different time periods

Bottom Growth

EV / Revenue vs YOY revenue growth

Up to 2014 2014-17 After 2018

ProfitabilityEV / Revenue vs EBITDA margin

SizeEV / Revenue vs revenue in US$M

~1.0x1.2x-1.4x up to

1.5x-2.0x

0%

50%

1 2

~1.5x+

~1.0x

0.5x

0.9x

1.3x

1.6x

2.0x

0.1 0.25

Valuation metrics provided are indicative and illustrate general dynamics

All the factors magnify each other and should be evaluated together

• Sustained revenue growth increases the multiples

• Higher top-life growth revenue — higher multiples

To justify increased multiple higher revenue growth must be coupled by healthy profitability

~2.0x

~1.0x

1.0x

1.5x

2.0x

10 50 100

Large businesses tend to have more recurring large enterprise clients — higher multiples

~1.0x

~1.5x-2.0x

10% 25% 10 10050

25%

�27III M&A ACTIVITY

Consolidation / IPO way of the largest players (1/4)

Revenue US$ 907m (FY 2018)

EBITDA US$ 112m (FY 2018)

Engineers 11,035 (Sep 2018)

Revenue % by vertical Financial services: 57%, digital enterprise: 26%, automotive 18% (2018)

Revenue CAGR 2014-18 23% YOY

Delivery geography Western Europe: 9%, Poland / Romania / Bulgaria: 31%, Ukraine: 28%, Russia: 18%, North America: 9%, APAC & MEA: 6%

VTB Capital IPO on NYSE

PE / IPO funds attracted

Acquisitions 2006 2008 2012 2013 2014 2015 2016 2017 2018

IT Consulting International (US)

ITC Networks (Romania)

Freedom OSS (US)

Radius Inc (US); Mecel Populus Suite (Sweden)

Excelian (UK)

Pelagicore (Sweden), Symtavision (Germany),

InSysGroup (US)

UnafortiS (Swiss); derivIT (Singapore); IntroPro (Ukraine);

Objective Software (Germany); Smashing

Ideas (US)

2019. ACQUIRED BY DXC TECHNOLOGIES AT ~2X EV / REVENUE

�28III M&A ACTIVITY

Consolidation / IPO way of the largest players (2/4)

Revenue US$ 1.45bn (FY 2017)

EBITDA US$ 202m (FY 2017)

Engineers 25,200 (Q3 2018)

Revenue % by vertical Financial services: 22%, travel & consumer: 22%, software & hi-tech: 19% (Q3 2018)

Revenue CAGR 2013-17 27% YOY

Delivery geography Belarus: 31%, Ukraine: 21%, Russia: 17%, Central Europe: 12%, North America: 8%, APAC: 8%, Western Europe & Middle East: 3%

PE / IPO funds attracted

Acquisitions 2006 2008 2009 2010 2012 2014 2015 2016 2018

GGA Software Services (Russia) + Joint Technology Development (China) +

NetSoft, Great Fridays (US), Ozsoft (AM)

2012. IPO ON NYSE. CURRENTLY* TRADED AT 4.1X EV / REVENUE

20042003

Lintec Project (Belarus)

Fathom Technology (Hungary)

Vested Development Inc. (Russia)

Siguler Guff

B2BITS Corp. (US / UA), Plus Micro (KZ)

Renaissance Investment Management, Da Vinci Capital,

Euroventures Capital

Rodmon Systems (US / BY)

VTB Capital

Instant Information (US / BY)

Thoughtcorp (Canada) + Empathy Lab (US)

NavigationArts, Alliance Global Services (US)

Dextrys (China), InfomatiX (Hungary)

Continuum (US), TH_NK (UK)

Note: as of 04/02/19. Source: Yahoo Finance

�29III M&A ACTIVITY

Consolidation / IPO way of the largest players (3/4)

Revenue GBP 218m (FY 2018)

EBITDA GBP 32m (FY 2018)

Engineers 4,819 (Q2 2018)

Revenue % by vertical Payments and financial services: 53%, technology, media and communications: 27%, other 20% (Q1 2019)

Revenue CAGR 2016-18 37% YOY

Delivery geography Central Europe, EU: 53%; Central Europe, non-EU: 27%, Latin America: 14%, Western Europe: 5%, North America: 1%

Acquisitions 2014 2015 2016 2018

2018. IPO ON NYSE. EV / REVENUE CURRENTLY* 3.9X

PSTECH (Serbia) and Nickel Fish Design (US)

Alpheus Solutions (Germany / UK)

ISDC (Romania and Bulgaria)

Velocity Partners (Argentina, Uruguay, Colombia and Venezuela)

Note: as of 04/02/19. Source: Morningstar

�30III M&A ACTIVITY

Consolidation / IPO way of the largest players (4/4)

Revenue US$ 550m+

Engineers ~12,000 (2018)

Revenue % by vertical Media & communications: 30-35%, high tech and commerce: 30%, medical devices and industrial engineering: 20-25%

Revenue growth 20-24% YOY

Delivery geography India, Ukraine, Argentina, Poland, Slovakia, Croatia, USA, Canada, Israel, Switzerland

PE / IPO funds attracted

Acquisitions 2008 2009 2010 2011 2013 2016 201720062000

Lambent Technologies (India), Bonus Technology (US / Ukraine)

Founded, investment by New Atlantic Ventures

Westbridge Capital and New Enterprise Associates

InterObject (Israel) and Cubika (Argentina)

Sequoia Capital, New Atlantic Ventures and New Enterprise Associates

Goldman Sachs

Apax Partners acquires GlobalLogic

Canadian Pension Plan Investment Board acquires

48% stake from Apax

Rofous Software (India), Method Incorporated (US/UK)

REC Global (Poland)

2018. APAX SOLD REMAINING 48% STAKE TO PARTNERS GROUP, EV ~US$ 2BN, EV / REVENUE ~4X

Year Target # of employees Transaction Value, USD mln Buyer

2019 Luxoft 12 900 (2019) 2000 DXC Technology

2018 Adyax 350 (2018) - Smile

2018 CoreValue 385 (2018) - IT Kontrakt

2018 Intellias 1 220 (2018) - Horizon Capital

2018 Applikey 160 (2019) - SSA

2018 DataArt 2 500 (2018) - Da Vinci Capital

2018 WebCodium 12 (2019) - Apriorit

2018 GlobalLogic 12 000 (2019) 960 Partners Group

2017 Stanfy 20 (2017) - IntellectSoft

2017 GlobalLogic 12 000 (2019) - CPPIB

2017 IntroPro 500 (2017) 28 Luxoft

2017 Grossum 57 (2017) - The APP Solutions

2017 Grid Dynamics 1 000 (2018) 118 ASL

2016 Lohika 700 (2016) - Altran

2016 CoreValue 385 (2018) - InSoft Capital, AVentures Capital

2015 Ciklum 3 500 (2019) - Soros Funds

31Software development M&A transactions in the region, 2015-19 YTD, Ukraine (1/5)III M&A ACTIVITY

One can estimate a range for deal value with indicative median annual revenue per engineer at $40-60K and range of x1-2 EV / Revenue UKRAINE

Year Target # of employees Transaction Value, EUR mln Buyer

2018 Intive 1600 (2018) - Mid Europa Partners

2018 Fast White Cat 100 (2019) 0.64 SARE S.A.

2018 ORBA 80 (2019) - Lingaro

2018 Order of Code 15 (2019) - TenderHut Group

2018 Appchance 37 (2019) 0.3 R22

2018 Bitcraft 40 (2018) - Netguru

2018 Solid Brain 200 (2018) - IT Kontrakt

2018 Goyello 120 (2018) - Aspire Systems

2018 GSW Technologies n/a - TenderHut Group

2018 Nexelem n/a - Virtus Lab

2017 ReeWise 11 (2019) - Exadel

2017 itWORKS n/a - Euvic, 3S Group

2017 Coders Center 75 (2017) - SoftServe

2017 iNTENCE 100 (2017) - Intive

2017 IT Kontrakt 1300 (2016) 33 Oaktree Capital / Cornerstone Partners

2017 FDV Solutions 100 (2017) - Intive

2017 Qburst Poland n/a - TenderHut

32III M&A ACTIVITY

POLAND (1/2)

Software development M&A transactions in the region, 2015-18, Poland (2/5)

Year Target # of employees Transaction Value, EUR mln Buyer

2017 Sensing 16 (2017) - Virtus Lab

2017 Team of developers of Vorm n/a - Netguru

2017 LIT n/a - TenderHut

2017 Edisonda 30 (2017) - Grant Thornton Poland

2016 AKME Software n/a - Exadel

2016 SMT, BLStream, Kupferwerk merged into Intive 1200 (2016) - Enterprise Investors

2016 DCC Labs 70 (2016) 7 SeaChange

2016 Operations of Ericpol in Poland and Ukraine 2300 (2016) - Ericsson

2016 Sigmapoint 12 (2019) - Grand Parade

2016 LemonTea n/a - TenderHut

2016 REC Global 500 (2016) - GlobalLogic

2016 ProService 350 (2016) - Oaktree Capital / Cornerstone Partners

2016 Ardeo 14 (2019) 0.05 Venture Inc

2015 SMT Software 700 (2015) 36 Enterprise Investors

2015 El Passion Next 59 (2019) - Daftcode

33III M&A ACTIVITY

POLAND (2/2)

Software development M&A transactions in the region, 2015-18, Poland (3/5)

Year Target # of employees Transaction Value, EUR mln Buyer

2018 iQuest 580 (2019) - Allgeier

2018 BSS-ONE Dueenne 80 (2018) 0.8 Right of Reply

2018 648 Group n/a - Tremend

2018 SAS Grup n/a - Arobs Transilvania

2018 CoSo 10 (2018) 1 Arobs Transilvania

2018 OSF Global Services 1000 (2019) - Salesforce Ventures

2018 Softvision 2850 (2018) 478 Cognizant

2018 Architected Business Solutions 50 (2018) - Logo Software

2018 SkyShield Magyarorszag n/a - Arobs Transilvania

2017 MindMagnet 24 (2019) - Pitech Plus

2017 It Six 140 (2019) - QuEST

2017 Zitec 160 (2017) 2 eMAG

2016 ISDC 300 (2016) - Endava

2016 Software Paradigms International n/a - Softvision

2016 LaunchPodium n/a - Qualitance

2016 Kepler-Rominfo 250 (2016) - Alten

2016 Inotec Plus n/a - Zitec

2016 TotalSoft 400 (2016) 30 Logo Software

34III M&A ACTIVITY

ROMANIA

Software development M&A transactions in the region, 2015-18, Romania (4/5)

Year Target # of employees Transaction Value, EUR mln Buyer

2018 Solbegsoft 250 (2018) - Helmes

2018 Itransition 2000 (2018) - Baring Vostok

2018 Continuum n/a - EPAM

2018 TH_NK 120 (2019) - EPAM

2017 Softline 3500 (2019) 9 Zubr Capital

2017 Cactussoft 111 (2019) - Litussoft

2017 PointSource 76 (2017) - Globant

2016 Softline 3500 (2019) 36 Da Vinci Capital

2016 Dextrys 300 (2019) - EPAM

2015 NavigationArts 90 (2019) - EPAM

2015 Alliance Global Services 1100 (2015) 45 EPAM

35III M&A ACTIVITY

BELARUS

Software development M&A transactions in the region, 2015-18, Belarus (5/5)

UKRAINEIV

�37UKRAINE

Foreword: industrial focus makes the difference Co-founder and the CEO of Intellias

Vitaly Sedler

IV

I believe it is not a coincidence that Intellias was founded in Lviv. This city’s democracy, openness, and atmosphere of collaboration, mutual trust, and win-win relationships played a decisive role in shaping our personal values, and these values have defined the culture of our company.

From the very beginning in 2002, Intellias culture has been based on an equal commitment to the needs of both customers and employees. While it’s not easy to consistently maintain this culture in a company that grows by 45 percent every year, we still keep most of our original values intact. In recent years, we have expanded our geographical presence from west to east and from north to south by bringing together top engineering talent from all over Ukraine, but our company culture remains strong and enables our further growth.

As the IT services industry becomes the second largest export service industry in Ukraine, accounting for nearly 20% of the country’s service exports, more and more companies are entering this highly competitive market. We believe that the future growth of IT companies, as well as the IT market in Ukraine as a whole, will be defined by a strong focus on specific industry or technology domains. And those service providers who have focused and have built deep competencies, those who have defined more efficient service models, will be able to better compete and win on the global market.

To make the most of collective expertise within our focus areas, we have set up a system of Centers of Excellence (CoEs) in our company. These centers are open communities that attract senior engineers and managers who are ready to go beyond their regular duties, lead development of competencies, and apply their skills so that our clients get the most out of the expertise within Intellias.

This is one of many ways to attract global companies to develop their projects here in Ukraine. The country is becoming a preferred location for pursuing the tech waves of tomorrow such as the Internet of Things, autonomous driving, virtual and augmented reality, robotics, and digital banking.

In addition to technology CoEs, we are building industry-focused CoEs, starting with automotive, location-based services, and FinTech and expanding to other verticals. This will allow Intellias to better understand and serve its customers in those markets.

Today, Intellias is the fastest-growing company among Ukraine’s top 15 largest IT service providers. We stand at the forefront of a growing IT industry in Ukraine that is forecasted to reach 200,000 software engineers and $5 billion in revenue by 2021. We are proud that our everyday work, helping global leaders stay at the cutting edge of Industry 4.0, is fueling the development of a new economy in Ukraine. This report gives you insights into how this is happening.

Co-founder and the CEO of Intellias vitaly.sedler@intellias.com

Vitaly Sedler ”As the IT services industry becomes the second largest export service industry in Ukraine, accounting for nearly 20% of the country’s service exports, more and more companies are entering this highly competitive market

�38UKRAINE

Ukraine: country overview

Population / employable population:

Nominal GDP / GDP per capita:

Capital city, population:

IT export in 2017 / 2018F:

F L I G H T S F R O M K Y I V 2 hours — Istanbul, 2 hours — Berlin, 3 hours — London, 5 hours — Dubai, 9 hours — Beijing, 10 hours — NYC

172K IT professionals

23K Annual engineering graduates

245 IT service companies with 50+ employees

750+ IT service companies

2017 Offshoring Destination by Global Sourcing Association

International Math Olympiad

rank

Programmers Activity by TopCoder

1 4 6

Global Services Locations by

ATKerney

Top Outsourcing Destination 7 years in a row by Gartner

In Global Innovation Index

24

Best Programmers by SkillValue

8 30 33

42.5M / 24.5M

USD 112B / USD 2,640

Kyiv, 2.9M

USD 3.6B/ USD 4.5B

IV

�39UKRAINE

IT ecosystem. International companies with R&D in Ukraine

• LLC is the most wide-spread business structure which makes up 45% of total number of legal entities in the country

• Many international companies that have R&D centers in Ukraine (Samsung, Siemens, Sitecore, Aricent) have started with one office and later either expanded the number of employees in one office, or opened one/several new offices in one of Ukraine’s major IT hubs

Kyiv

Lviv

Odesa

DniproKharkiv

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�41UKRAINE

IT ecosystem: a dynamic mix of product companies, investors and associations

Top product companies

Industry associations

Seed — Series A Late stage

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Note: (1) Companies presented on this slide are examples. The slide does not represent any ranking within respective categories

�42UKRAINE

Main software development hubs: Kyiv, Kharkiv and Lviv

• While IT companies are located in all regions of Ukraine, the concentration hubs of outsourcing talent and companies occur in Kyiv, Kharkiv and Lviv

• The ample distribution across regions is induced by a spread network of technical universities and is supported by IT clusters that develop and nurture local IT ecosystems

• Close to 50% of the companies are young firms between 5-10 years of operation, and another 33% are between 10 and 15 years old

Number of IT Service companies with more than 50 employees

0 150

Kyiv 118Lviv 64

Kharkiv 68Cherkasy 10

Vinnytsya 10Dnipro 30

Zaporizhya 16

Odesa 41

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�43UKRAINE

Analyzed companies are headquartered in 20 countries on 3 continents • Over 60% of IT companies are HQ’ed in Ukraine, but the biggest players choose international headquarters

with Ukrainian subsidiary. As for the companies headquartered abroad, 21% are registered in the US, 14% in Europe and 2% in other countries, such as Bahamas, Canada, Belarus, and Israel

• 62% of companies sampled have over 95% of Ukrainian employees. Another 26% have over 50% of Ukrainian employees

18%

10%

15%

19%

2%

14%

21%

USAEuropeOther countriesKyiv, UkraineKharkiv, UkraineLviv, UkraineRest of Ukraine

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�44UKRAINE

Client portfolio Note: This slide provides examples of client portfolios and does not represent any ranking within respective categories

Companies Selected clients

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�45UKRAINE

Rapid expansion of IT outsourcing industry in Ukraine

• The export value of IT services during 2015-2018E has shown a 19% CAGR

• The share of IT Services in overall exports has risen from a 3rd place in 2017 to a 2nd place in 2018E

• More than 50% of IT Services revenues come from the USA. The UK took the second place

Export volume of IT industry, USD billion

0

2.25

4.5

6.75

9

2015 2016 2017 2018E 2020F 2025F

8.4%

5.4%4.5%

3.6%3%2.7%

CAGR: 19%

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2015-18E

�46UKRAINE

IT clusters as vital market players

• There are 14 clusters that operate in different regions of Ukraine, with each having up to 80 IT company members

• 20 IT companies is an average number of IT cluster members

• Lviv IT Cluster is the largest in Ukraine, uniting over 80 members. Kyiv, Kharkiv clusters and Dnipro IT community follow

Kyiv IT Cluster 24 IT companies itcluster.kiev.ua

Chernihiv IT Cluster 8 IT companies chernihiv.it

Konotop IT Cluster 7 IT companies itcluster.konotop.info

Kharkiv IT Cluster 43 IT companies it-kharkiv.com

IT Dnipro Community 28 IT companies itcluster.dp.ua

Cherkasy IT Cluster 13 IT companies www.itcluster.ck.ua

Mykolaiv IT Club itclub.org.ua

Odessa IT Community Suspended www.facebook.com/IT.Cluster.Odessa/

Vinnytsia IT Cluster 8 IT companies itcluster.kiev.ua

Bukovina IT Cluster 15 IT companies itbuk.net

Lviv IT Cluster 82 IT companies itcluster.lviv.ua

Ivano-Frankivsk IT Cluster 17 IT companies it-cluster.if.ua

Lutsk IT Cluster 9 IT companies www.litac.org

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— main clusters

�47UKRAINE

Education: strong educational foundation producing top line engineers

• 83% of IT Specialists in Ukraine have completed higher education at a university, of which 56% focused their studies on either programming or specific sciences

• About 79% of Ukrainian IT Specialists speak English on at least intermediate level, 45% of IT specialists are either fluent or can sustain a conversation on the advanced/upper-intermediate level of English

• Technical education of students in Ukraine in 2017 was carried out by 150 universities: 147 prepared bachelors, 99 - masters, and 35 - specialists

• Top technical schools in Ukraine include Kyiv Polytechnic University, National University of Kyiv-Mohyla Academy, Kharkiv National University of Radioelectronics, Sumy State University, Lviv National University named after I.Franko, Lviv Polytechnic University

• In 2018, Ukraine was ranked 4th in International Math Olympiad and has remained in top 30 countries worldwide in the past 10 years

Universities graduating tech talent across all regions of Ukraine

150Technical graduates per year23K

The number of technical graduates, thousands

0%

7.5%

15%

22.5%

30%

2015 2016 2017 2018

6.1%

4.7%3.1%

3.1%0.8%

5.7%5.6%

6.5%

16.1%16.6%16%11.4%

Bachelor's degree Specialist's degree Master's degree

2124.7

2723

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�48UKRAINE

TOP 15 technical universities in Ukraine, 2018 National Technical University of Ukraine "Igor Sikorsky Kyiv Polytechnic Institute“ 4314 tech graduates

Taras Shevchenko National University of Kyiv 1324 tech graduates

National Aviation University 1692 tech graduates

State University of Telecommunications 1100 tech graduates

Ivan Franko National "University of Lviv 833 tech graduates

Lviv Polytechnic University 2675 tech graduates

Ternopil Ivan Puluj National Technical University 830 tech graduates

National Technical University “Kharkiv Polytechnic Institute” 2105 tech graduates

Kharkiv National University of Radioelectronics 2968 tech graduates

National Aerospace University - Kharkiv Aviation Institute 1296 tech graduates

Zaporozhye National Technical University (ZNTU) 760 tech graduates

National Technical UniversityDnipro Polytechnic 1014 tech graduates

Oles Honchar Dnipro National University 842 tech graduates

Odessa National Polytechnic University 1366 tech graduates

Vinnytsia National Technical University 1036 tech graduates

Kyiv

Lviv

Ternopil

Kharkiv

Odesa

DniproVinnytsya

Zaporizhya

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Slide is prepared in partnership with

�49UKRAINE

Expert’s overlook on Ukrainian tech scene

Global IT spending is projected to grow 6,2% in 2018, according to the latest forecast by Gartner. If you compare it to the Ukrainian IT industry growth rate of 20% year-to-year, over the last five years, you’ll find a distinct evidence that Ukraine’s tech scene is on the rise. Some individual IT companies in Ukraine manage to grow even faster. N-iX, for example, has tripled in size over the last 3 years.

Such rapid industry development contributes to an ever-growing need for talent. The demand for software engineers in Kyiv matches such of Singapore and Paris. At the same time, Kyiv’s talent pool is less than half the size of aforementioned cities. In some ways, such situation in Ukraine is caused by the active growth of IT outsourcing companies. This year 18 companies operating here were named to top 100 outsourcing companies worldwide.

Ukrainian export software development industry is one of the fastest growing segments of the Ukrainian economy. Export revenues have already exceeded $3,6 billion. Last year software development services took third place among top export industries. In five years, we hope to become the second export industry, beat the steel industry and maybe even compete with agriculture. Though, it is unlikely to happen because agriculture will grow massively as well. I am optimistic about Ukraine’s economic growth, because we are the highest populated country in Eastern Europe, possessing a valuable human capital of smart and ambitious individuals who are willing to develop our country. Ukraine has an engineering DNA and a profound engineering and mathematical background. 

The future of Ukrainian tech The digital transformation trend changes companies around the globe. We see certain trends in tech, namely Cybersecurity, Virtual Reality, Data Analytics and Ed-Tech solutions – all of them have great potential for growth. Ukraine is actively developing in all of these directions. At the country level and even at the company level, the focus will shift towards more complex intellectual tasks. Data Science, product engineering, R&D for self-driving cars – all of these domains have great growth prospects in Ukraine.

Ukraine offers software development services for technologically complex projects. A well-developed software service industry in Ukraine gives a basis for many startups to emerge here. I believe that the service industry has to grow further, giving more and more people an opportunity to grow professionally and to gain knowledge background to launch own startups or work at product companies. It’s a win-win for both service and product industry directions.Ukraine’s tech industry currently has all the possibilities to become our ticket to economic prosperity. Further tech industry growth requires an active focus on human capital development to cover the demand for talent. Our favorable taxation system and low cost of living make Ukraine one of the most attractive places for software developers in terms of net earnings. By creating more infrastructure development projects similar to innovation district IT Park in Lviv and UNIT.City in Kyiv we are promoting our country as a comfortable place to live, work and do business.

The development of the tech industry nourishes the internal market as well, creating additional jobs in other spheres, pumping additional resources into the internal market. IT is an innovative industry, expanding the horizons for young people, providing opportunities to travel, empowering lifelong learning. IT also gives a push to entrepreneurship: these well-educated, well-paid, and talented individuals create their own companies and startups. This is a very positive trend, influencing most of the institutions and transforming the entire country into a free, democratic state.

CEO & Founder of N-iX

Andrew Pavliv

According to a recent PwC report, the IT industry in Ukraine has optimistic perspectives for future development. In particular, the

number of employees working in IT and related fields is expected to grow to 250,000 by 2020. Andrew Pavliv, CEO & Founder of N-iX,

shares his thoughts on dynamics and further evolvement of Ukraine’s tech industry.

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2017 nominal GDP breakdown by sector

UKRAINEIV

Source: Ministry of Finance of Ukraine, 2018

4%4%5%

6%

6%

6%

10%

12%

14%

32%

TradeManufacturing AgricultureTransportReal EstateMiningState Admin SecurityEducationICTOther

$112B

UKRAINE

Employee demographics: the majority is employed by outsourcing companies (1/2)

• Out of 170K, 44% of IT professionals are employed by IT Outsourcing companies followed by Product and Outstaffing companies

• Almost a third of the IT force has over 6 years of experience

• Amid expanding market, the number of junior professionals is growing as an answer to the unmet demand from employers

• Almost a quarter of IT professionals are women and their share is growing year-on-year

• Among all sectors, the IT is one of the youngest with the average employee age being 26 years

Sources: DOU.ua, Портрет ІТ-спеціаліста, 2018.

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Employee demographics: the majority is employed by outsourcing companies (2/2)

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> 10 years14%

6-10 years17% 3-5 years

29%

1-2 years27%

< 1 year14%

Freelance3%

Startup5%

Not IT5%

Outstaffing11%

Product29%

Outsourcing46%

Developers by company type

Experience

Employee demographics:72% of staff is under 30 years old

UKRAINEIV

Sources: DOU.ua, Портрет ІТ-спеціаліста, 2018.

> 403%

36-407%

31-3518%

26-3032%

21-2532%

< 208%

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Male77%

Gender Age

• Almost a quarter of IT professionals are women and their share is growing year-on-year

• Among all sectors, the IT is one of the youngest with the average employee age being 26 years

FULL CYCLE OF CUSTOM HIGH-TECH SOLUTIONS FOR YOUR BUSINESS

• IoT• Storage• Cloud Solutions

• Embedded Systems• Hardware Design• High-Load Applications

R&D Center:

Project Management IT Staff Augmentation

HARDWARE FIRMWARE SOFTWAREFULL CYCLE OF COMPLEX SOLUTIONS:

Florida-based IT company with an R&D center in Kyiv, Ukraine. Since 2014, Sirin Software has been

a trusted partner for companies all over the world.

Contact for free quote: info@sirinsoftware.comwww.sirinsoftware.com

0.0

1.3

2.5

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Junior QA Engineer QA Engineer Senior QA Engineer Project Manager Team Leader Senior Project Manager

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2.4

1.4

0.7

3.5

3.0

1.3

2.0

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Kyiv Odesa Lviv Kharkiv Dnipro Ukraine

�54UKRAINE

Salaries: Kyiv offers the best access to talent at the highest cost• Kyiv offers the highest level of salaries that comes along with the fiercest competition and access to the most abundant talent pool • Salaries are about 11% lower in the regions on average; however, the talent pool is more limited especially for niche experts, senior

technical and advanced business professionals. Most drastic differences in Kyiv vs Regional salaries are in management positions: Project managers in Kyiv are more expensive by about 22%, Team Leaders by 19% and Senior Project Managers by 3%

• As the demand greatly exceeds supply, companies cannot compete only with salaries. Such factors as strong HR brand, compelling employee perks and benefits (including modern office spaces, flexible working schedules, appealing food and, most importantly, challenging projects) gain more importance

*Net of tax salaries. Please refer to p. 55 for tax details

Median net salaries by city, June-July 2018 (in USDK)

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�55UKRAINE

Opinion: Ukraine becomes the top automotive software hub

- How do software companies in Ukraine build strategies to differentiate themselves on the market? Most successful software engineering companies in the world follow the same track. They build core competence based on the experience accumulated with their key accounts. Then they seek market winners and try to penetrate their target market with a set of competencies they already have. That was also the story for Intellias. We were fortunate to have a solid number of key accounts in the automotive industry. That helped us to promote our brand within an industry that now turns out to be a flourishing market and that has become one of the fastest-growing B2B markets for IT outsourcing companies.

- Why does automotive get so much attention within the IT community? First of all, the end product is very attractive and popular. People go crazy about cool cars, and now software is becoming one of the main differentiators for competing car brands. Second, it’s one of the oldest technological industries that’s now undergoing explosive digital transformation. You may argue that there are industries like coal mining and manufacturing that have longer histories, but ultimately, they aren’t dealing with mass-market brands like the automotive industry is. There’s a huge demand for technological innovations and a huge consumer market at the same time. The automotive industry contributes $2.75 trillion (3.65%) to global GDP. If we took vehicle manufacturing as a country, it would be the sixth largest economy in the world. Third, the industry has a lot of standards and legacy technologies, and at the moment it’s suffering from a big change to overall consumption and business models. Different players and technologies are striking the automotive industry.

- What do Ukrainian IT companies develop within the automotive field? Actually, they do pretty much everything. If you take a given software development company in Ukraine, you’ll find they have some technological focus. Some of them are focused on embedded software, others on UI/UX services. At Intellias, we’re focusing on platform development and platform integration in the automotive industry and on the future of mobility. We have senior-level engineers experienced in car navigation systems and services built around geolocation and positioning, and of course we have experts in connectivity, ADAS, and HMI. In fact, we have an emerging automotive community here in Ukraine. We have annual industry events like the Navimotive conference, which is dedicated to technologies in the automotive and navigation fields and gathers speakers from well-known companies along with local enthusiasts and engineering minds.

- Are automotive companies, OEMs, and Tier 1 vendors starting to outsource more to Ukraine and establish R&D centers here? Automotive companies keep distinguishing Ukraine as the top outsourcing destination. OEMs and Tier 1 vendors aim at establishing stronger partnerships with the IT community here. Thus, Ukrainian companies have to focus on delivering value-added services by becoming complex integrators of complete solutions. Take Intellias: we have over 600 engineers involved in automotive projects, which is a very decent number compared to the average in the market. Our service portfolio delivered to OEMs and Tier 1 suppliers from Germany, the UK, Japan, and South Korea contains various location data platforms, navigation systems, predictive maintenance software, and solutions for fleet management and urban mobility. Based on our regular communication with customers, we see that automotive companies are ready to share more responsibility and extend cooperation with Ukrainian companies. And this is the main background for the further growth of the entire industry.

Senior Delivery Director, Automotive Practice Lead at Intellias.

Ihor Starepravo

As the Head of Automotive Delivery, Ihor is responsible for driving the success of

software development services for Intellias automotive clients. He works to strengthen the company portfolio with a focused R&D

strategy and by embracing cutting-edge technologies such as artificial intelligence,

computer vision, IoT and embedded systems, V2X connectivity, DevOps and cloud.

IV

III

To me what is important is to have a real partner. Intellias is not a typical

outsourcing company; it is more close and personal. There has to be a deep

understanding of the product, there has to be a lot of connection with

a business where we operate, and this is what I found Intellias o!ers.

Daniel Rubio, Co-Founder of Relabs, ex-CTO at HERE Technologies

We help tech innovators and Fortune 500 companies build amazing products

for billions of users globally 

Big enough to scale,small enough to care

Get in touch

�57UKRAINE

Ukrainian IT companies get majority of revenues from software/hi-tech vertical

• 73% of companies self-reported vertical excellence in Software & HiTech, 30% in FinTech, and about 23% in Healthcare and Life Sciences verticals

Security

Insurance

Telecom

Retail

Media and Entertainment

Healthcare and Life Sciences

Financial Services/Fintech

Software/High Tech 73%

31%

23%

17%

12%

11%

4%

2%

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�58UKRAINE

Ukrainian IT companies on average generate $50K in annual revenue per employee

• The surveyed companies, which have more than 90% of Ukrainian employees had an average revenue per employee of USD 49.36 thousand per year, and the companies with less than 90% of Ukrainian employees - USD 55.09 thousand per year.

• The average billing rate per hour among surveyed companies is $34

$50K $34Average annual revenue per employee

Average hourly billable rate

Average Revenue per Billable Engineer, Thousands of USD

Rev

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per

B

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42

44

46

48

50

52

54

56

Total Number of Billable Engineers in company

<50 51-100 101-150 150+43.8

54.3

47.245.9

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UKRAINE

Ukrainian IT companies get majority of revenues from web/mob apps Ukrainian IT service companies offer a wide range of services. An absolute majority does web and mobile application development, followed by architecture consulting and testing services

Activity areas and core offerings, which constitute over 15% of revenue

Research & Development

Big Data & Analytics

Software Testing Services

Architecture & Technical Design

User Experience and Design

Mobile Aplication Development

Web Application Development 78%

64%

43%

23%

17%

16%

16%

IdeateDesignBuildEvolve

BUILDING IMPACTFUL FUTURES THROUGH DESIGN-LED TECHNOLOGY

To learn more, visit our website www.cogniance.com

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UKRAINE

Legal aspects: entity & employment choices

Most IT companies employ 90% of IT employees as Independent Contractors / Private Entrepreneurs. This structure facilitates the avoidance of a number of formalities and risks associated with employment relations and reduces the tax burden for all parties

Legal entity structures ordered by popularity Employment form

LLC

Outsourcing/outstaffing

Involvement of an intermediary

Permanent representative office

• Limited liability company is the most widespread option – 45% of the total number of legal entities. LLCs may be fully or partially owned by foreign companies (Samsung, Huawei)

• Registration is free of charge and takes one day upon submitting all the necessary documents

• Collaborating with outsourcing/outstaffing companies (Boeing, Ericsson) may help to extend your development capabilities or completely outsource all IT engineering employment issues

• Using an intermediary to maintain the operations in Ukraine (Certent, People.ai) helps reducing costs and saving time on accounting, reporting, HR paperwork etc.

• Registered office of a foreign company in Ukraine (without establishing a separate legal entity) – registration takes at least 60 business days + $2,500 fee

• Poor legislative regulation and difficult administration makes it a rarely used option

Tax burdens for a monthly net salary of $2,500

0%

45%

Full time employment Private enterpreneur

1.50%

1%

18%

5%

22%

$1,037

$142

$895 savings

�60IV

Military tax

Personal income tax

Social security

Unified tax

Other fees

UKRAINE

Acquisition of a Ukrainian Target Acquisition Structuring and Financing

• For non-resident of Ukraine vendors, the transaction typically occurs between non-residents of Ukraine to eliminate the Ukrainian withholding tax on the proceeds. From the perspective of the acquirer, the acquisition is usually financed partly with equity and partly with debt at an intermediary level

• Debt push-down transactions usually do not work in Ukraine as there is no tax consolidation or fiscal unity regime. There is little flexibility to permit assignment of debt obligations. A cross-border merger is not permitted

• It is possible, however, to up-stream cash flows from a Ukrainian subsidiary to fund the servicing of debt payments, through, e.g. deductible service fees or interest payments

• If an independent third party financing is required, the structuring also has to satisfy security considerations of the financing parties

Ukraine

Investor

�61IV

Vendors Intermediary Lenders

Holding Co

Ukrainian Target

$ $

Investor

Vendors Hold. Co Lenders

Acquisition Co

Ukrainian Target

Advantages of acquiring a Ukrainian company

• It facilitates post-acquisition re-organizations, allows for an exemption for intercompany dividends and provides flexibility in financing the Target operation within Ukraine

• In real property acquisitions, it provides for a step-up cost-base for amortization allowances and input VAT and may provide for improved access to the Target assets for security purposes

UKRAINE

Real estate: abundance of modern office space across the country

• The country offers plenty of office space options in most medium and large cities. Depending on location and building, rent prices vary from c. $120 per sq.m. annually for an office in Lviv, Odesa, Dnipro, Kharkiv to up to c. $500 per sq.m. in Class A office in Kyiv.

• Often, the lessees need to make renovations at their own expense or pay back the related costs to landlord at the rate from $30 (minor renovation) up to $250 (heavy construction) per sq.m. The office premises are typically leased without furniture and equipment

�62

Note: the prices are stated without VAT

Rental cost per sq.m. per month

OPEX per sq.m. per month

$20-38

$7-9

Kyiv Class A Kyiv Class B Kyiv Co-working Lviv, Odesa & Kharkiv

$10-15

$3-5

$200-350/person

—

$10-14

$3-5

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UKRAINE

Ukraine's extracurricular IT education is on the rise

• Amid increased demand for talent, more companies seek to hire junior professionals. As a result, the number of IT schools is growing with 43K+ graduates per year

• While most schools offer traditional courses like PHP, Java, Python and mobile, the new entrants specialize in niche languages and emerging tech stacks like Big Data

�63

OTHERUkrainian IT School

Source ITQALight

Prog.kiev.uaGoIT

SkillUPIT Education Academy (ITEA)

CyberBionic SystematicsMain Academy

Computer Academy STEP 11%8%

7%7%6%

5%4%4%4%4%

41%

Most popular extracurricular IT schools

Sources: DOU Research, CEDOS Analytics Center

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UKRAINE

Extracurricular IT education: selected schools` curriculums

�64

Logo Name Locations Course duration Available programs (non-exhaustive lists)

STEP Academy 23 cities in Ukraine, international 6 months – 2.5 years Internet marketing, Python programming, Software Development, Graphic Design, Cybersecurity

GoIT Kyiv, Kharkiv, Online 2.5 – 9 months Full stack development (html/css, javascript, react.js, node.js) IT Bootcamp, Project Management, PHP WordPress

IT Education Academy (ITEA) Kyiv, Lviv, Dnipro, Kharkiv, Odessa, London, Oslo 6 months Programming (Java, Javascript, JQuery, PHP, Python, C++, C#), UI/UX Design, Agile/Scrum,

Project Management

Web Academy Kyiv, Online 4 – 9 weeks iOS, Android, Front-end, Python (beginner’s level), IT Project Management, ITEA Hub (creative space for IT and business)

CyberBionic Systematics Kyiv, Moscow, online 6 – 20 hours HTML5, CSS3 Advanced, Javascript Advanced, Angular Advanced, Java Professional, Python, practical applications

Source IT Kyiv, online 2 – 3 months Java, Web Development, IT Sales, Software Testing, Digital Marketing, specialized workshops with industry leaders

SoftServe IT Academy Lviv, Kyiv, Austin (TX), and other 3 – 5 months Software Development, Quality Control and Configuration Management, Business Analysis and HR Management

Lviv IT School Lviv, Ivano-Frankivsk, Mykolayiv, Odesa, Chernivtsi 3 months Programming, testing, web design, project management, HR and recruitment, business

analysis and business development, and children's LITS4kids training project

DataRoot University Online, Kyiv, Tel Aviv4 months with

commitment of 15 hrs / week

Heavy focus on Machine Learning, Big Data. Courses include: Python for Data Science, Machine Learning, Deep Learning, Big Data & Data Storages

uData School Kyiv – Unit.City 6 months full-timeBasic: Decision Making, Probability Theory, Mathematical Statistics, Python-LIBS, Basics of Machine Learning. Advanced: Signal Processing, Time Series Analysis, Deep Learning, Image Recognition, Data Mining, Business Intelligence, Big Data, Parallel Programming.

Hillel IT School Kyiv, Kharkiv, Dnipro, Odesa 2-4 months Programming, Testing, Management, Marketing, Design, School for children

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UKRAINE

Other reports on Ukrainian IT sector (1/2)

Overview of the Ukrainian IT outsourcing and software R&D capacities

IT Ukraine From A to Z

The DealBook of Ukraine (2018, 2016 and 2014 editions)

Ultimate report on Ukraine's venture investment industry

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UKRAINE

Other reports on Ukrainian IT sector (2/2)Ukrainian VC and PE Overview

An overview of Ukrainian investment market from Ukrainian Venture Capital and Private Equity Association (UVCA) in partnership with Deloitte

Development of the Ukrainian IT industry

The research was prepared on the initiative of the "IT Ukraine" Association jointly with the Better Regulation Delivery Office (BRDO)

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�67UKRAINE

Selected 2018 materials about Ukraine

Tech entrepreneurs see Ukraine as future IT leader. Advocates of the new economy, enthusiastically peppering their Ukrainian with English tech-speak like “co-working hub,” believe they will eventually transform Ukraine into Europe’s leading country for IT innovation.

Yuri Bender, 12 September, 2018

Ukraine. Open For IT. [video]

Monobank Leads The Expeditious Emergence Of Ukraine's Fintech Sector. Start-ups from Ukraine, or founded by Ukrainians, raised $265 million in 2017, according to AVentures Capital, a Kyiv-based venture capital fund.

Joe Wallen, 28 September, 2018

How a city of conflict became a tech hotspot. Four years ago, Kiev was known more for bloodshed and protest than start-ups. But that’s changing – the city has a booming tech sector where IT workers earn 10 times the average wage.

Christian Borys and Roman Stepanovych, 11 September 2018 

Ukraine’s top 8 tech successes since last Independence Day. Those looking to invest in Ukraine need look no further than its tech industry. The information technology industry, including telecoms, is one of the few in Ukraine that’s continually growing — there are major developments to report every year.

Denys Krasnikov, 23 August 2018

Between Unicorns and ‘Wild East’: A Guide to Ukraine’s Tech Scene. A mecca for software talent, global tech powerhouse or, occasionally, the arena for Cold War-inspired cyber wars: Welcome to Ukraine’s turbulent but bustling tech scene.

Valentina Cullmann, 2 October 2018

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Expert guide to your Salesforce project validation

Salesforce technology is gaining a momentum. Though often perceived as a pure CRM tool, there is much more to Salesforce than just that. It is a mighty cloud-based enterprise platform with many ready-to-go solutions that helps to stay connected with customers, prospects, employees and partners. More and more enterprises and startups globally tend to make use of it on a daily basis. As a service integrator providing an assortment of services in Salesforce Eco System, Mobile apps and data-powered solutions, CoreValue experts share the insights on how to successfully validate the efficiency of your Salesforce project.

Audit for Salesforce Projects Investments into Salesforce.org technology have certain horizons, and sometimes after the launch into production, senior executives start asking these questions: Is my client technology up to date? Does it require an upgrade? What are the latest and greatest features of the upgrade? Do these features make sense for us to use them with this client? That’s why performing regular Salesforce solution audits is an essential element of a technology lifecycle. It refreshes respective needs and KPI’s, unveils gaps and suggests correction approaches.

1) Where do we start with the actual audit? Kick-Off: Let’s Warm Up!The initiation of an audit engagement starts with the client being briefed by the CoreValue project team about the goals and focus areas. It includes precise clarification of short-term goals together with the alignment on the timeline, scope, and long-term strategy. Solution Architects and PMs are active participants in this briefing.

2) Is there anything in the architecture or business flow that impedes meeting growth objectives? Business processes focused review is the next step in a tech audit process, and normally includes: – Business processes and a Salesforce flow correspondence review – Architecture overview – Licensing and clouds review – Integrations and customizations review This requires close interaction of the CoreValue project team and Business Analysts with the client’s Head of Technology, and a 360-degree view of the system is produced.

3) Is my code clear and configurable? Does any legacy software require replacement? Code Hygiene – Development process quality, is where we investigate the fundamentals of the system. This technology-focused review primarily includes: – Codebase analysis and development process review – Data flows and integration points review

Solution Architects and technology managers investigate code coverage and quality, usage of Salesforce functionality, data asset quality, inputs and outputs, integrations, and testing processes, with a special focus on UI and regression testing. Security and access is another milestone of the technical audit. It is critical to complete a detailed investigation of compliance and security reviews of the existing system and data, as well as multidimensional access rules.

4) So, what’s the detailed picture? Reporting is the finalization of all the work performed, based on the documentation and interviews conducted, so that client can evaluate the current state of the system and future maintenance considerations.

A tailored report presents a thorough gap analysis within key technical areas, and provides actionable insight and recommendations on prioritized improvements of Salesforce-based solutions, scoring it against industry best practices, together with time and cost estimates, and a detailed code review with annotations. Conducting a technical audit, by our experts, provides valuable insight on Salesforce projects, which typically includes several stages such as tech stack, code hygiene, development processes, the ability to scale, security, etc. General practice shows that CoreValue will ensure that any cause for concern is red-flagged and recommendations for areas that need to be improved are documented and shared.

�68IV

Global Software and Technology Services CompanyCoreValue is a Global Software and Technology Services company, providing Cloud based implementation services and Mobile applications to industries such as Pharmatech, Healthcare, and Finance. Customers trust CoreValue with Infrastructure services utilizing qualified and experienced staff in Data Science, Machine Learning, Data Management and traditional development. Our customers are funded startups, mid-sized and Fortune 50 through 500 companies.

CoreValue multinational team consists of 9 development labs across Central and Eastern Europe working in collaboration with a network of consultants in the USA and the EU.

Contact us to find out more:908-312-4070info@corevalue.netcorevalue.net

CRM Salesforce Data

QAMobile Cloud

12+Years on Market

50+Clients

300+Delivered Projects

370+People

POLANDV

�71POLANDV

Foreword

It is with great pleasure that we share the Polish part of the CEE Software Development report with you.

We have been first hand observers of the rise of the modern IT industry in Poland from its humble beginnings. IT services and IT professions have grown from a niche market to a powerhouse of the Polish economy. The sector drives not only investment into Polish low cost labor but gives birth to rising stars that are becoming consolidators of international markets.

The market we describe in this report has benefited from very good conditions for growth in the recent years, but also has had its fair share of challenges. Currently, as in all countries of the world, finding talent becomes more and more difficult. In these challenging times acumen in business development is equally important as attracting and retaining employees. This drives costs up and leads to market consolidation.

We are also seeing an upcoming wave of mergers and acquisitions. Small and mid sized companies will find it harder and harder to compete for employees while maintaining competitive rates and level of quality. This can be already seen with two large private equity groups consolidating the market around with their so called ‘platforms’ - large companies acting as vehicles for acquisitions. In Poland these are Intive, recently acquired by Mid Europa Partners and IT Kontrakt, backed by Cornerstone Partners and Oaktree. We expect this strategy will be embraced by more companies in the near future.

Managing Director – Aventis Capital

Marcin Majewski

�72POLAND

Poland: country overview

V

255K IT professionals 15K Annual ICT graduates 100 Software Development co`s

with 50+ employees

FDI inflow destination in CEE

region in 2017 by CIA World Factbook

2

World’s most attractive emerging market in 2018 by

Bloomberg

4

‘Ease of Doing Business’ 2019

ranking by World Bank

33

Population:

Working age population:

GDP:

GDP per capita:

Unemployment rate:

Polish National Bank reference rate:

Inflation rate:

Value added tax rate:

Corporate tax rate:• Poland has a stable economy and well-grounded macroeconomic position • Unique conditions for running a business are supported by repeatedly

confirmed resilience to economic crises

Major urban areas population Warsaw 1.75M

38.4 million

24 million

USD 524.5 billion

USD 13,811

5.7%

1.5%

1.7%

23%

19 %

Cracow 0.77M

�73POLAND

Rapid expansion of IT outsourcing industry in Poland

GDP composition, 2017

2017 2018 2019F 2020F 2021F 2022F

1.67%1.71%1.82%2.12%

2.52%2.65% 2.8%2.8%3.0%3.5%

4.1%4.6%

PLEU

Poland GDP growth compared to EU average

2%8%12%

28%

50%

ServicesInductryOtherICTAgriculture

V

ICT

• Sales of Polish IT services exports has been growing from 2010 to 2017 at CAGR of 22.9% reaching EUR 4.16 billions in 2017.

• Increasing awareness of Polish IT potential among international companies is to support the further growth

• With growing value of IT services exports, companies present in the sector increase investment budgets for R&D and innovations

Sales of Polish IT services exports (EUR bn)

2010 2011 2012 2013 2014 2015 2016 2017

4.163.913.22

2.311.851.531.240.98

z23% CAGR

Sources: Central Statistical Office of Poland; Statista, Economic Outlook Poland, 2018; Fitch Solutions. Poland Information Technology Report.

�74POLAND

IT ecosystem: International Companies with R&D in Poland

Tricity

LodzWarsaw

Cracow

SilesiaWroclaw

Poznan

• Poland has already become an R&D hub for global companies operating in various industries

• One of numerous examples are technology giants as IBM, Nokia, Intel, Motorola and Samsung, which together employ over 15,000 IT specialists.

• During last two years Fujitsu, Nordea, Accenture and many other companies located their offshoring centers in Poland

Company Number of employees in PL

6,850

5,830

4,750

1,885

1,600

1,600

1,560

700

650

520

Selected companies with IT outsourcing and R&D hubs in Poland

V

�75POLAND

Investments’ support initiative in Poland

Special Economic Zones (SEZ) Poland to support investments across all country

• 14 Special Economic Zones across Poland • Will function till 2026

Number of locations in each voivodeship:

0-3 3-10 over 10

Benefits for companies operating in SEZ areas

• Income tax exemptions (up to 70% of eligible costs depending on the company size)

• Real estate tax exemptions (in certain locations) • Technology parks offering infrastructure for high-tech

and R&D companies • Preferential tax allowances to purchase new technologies. • Preferential tax allowances for R&D centers

• New Investments supports across all country

• Legal act from 30 June 2018

Benefits from new instrument of investment support

• Benefits already present in SEZ areas will be available for investors across all country

• The eligibility for new instrument and the amount of exemption will depend on following sets of criteria:

✓ Qualitative — company’s location and industry involved ✓ Quantitative — minimum required investment and amount of exemption will depend on

unemployment at location and applicant’s business size

V

�76POLAND

Top software development services providers in Poland

Gdańsk

Bialystok

Warsaw

Cracow

Silesia

Wroclaw

Poznan

• Top providers include Sii, Luxoft, Intive, IT Kontrakt, Globallogic and EPAM each with headcount above 1,000

• Beside the capital Warsaw, medium-sized cities like Wroclaw, Cracow and Poznan are attractive locations for IT Service companies due to very good technical universities, a large talent pool, moderate costs coupled with a good quality of living, convenient road and air connections to Western Europe

Company Number of employees in PL4,000

1,750

1,400

1,300

1,200

1,200

900

900

800

800

600

600

500

Rzeszow

Selected Software development services providers

V

Szczecin

Note: Companies are assigned to cities according to registered address

POLAND

ICT market structure in PolandSpecializations in ICT market Software and IT Services

sales (EUR bn)4%

5%

14%

20%

22%

35%

Software development Games Outsourcing servicesInternet Technologies R&D Software R&D products

2019F 2022F

14.0

11.0

4.73.4

Software salesIT Services sales

• Software development has the largest share in ICT market accounting for 35% of its value • IT services sales are to continue strong growth and are projected to reach

EUR 14 billion in 2022 (2019-2022 CAGR 6.25%) • Enterprise modernization and expansion will be the main engine for software spending

growth during the forecast period, with the strongest demand expected to come from financial services, retail, manufacturing, and logistics

V

Sources: Central Statistical Office of Poland; Fitch Solutions. Poland Information Technology Report.

�78POLAND

IT services labor market in Poland

• The Poland’s developer pool size lies at 254,682 in 2017 • Number of employees involved in IT services market has been increasing

at a CAGR of 3.61% in 2013-2016 period reaching 134,475 in 2016 • Though salaries of IT specialists in Poland show strong year-to-year

growth, they are still around 46% lower comparing to German pays • Among most desired programming languages are Java, JavaScript,

.NET, C++ and Python

Number of IT services companies and number of employees 2013-2016

Median gross monthly salaries of IT specialists in Poland and Germany (EUR),2018

1300

1375

1450

1525

1600

'-

35,000

70,000

105,000

140,000

2013 2014 2015 2016

Number of employees Number of companies

93,422 103,739 122,519 134,475

1305

1387

1312

1504

5,713

4,857

4,195

4,005

4,621

3,949

3,496

2,704

2,295

2,283

2,224

1,783

Poland Germany

SAP Consultant

Mid-career Java Developer

.NET Software Programmer

Mid-career Software Engineer

Android Software developer

Experienced IT Project Manager

Most desired programming languages by employers, 2017

3,61% CAGR

ON AVERAGE 46% LOWER

V

62% 48% 42% 33% 28% 17%

JavaScript SQL PHPJava C# C++Source: Central Statistical Office of Poland; Payscale, Salary Data & Career Research Center (Poland,) 2018; Sedlak & Sedlak - evidence based HR, 2018; eGospodarka.pl, 2018

�79POLAND

Polish ICT education Number of ICT graduates by city, 2017-18

KatowiceUniversity of Silesia

WrocławWrocław University of Science and Technology

PoznańAdam Mickiewicz University 4th University in Poland (perspektywy.pl)

University of Gdańsk

Warsaw

University of Warsaw • 1st University in Poland (perspektywy.pl) • 260th in World Rank of Best Universities

Warsaw University of Technology 3rd Best University in Poland (perspektywy.pl

Cracow

Jagiellonian University in Cracow • 2nd University in Poland (perspektywy.pl) • 381th in World Rank of Best Universities

AGH University of Science and technology 4th Best University in Poland

ICT graduates in 2017-2018 ICT studentsOver 90% of ICT students speak English Over 30% speak German

Łódź

950 3

3,000 10

1,800 6

Gdańsk

950 3

1,500 3

1,400 3

1,250 3

15,000 74,000

Sources: Central Statistical Office of Poland; Perspektywy University Ranking 2018.

V

�80

Polish IT companies get majority of revenues from financial services

• Software development companies with offices in Poland are present across all main industries, having clients both in Poland and abroad

• Over 59% of software development companies are involved in financial industry, serving wide range of institutions from global banks to local fintech startups

• eCommerce & retail software solutions for global brands, online marketplaces and startups are developed by 47% analyzed companies in Poland

• Every third SD company in Poland has been involved in Healthcare & Life Sciences industry improving healthcare infrastructure in Poland and abroad

Main industry verticals among Polish SD companies

Financial Services

Retail & eCommerce

Healthcare & Life Sciences

Telecom

Insurance

Media & Entertainment

Automotive

Transport

Energy

Travel

Public Sector

Manufacturing 4%

6%

10%

11%

11%

17%

19%

22%

30%

32%

47%

59%

POLANDV

�81

Polish IT companies get majority of revenues from web application development

Activity areas constituting over 15% revenue of SD companies

Web application development

Software Testing Services

Architecture & Technical design

Mobile application development

User experience & Design

Big Data & Analytics

Cloud/Server Systems Development

Embedded Systems Development

Engineering 5%

9%

9%

24%

30%

59%

65%

66%

90%

• Polish Software development companies offer wide range of IT services from software development itself to additional activities such as IT operations, Digital Marketing

• For most Software Development companies in Poland Web application development is their main product constituting over 15% of revenues

• Software testing services offered by over 66% companies include managed services and quality assurance activities

• Next group of activities are Architecture & Technical design services intended for clients willing to scale up their business

• Mobile application development is important activity for over 59% of SD companies in Poland

POLANDV

�82

 Setting up a company in Poland

Selected types of entity Limited Liability Company Joint Stock Company (SA) Branch Representative office

Share capital required (EUR) 1,200 23,800 - -

Government fees (EUR) 300 331 310 1,550

Tax 19% 19% 19% Not subject to local tax

Founders One or more individuals or legal persons One or more individuals or legal persons Resident representative required Resident representative

required

Time to register Around 4 weeks Around 4 weeks Around 4 weeks Around 4 weeks

Comment Statutory audit required when: turnover is over EUR 5 million, balance-sheet assets over EUR  2.5 million, over 50 employees.

Only eligible for R&D and marketing activities

• From 1 January 2019 Corporate Income Tax is 9% for companies with revenues below EUR 1.2 million

• Business obtaining revenues based on its intellectual property rights both generated by own R&D activities or acquired with patent from other entity may be subject to reduced Corporate Income Tax of 5%

POLANDV

Source: World Bank, Doing Business 2019

Note: The actual costs and time consumed may vary greatly depending on the case

�83

Software Development M&A

VI

• For transactions with disclosed value EV / Sales multiples in Poland ranged from 0.26 to 1.33x with the median of 0.85x. EV / EBITDA multiples ranged from 3.7x to 9.56x with the median of 7.58x.

• The largest transactions were done by financial investors. In 2018,PE fund Mid Europa Partners announced an acquisition of intive for equity value of EUR 100m. Strategic players tend to focus on rather smaller transactions.

Transaction multiples, 2013-2018

Largest transactions in PL, 2013-18

1 2 3

*For deals with disclosed transactions value

2018 2015 2017

min max Median

POLAND

Mid Europa Partners acquired intive S.A.

€ 100 m (equity value)

>Enterprise Investors acquired SMT Software Services and Nilaya

€ 38 m

>Oaktree Capital Management acquired IT Kontrakt

€ 33 m

>

Median: 7.58x

4.0х 6.0х 8.0х 10.0х0.0х

EV/E

BIT

DA

Median: 0.85x

0.0х 1.0х 2.0х

EV/S

ales

BELARUSVI

�85BELARUSVI

Foreword

The active development of the IT industry in Central and Eastern Europe sufficiently contributes to the growth of international interest in this region and, as a result, the emergence of number of M&A transactions. Capital Times is an active player on the IT M&A market in Ukraine and Belarus. Which is confirmed by 4 recently closed M&A deals in this segment, two of which were made for Intellias and Solbegsoft.

Today we say with confidence that our team has a unique expertise in working with this segment, has a number of specialized professionals with successful experience of work with IT companies.

We notice the formation of a new IT hub in the countries of Central and Eastern Europe, acting as a qualitative alternative to Indian and Western IT clusters. Increasing confidence in our region creates a solid foundation of a mix of international and local capital, for combining international expertise in managing large-scale business and local R&D centers.

Capital Times Investment Company Managing Partner — Corporate Finance

Sergey Goncharevich, MBA

�86BELARUSVI

Foreword

The IT industry in Belarus has been developing rapidly over the years, with the highest point in recent years. Belarus and its IT breakthrough have already been noticed by many world media outlets, among which: The Wall Street Journal, Forbes, Reuters, Euronews. A significant contribution to the increasing popularity of the IT industry in Belarus, as well as to the development of the IT ecosystem in the country, was made by Decree No. 8 “On the development of the digital economy”, adopted by the President of the Republic of Belarus in 2018.

The adoption of this rather revolutionary law emphasizes the dynamics that are now observed in the Belarusian IT industry, and mainly in one of the country's largest hubs - the High-Tech Park. Annually, the volume of revenue and exports of the Park residents grows at an amazing pace on a large scale: it is expected that the volume of exports in 2018 will significantly exceed $ 1 billion to a similar figure in 2016 of $ 820 million. At the same time, the number of Park residents reached 454 companies by the end of 2018, having increased from 165 at the end of 2016. The development of the IT industry is supported by a strong educational base with a large number of industry-specific specialties in more than 15 Belarusian universities, which annually graduate 17 thousand specialists to work in the industry.

Along with other high-tech countries, Belarus is becoming a software development service provider with a well-established history for international and foreign client companies. All this indicates a significant potential of the country, which will become even more developed in the coming years.

Capital Times Investment Company Director (Minsk) — Investment Adviser

Ilya Soloducho

�87BELARUS

Republic of Belarus: country overview

VI

49K IT professionals 77 IT service companies included to the report

In CIS in terms of ICT development

index 2017

1

In CIS in Doing Business ranking (38th worldwide)

3

HTP (Hi-Tech Park) companies appear in the list of 2017 Global

Outsourcing

6

Population:

Working age population:

GDP:

GDP per capita:

Capital city (population)

CAGR of IT revenue

Share of ICT sector in total employment

Share of ICT sector in GDP Belarusian companies are

among leaders in Global outsourcing

100 in 2018

5

IT companies established in Belarus are among leaders in GSA Global Sourcing

Awards Shortlist 2018

2

9.5 million

5.4 million

USD 54.4 billion

USD 5.7 thd

Minsk (2M people)

15.9% (2011-2015)

2.2%

5.7%

16K Annual Engineering (STEM) graduates 50+ International R&D

centers of IT companies

�88BELARUS

A few facts about the Republic of Belarus

VI

F L I G H T S F R O M M I N S K 1:45 hours — Kyiv, 2:35 hours — Berlin, 3 hours — London/Paris, 11 hours — Beijing, 13 hours — NYC

Export of Software and computer services, USD per capita

2040

58

108

Belarus USA India China

Position in Doing Business Ranking (190 countries)

2010 2018

According to the World Bank, Belarus is among the Top 10 of the world's leading countries for conducting business-friendly reforms

+20 positions

30 DaysB grade

3 Days

10

for VISA free stay in the country

Default rating is affirmedby Fitch for Belarus

For property registration(OECD – 22 days)

Belarusian IT companies among Software 500 list

Sources: World Bank's Doing Business 2018 report; Ministry of Economy of the Republic of Belarus; Belavia.

58 38

�89BELARUS

IT ecosystem: a dynamic mix of R&D centers, product companies and investors

VI

International companies with R&D centers in Belarus

Top product companies

Most popular startups

Most active financial investors

�90BELARUS

The majority of Belarusian IT specialists are engaged in software development outsourcing services

VI

Outsourcing companies

The recent trend indicates companies aspire to develop their own software products. This trend is also supported by a large number of new small product companies and startups which appeared in the last three years

Product companies

1-2 3-10 11-50 51-200 201-500 over 500

40.30%

17.40%

22.30%

14.50%

4.00%1.50%

1-2 3-10 11-50 51-200 201-500 over 500

20%

12%

37%

23%

7%

1%Headcount

60.5% 39.5%

�91BELARUS

Main software development hubs: Minsk, Grodno, Gomel and Brest

VI

• Belarusian High-Tech Park (HTP) was established in Minsk and is the largest IT cluster in Belarus. About 85% of all IT companies registered in HTP are located in Minsk. Belarusian IT map remains monocentric

• Department for Regional Development in Grodno is an independent HTP Administration structural unit. Grodno is the origin of the software development companies — MSQRD and Instinctools

• The number of specialists in Grodno and Brest is 2.7% and 2.9% respectively of the total IT labor market in Belarus

• The joint scientific and educational computer laboratory was created in Brest through a collaboration of the company EPAM Systems and Brest State University named after A.S.Pushkin

Minsk

Grodno

Brest

Gomel

85%

�92BELARUS

High Tech Park: main IT hub of Belarus

VI

A special legal regime that provides various benefits and preferences for IT companies in Belarus. HTP currently includes 386 companies and 35 000+ employees.

Description Top 5 IT outsourcing companies founded in HTP

Quick facts about HTP

Establishment date: 2005 Location: Minsk & Grodno, Belarus

• HQ: Newtown, USA • Founded: 1993

• HQ: Prague, Czech Republic • Founded: 1993

• HQ: Lakewood, Colorado • Founded: 1998

• HQ: New York, USA • Founded: 2002

• HQ: Minsk, Belarus • Founded: 1994High-Tech Park Administration

9 floor - 1/1, Kuprevicha Str. Minsk Belarus 220141 E-mail: info@park.by

Source: High-Tech Park; Dev.by.

41% of HTP residents were set up by Belarusian investors

of HTP residents are joint ventures

of HTP residents are enterprises with 100% foreign investments

of the software produced in the Park account for exports 49.1% of all export to European countries, 44% – to the USA and Canada, 4,1% – to Russia and CIS countries.

24%

35%

91.9%

�93BELARUS

Tax regimes: tax benefits for high tech park residents

VI

Standard tax rate FEZ High-Tech Park

VAT 20% 10% 0%

Corporate income taxe 18% 0% 0%

Personal income tax 13% 13% 9%

Social security insurance of employees 35% 35% 35%*

Real estate tax 1% 0% 0%

Withholding tax

On dividends 12% 12% 5%

On interest 10% 10% 5%

On royalties(paid to foreign organizations)

15% 15% 5%

Withholding tax for dividend for foreign companies

10-15% 10-15% 5%

Offshore duty 15% 15% 0%

*Note: In % of average of country salary, not of real salary Source: High-Tech Park.

**FEZ – Free economic zones.

�94BELARUS

Education: universities have 70 IT specializations preparing students to work in IT industry

VI

Number of students graduated in STEM Disciplines 2014-2017, thousands

• Belarus in 5th place of 81 countries in the World Bank Enrollment Index (2016) (the ratio of students with higher education to the total number of people graduated from school).

• Total number of universities in Belarus – 51 • There were 284,300 students studying in Belarusian universities in the 2017/2018 academic

year and, 68,400 or 24% - specialized in STEM disciplines • Belarusian universities have about 70 specializations that prepare IT specialists. Every year universities

introduce new IT specializations like information systems and technologies in the game industry, programmable mobile systems, geo-information systems, manufacturing based on 3D technologies, information security software for mobile systems

• The most popular universities preparing IT specialists, which include the majority of students specializing in IT disciplines (about 58%), are Belarusian State University and Belarusian State University of Informatics and Radioelectronics

2014 2015 2016 2017

16.7 15.7 15.1 19.1

0.9 1.2 1.3

1.417.6 16.9 16.4

20.5

students with Master’s dergee (STEM) # of students graduated from universities (STEM)

Most popular specializations in terms of graduate employment in the Hi-Tech Park in 2016

36%

3.5%

3.7%

4.4%

4.7%

5%

6.2%

7%

7.1%

8.4%

14%Software engineering

Information systems and technologies

Applied mathematics

Automated data processing systems

Computer science

Computer devices, services and network

Information resource management 

Mathematics

Computer science and programming technologies

Artificial intelligence

Other technological specializations

Source: National Statistical Committee of the Republic of Belarus

�95BELARUS

Most popular Belarusian universities in terms of post graduate employment in IT sector

VI

Minsk

Grodno

BrestGomel

Mogilev

Vitebsk

Brest State Technical University

Yanka Kupala State University of Grodno

Belarusian State University

Masherov Vitebsk State University

Polotsk State University

Belarusian State University of Informatics and Radioelectronics

Belarusian National Technical University

Francisk Skorina Gomel State University

11,563 Number of students specializing in key IT disciplines by region 28 Number of universities

by region

11,563 28

395 5

338 5

715 3

491 41,575 6

Sources: EY, The IT Industry in Belarus: 2017 and Beyond; National Statistical Committee of the Republic of Belarus

�96BELARUS

IT specialist profile: profession, age and experience

VI

Positiondistribution, 2017

51.9%13.2%

11.4%

5.5%

4.5%2.9

System administratorsAnalystsTeam leadsProject leadsQAsDevelopers

Age distribution of IT specialists, 2017

11.88%

18.76%

7.09%

15%

23%

21.36%

3%

18-2021-2425-2728-293031-3435 and higher

Age and experience level correlation, 2017

42.6%

39.2%

18.2%24.6

27.5

31.3

Average age • Starting from 2012 business analyst became a more popular positions. • Despite the fact that share of developers started to decrease from 2016, this

category still remained the most significant and in 2017 was about 51% in the total number of positions.

• Majority of IT specialists (about 40%) have 5 year of working experience in the industry. The number of junior positions is gradually increasing due to the growth of the number of students graduated in specialized disciplines

• Average age of IT specialists remains at the level of 28.6 years. In 2017 the largest part of IT specialists were at the age of 27 years (8.4%)

Junior

Middle

Senior

�97BELARUS

IT specialist profile: development technologies

VI

• Shares of Java and .NET, the most popular programming languages for a long period of time, started to decrease in favor of JavaScript, Python and other niche languages, but still remain the largest

• Decrease of the shares of most used programming languages was caused by a new trend among Full Stack developers, who can work with an entire toolset

• Among trending technologies and tools are also Blockchain projects, AR/VR, Swift (for iOS developers), BitBucket and GitLab

Technology expertise distribution, 2017

25.7%

3.1%

5.7%

6.2%

7.2%

12.9%

17.9%

21.3%Java

.NET

JavaScript

PHP

Python

C++

Ruby

Other

Share of JS developers working with respective frameworks (Java Script frameworks), 2017

23.8%

29.3%

42.4%

50.6%

51.4%Angular

NodeJS

React

Babel

Redux

�98BELARUS

Labor market in IT industry

VI

Demand on specialists by work experience Demand on specialists by qualification level

Top 5 open positions • In the third quarter of 2018 IT industry ranked third in terms of the number of job openings with a share of 11% from open positions

• Regarding labor competition 2.5 job applications accounted for 1 open position and the trend is constant for the last 12 month

• Middle developers are in the highest demand on the labor market (specialists with working experience from 1 to 3 years)

51%

34%

13%3%

Over 6 yearsNo experienceFrom 3 to 6 yearsFrom 1 to 3 years

36.6%

56.2%

7.2%Junior

Middle

Senior

69.6%

7.6%

6.4%

2.9%

13.5%Other

Business analyst

Project manager

QA

Software development Sources: jobs.tut.by– IT labor market; 2018 third quarter results; dev.by.

�99BELARUS

Salaries: there is a slowdown in the growth of annual salaries, CAGR for the last 4 years is 5%

VI

Dynamic of median net salaries of IT specialist by type of positions, 2016-2018

Median net salary of IT specialists by programming language, 2018 (1-3 quarters)

• The size of salaries is growing mainly due to the high demand for skilled specialists caused by the annual increase in the number of IT companies and their size

• Highest salaries are received by C/C++, Ruby and .NET developers

2,350

3,375

1,200

1,750

900500

2,700

1,500

500

2,000

2,700

1,5001,700

840500

2,400

1,400

550

Junior Middle Senior Junior Middle Senior BA Team Lead PM

Software developers

QA engineers

Java Script/HTML

Python Java PHP .NET Ruby C/C++

1,500 1,5001,800 1,800 1,900 2,000 2,000

�100BELARUS

IT network: communities, hackatons, forums and analytics

VI

IT communities IT hackatons

IT forums

IT analytics

�101BELARUS

Legal ecosystem: ways to start your R&D business in Belarus

VI

Limited Liability Company (LLC)

• A limited liability company is the most popular corporate form in Belarus – the majority of foreign companies starting their activities in Belarus prefer to establish an LLC

• The authorized capital of an LLC consists of the nominal values of its participants’ corporate rights. The minimum size of authorized capital for incorporation is not set

• The number of participants in an LLC can be up to 50

• Foreign companies may also operate in Belarus without creating a legal entity by establishing a representative office. A representative office is treated as a unit of a foreign legal entity that represents the company’s interests in Belarus, but not a separate legal entity

Representative office

Joint-stock company

• Can be also public and private • The minimum authorized capital

requirement for incorporation is currently: • 100 times the Base Rates (approximately

USD 1,175) for a private JSC • 400 the Base Rates (approximately USD

4,700) for a public JSC

• A private Unitary Enterprise is also a very popular corporate form in Belarus. The main difference from an LLC is that a UE’s founder remains the direct owner of its property

• The property of a UE is indivisible

Unitary Enterprise

Foreign companies can operate in Belarus through the following

business structures Separate Belarusian

legal entityRepresentative office of

a foreign company

Source: Civil Code of Belarus, Law of Belarus On business entities, “The IT Industry in Belarus: 2017 and Beyond”

Forms of business organization in

Belarus

�102BELARUS

Legal ecosystem: ways to start your R&D business in Belarus (1/2)

VI

Form type Size of statutory fund

Limited Liability company Additional Liability company

Open joint-stock companyClosed joint-stock companyUnitary enterprise Individual entrepreneur

Min. size is not settled Min. size is not settled400 Base values(approx.4 700 USD) 100 Base values(approx.1 175 USD)Min. size is not settledNo statutory fund

Source: Law of Belarus On business entities

Belarus is ranked 30th on Starting a Company on the World Bank’s Doing Business 2018 out of 190 economies.

Main forms of legal entities Documents required

For legal entities: For foreign individual:

• original extract from trade register or other

equivalent (issued no more that 1 year prior

to documents submission)

• notarized power of attorney.

•  a copy of personal identity document

Electronic registration on the website of the unified state register with no fee for submitting digital document

1 year for the charter fund establishment after the state registration

Law of Belarus on business entities – main regulating document for the procedure of company establishment

1 Base value (approx. USD 12) for state duty amount

Equal rights and opportunities in business by means of establishing legal entities for Belarus residents

and foreigners

1.5 - 2 weeks for company registration

All documents should be submitted with the notarized translation into the Belarusian or Russian language.

�103BELARUS

Legal ecosystem: ways to start your R&D business in Belarus (2/2)

VI

Source: Law of Belarus On business entities

Company registration procedure

1. Recording of arrangements upon main requirements for company registration on Founders’ Meeting • Form of legal entity • Company’s Executive body • Amount of statutory fund • Legal address and company name • Approval of company’s charter

2. Registration of the Company’s name at a competent government body

3. Payment of a registration fee (3 Base values – approx. 36 USD)

4. Submission of documents to the relevant government body for state registration (personally or online)

5. Performance of “post-registration activities”: • Opening a bank account • Receipt of a company stamp • Execution of a contract with company’s head manager

and accountant (accounting company)

The registration authority confirming registration of the Company within other state bodies such as tax authorities, the Social Security Fund, statistics agencies, Belgosstrakh – Belarusian

National Unitary Insurance Company

7-10

day

s

�104BELARUS

Strategic choices for startups: OW dedicated development teams ensure fail-proof partnership

VI

According to Startup Rankings, the United States has the most startups with 45.890 in 2018, and that number will continue to grow. Many of these startups have succeeded by striking the right balance between streamlining core business operations and building a truly winning team.   In today’s tech landscape, the demand for talented developers far exceeds the available supply. The statistics show that in every region of the USA, there are more open positions for software developers than the number of qualified developers to fill them. For that reason, the so-called “external” option is often considered life-saving.

Dedicated Development Teams

The Dedicated Development Team (DDT) model, or outstaffing, is a business arrangement where a customer and a vendor agree on the workload and requirements. The service provider creates a team of IT-professionals focused solely on the customer’s project. The best-known startups like Slack, Groove, Upwork have been partnering with offshore dedicated development teams for years. The successful experience of such reputed companies has made outstaffing an established industry standard.

Startups are going offshore

Rapidly developing startups are now warming up to the idea of outstaffing. This year, the Deloitte Global Outsourcing Survey revealed that 66% of companies entrusted certain business processes to other companies that ultimately resulted in greater performance in the global market.

Partnering with top-notch startups

iTechArt is a leading outstaffing company, listed on Inc. 5000 with over 1200 employees and more than 150 active clients across multiple industries. We’ve provided dedicated teams for fast-moving companies and tech startups from top accelerators like Techstars, 500 startups, ERA, Dreamit and Y Combinator. Our clients have faced the following challenges. Timelines were not being met, so it was crucial to accelerate the development process and to scale up according to the required skill set and experience as fast as possible. A lack of transparency and flexibility put their businesses at risk. There was a need for domain–first candidates with specific expertise. As practice shows, an absolute prerequisite to a win-win partnership is a stable working process to handle the perils of the unstable startup environment. We tend to follow the principle of The Three Cs: capability, culture, and cost. On average, our client saves $500,000 per year with our development team on board. As for culture, being agile means building strong interpersonal relationships that embrace our clients’ mindset. The main task here is to develop a common understanding of the partnership in a long-term perspective. Ensuring a high level of flexibility is one of our primary interests. For example, with our client eTouches, we managed to scale up to 14 developers within 8 months. With ClassPass, we were able to quickly provide them with 6 engineers and further scale up to 30+ developers over 2 months.

Recap:According to Stratistics Market Research, worldwide IT outsourcing is expected to reach $481.37 billion by 2022. It’s no wonder that more and more startups are considering working with dedicated teams. Now it’s not just about cutting costs, but about driving competitive advantage and performance, improving speed to market, and increasing innovation.

�106BELARUS

Top 10 IT outsourcing companies in Belarus

VI

Company Verticals Technology stack Core offerings

• FinTech • Life Sciences & Healthcare • Energy & Utilities • Trade and distribution • Telecommunications and media • Travel • Hi-Tech

• Java • .NET • ASP.NET • Java Script • .NET • C++ • PHP • Linux • Android • iOS

• Software & Platform Engineering • Agility • Product Development • Internet of Things • Application & Cloud Management • Big Data & Analytics • Consulting Services • Digital Engagement • Mobility • Strategy & Experience

• Finance • Government • Fuel and energy • Automotive & Logistics • Production • Telecommunications • Retail • Education

• Java • SAP • Microsoft • 1C • Liferay

• Software Development Outsourcing • Mobile Applications • Development of corporate portals • Information Security • SAP software • Web solutions • Enterprise applications • Business analytics • Big Data • Mainframe software

• Retail & wholesale • Automotive • Software vendors • Healthcare • Media & entertainment • Finance • Telecommunications • Education

• C++ • .NET • Ruby on Rails • Python • PHP • Java • Android/iOS • Salesforce • Office 365 • SharePoint

• Custom Software Development • Software Product Development • Enterprise Application Integration • Technology Consulting • Enterprise Systems Development • Software Testing • Maintenance and Support • Dedicated Development Center

�107BELARUS

Top 10 IT outsourcing companies in Belarus

VI

Company Verticals Technology stack Core offerings

• FinTech • HealthTech • SaaS for startups • Real estate • Marketing & AdTech • E-commerce

• Python • Ruby on Rails • PHP • Node • Java • .Net • Angular/React • iOS, Android • React Native

• Custom software development • Dedicated teams • Web development • Mobile development • Enterprise solutions • QA and Testing

• Finance and accounting • Manufacturing • Commerce • Education • Polity • Telecommunications

• Android, • C#/C/C+ • Delphi • Java • JavaScript • Lotus Script • Perl • PHP • Python

• Custom Software Development • Technology Consulting • Mobile apps development • Intersystem Technologies Development • IT infrastructure and audit consulting • Cloud migration and Cloud computing consulting • CAD/CAM • Business Analysis • Software testing outsourcing

• Finance & Insurance • Healthcare • Travel • Entertainment • Automobile production

• .NET • Java • C++ • Mobile development

• Mobile Applications • QA and Testing • DevOps • Software Development Outsourcing • IT Consulting

�108BELARUS

Top 10 IT outsourcing companies in Belarus

VI

Company Verticals Technology stack Core offerings

• E-commerce • Finance • Energy • Automotive • Travel • Manufacturing • Retail • Professional services

• .NET • C# • Java • Groovy • Kotlin • PHP-5 • JavaScript • React • Angular.js • Ruby

• Software Engineering • Manual QA and Automation • Cloud • DevOps • Product Development • Business Intelligence • Mobile Development • Internet of Things • Artificial Intelligence • Machine Learning

• Media & Publishing • Finance • Retail • Healthcare • High-Tech

• Java • JavaScipt • React • .NET • Node.js • Python • PHP • iOS, Android, Windows • Google Cloud

• Enterprise Software Solutions • Digital Marketing Technology • Enterprise Mobile Applications • Big Data and Analitics • Digital Transformation • Product & Platform Development • DevOps • Cloud Services

• Banking and Finance • Government • Healthcare and Pharma • Insurance • Media and Entertainment • Oil and Gas • Real Estate • Retail and E-commerce • Telecom

• C++ • Java • .NET • PHP • Ruby on Rails • JavaScript • Objective-C • SharePoint • iOS, Android, Windows

• QA and Testing (mobile, security, performance, usability functional, web, software, compatibility)

• Test Automation • QA Consulting • Pre-certification Audit • Documentation Services

�109BELARUS

Top 10 IT outsourcing companies in Belarus

VI

Company Verticals Technology stack Core offerings

• Manufacturing • Healthcare • Retail • Telecommunications • Banking

• .NET • ASP.NET • Silverlight • WinForms • SharePoint • Java / J2EE • C/C++ • C# • Objective C • iOs / Android / Windows

• Custom Software Development • Big Data • Internet of Things • AI • Machine Learning • Web Applications • Mobile Applications

ROMANIAVII

�111VII ROMANIA

Foreword

We are proud to present the Romanian part of the CEE Software Development Report to you. In Romania, technical skills and IT have been valued since generations and promoted throughout the educational system. This has led to an emergence of a fantastic ecosystem conducive to the growth of IT industry.

Romanian IT specialists proficient in foreign languages have further supported the entry of global players into the country, where English is spoken fluently by most people and French is known by one in four IT graduates. This has led to a massive influx of foreign companies setting up their BPOs in Romania (organically or through acquisitions) and hampered the growth of domestic players due to strong competition for talented engineers.

This trend still continues and despite the limited size of the industry in Romania, its M&A market dominated by foreign buyers is showing growing level of activity. There are, however, several extremely successful companies rooted in Romania who are already visible globally. With thousands of students earning prestigious degrees from Romania’s top IT universities, we are confident about the promising future of the industry in Romania.

Managing Director – Aventis Capital

Marcin Majewski

�112

Romania: country overview

• Due to its strategic location and favorable business climate, Romania is one of the fastest growing economies in the EU

• Government’s expansionary fiscal policy including tax cuts and increase of minimum wage drives consumption and supports economic growth

ROMANIA

IT professionals105K Software development companies with 50+ employees

71Annual ICT graduates 6.7K

Highest EU GDPgrowth rate

Global Services Location in A.T. Kearney 2017 ranking

‘Ease of Doing Business’ 2019 ranking

by World Bank

2017 18 52

Population:

Working age population:

GDP:

GDP per capita:

Unemployment rate:

Polish National Bank reference rate:

Inflation rate:

Value added tax rate:

Corporate tax rate:

Major urban areas population Bucharest: 1.8M Iasi: 0.3M Cluj-Napoca: 0.3M

19.5 million

8.9 million

USD 211.8 billion

USD 10813

4.17%

2.5%

5%

19 %

16 %

VII

�113

IT ecosystem: international companies with R&D in Romania

• Oracle is the biggest employer in the industry with number of employees in Romania reaching 4,000 • Adobe Romania is Adobe’s biggest R&D Center in EMEA region • Amazon’s Development Center in Iasi was company’s first R&D center in Eastern Europe

Company Number of employees in RO

4,000

3,000

2,650

2,000

1,700

1,400

1,100

1,000

1,000

600

480

Industrial clusters of international companies Selected companies with IT outsourcing and R&D hubs in Romania

TimisoaraBrasov

Siblu

Cluj-Napoca Iasi

Bucharest

ROMANIAVII

�114

Main software development hubs:Bucharest, Cluj-Napoca, Timisoara and Iasi

• Bucharest and Cluj-Napoca are the central Software development hubs, which host offices of Romanian largest software development companies

• Among other Software Development centers are Timisoara, Iasi, Brasov, Sibiu, Galati, Oradea and Suceava • Large share of Romanian developers are part of large international companies from Western Europe and the US

Company Number of employees in RO

2,200

1,600

1,500

1,300

800

700

700

700

500

500

465

400

350

Industrial clusters Selected Software development services providers

TimisoaraGalati

Cluj-Napoca

Iasi

Bucharest

ROMANIA

Brasov

Sibiu

VII

Suceava

Oradea

Note: Companies are assigned to cities according to registered address

�115

Romanian software and IT services market

• Over 77% of revenues were generated by foreign customers reaching EUR 3.5 billion in 2018. Domestic clients’ contribution to revenues declines each year and is projected to be around 20% in 2021

• 74% of foreign customers come from Europe, who benefit from lower cost destination inside EU law system. The next is the US representing 22% of foreign customers

Software and IT Services sector turnover (EUR bn) in Romania

Ownership structure and revenues breakdown, 2018

• Software and IT Services sector turnover in Romania has been growing from 2014 to 2017 at a CAGR 13.4%. The growth is projected to remain strong in the near future with an average rate of 15.3%

• Growth is mainly driven by investments from abroad, which gradually increase foreign ownership share among SITS companies. Romanian owners account for only 25% of companies in the industry

Source: Employers’ Association of the Software and Services Industry

2014 2015 2016 2017 2018 2019F 2020F 2021F

6.96.0

5.14.5

4.03.63.22.8

2018

25%

75%

Foreign Romanian

4%22%74%

Europe USA Others

2018F 2019F 2020F 2021F

1.41.21.11.0

5.54.74.03.5

ForeignDomestic

Foreign customer location, 2018

Revenues by customer location (EUR bn)

ROMANIA

13,4% CAGR

VII

�116

Romanian software and IT services market

Romanian Software and IT Services Industry number of employees (in thousands)

Median gross monthly salaries of IT specialists in Romania and Germany (EUR), 2018

• There are around 185,000 specialists employed in ICT sector In Romania. Over 96,000 specialists are part of the Software and IT Services Development market, where over half of them are under 35 years. The number of SITS employeesis projected to grow to nearly 125,000 in 2021

• Since 2013, IT salaries in Romania have been increasing with CAGR 11.5%. Still an average Romanian IT specialist’s salaryis over 50% lower than of a German peer

• Stack Overflow survey reported that JavaScript remains the most popular technology used by programmers in Romania, with over half of specialists declaring to know it

Source: Employers’ Association of the Software and Services Industry, PayScale, Stackoverflow

2014 2015 2016 2017 2018F 2019F 2020F 2021F

1251141059690847772

5,713

4,857

4,195

4,005

4,621

3,949

2,425

2,402

2,272

1,820

1,971

1,562 RomaniaGermany

SAP Consultant

Mid-career Java Developer

.NET Software Programmer

Mid-career Software Engineer

Android Software developer

Experienced IT Project Manager

Most popular technologies used by programming specialists, 2018

55% 45% 36% 30% 27% 19%

JavaScript SQL PHP Java C# C++

ROMANIA

8,3% CAGR

VII

�117

Romanian ICT Education

Number of ICT graduates by cityIasi

Brasov

Bucharest

Sibiu

Cluj-Napoca

Timisoara

Craiova

University Babes-Bolyai

West University of Timișoara

Politehnica University of Bucharest

University of Bucharest

Alexandru Ioan Cuza University of Iasi

ICT graduates in 2016 ICT students in 2017Over 90% of ICT students speak English, over 25% speak French

ROMANIA

610 280

610

1050

820

6102350

6,750 >36K

Sources: Brainspotting; National Institute of Statistics

VII

�118

Romanian IT companies get majority of revenues from financial services

• Software development companies in Romania are present across all main industry verticals, having clients both in Romania and abroad

• Financial services sector - traditionally one of the main consumers of IT solutions, occupies nearly the same share for local software companies as Retail & eCommerce vertical

• Healthcare & Life Science projects are quite frequent among Romanian SD firms as 39% of companies have such clients in their portfolio

• Manufacturing companies understanding the benefits brought by innovations become more often clients willing to digitize their business processes

Main industry verticals among Romanian SD companies

Financial Services

Retail & eCommerce

Healthcare & Life Sciences

Manufacturing

Telecom

Media & Entertainment

Education

Automotive

Transport

Energy

Public Sector

Insurance 7%

11%

12%

12%

16%

19%

20%

24%

28%

39%

46%

48%

ROMANIAVII

�119

Romanian IT companies get majority of revenues from Web and mobile application development

• Romanian software development companies offer wide range of IT services from web-pages development to complex software architecture structures and R&D activities

• Web and mobile application development services are core revenue drivers for most Software development companies in Romania

• Software testing services offered by over 65% companies include managed services and quality assurance activities

• Among increasingly popular activities are Big Data & Analytics as more customers are not only willing to become present in the web, but to digitize most of their business processes

Activity areas constituting over 15% revenue of SD companies

Web application development

Mobile application development

Software Testing Services

Architecture & Technical design

User experience & Design

Cloud Computing & Systems Development

Big Data & Analytics

eCommerce development and sales support

Engineering

Machine Learning 5%

9%

11%

16%

16%

29%

33%

35%

67%

79%

ROMANIAVII

�120

Setting up a company in Romania

Selected types of entity Limited Liability Company Joint Stock Company (SA) Branch Representative office

Share capital required (EUR) 45 25,000 - -

Government fees (EUR) 170 170 170 170

Tax 16% 16% 16% 4,000 per year

Founders One or more individuals or legal persons One or more individuals or legal persons Resident representative

requiredResident representative

required

Time to register Around 4 weeks Around 4 weeks - -

Comment Statutory audit required when: turnover is over EUR 7.3 million, balance-sheet assets over EUR 3.6 million, over 50 employees.

Only eligible for R&D and marketing activities

Micro-enterprises with annual revenues below EUR 1,000,000 is subject to microenterprise tax rate: • 1% of the revenues for microenterprises that have at least 1 employee; • 3% of the revenues for microenterprises with no employees. A company that conducts creative activities of computer programs for trading purpose can benefit of (salary) income tax exemption for its employees engaged in such activities. It is sufficient only that the company achieves revenues from such activities without a minimum threshold

ROMANIA

Source: World Bank, Doing Business 2019

VII

�121

Software Development M&A

VI

Transaction multiples, 2013-2018

Largest transactions in RO, 2013-18

1 2 3

*For deals with disclosed transactions value

2018 2016 2017

min max Median

• For transaction with disclosed values in Romania EV / Sales multiples settled between 0.67x and 1.71x with the median of 1.36x. Whereas EV / EBITDA multiples ranged from 5.49x to 13.87x with the median of 7.39x.

• Highest multiples – EV/Sales of 1.71 and EV/EBITDA of 13.87 - were paid for 25% stake in Zitec Com SRL, which was acquired by eMag (part of Dante International SA).

Cognizant acquired Softvision

€ 478 m

>Logo Yazilim acquired TotalSoft

€ 30.25 m

>Quest Global Services acquired IT Six Global Services

€ 7.14 m

>

ROMANIA

Median: 7.58x

6.0х 8.0х 10.0х 12.0х4.0х

EV/E

BIT

DA

Median: 1.36x

0.0х 1.0х 2.0х

EV/S

ales

3.0х

LIST OF COMPANIES

VIII

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

GlobalLogic www.globallogic.com >10 000 USA: San JoseGlobal: India, Argentina, Poland, Canada, Israel,

Slovakia Ukraine: Kyiv, Kharkiv, Lviv, Mykolayiv

Mobile application development, Big Data, Analytics & Cloud Computing

EPAM Systems, Inc. (NYSE: EPAM) www.epam.com >30 000 USA: Newtown, PA

Global: Canada, Mexico, Austria, Bulgaria, Australia, China, Belarus, Poland among others

Ukraine: Kyiv, Kharkiv, Lviv, Vinnytsia, Dnipro

Software Testing Services, Web application development

Luxoft (NYSE:LXFT) www.luxoft.com >10 000 Switzerland: Zug

Global: USA, Mexico, Canada, Russia, Poland, Romania, Bulgaria, Germany, UK, Sweden,

Australia, China

Ukraine: Kiev, Dnipro, Odesa

Software Testing Services, Web application development

SoftServe www.softserveinc.com >5 000 Ukraine: Lviv and USA: Austin, TX

Global: Bulgaria, Poland

Ukraine: Kyiv, Kharkiv, Dnipro, Chernivtsi, Ivano-Frankivsk, Rivne

Web application development, Product development & IT Consulting, Big Data, Analytics & Cloud

Computing

Ciklum www.ciklum.com 1 000 - 4 999 Ukraine: Kyiv and UK: London

Global: Poland, Belarus, Pakistan, Spain

Ukraine: Dnipro, Kharkiv, Lviv, Odesa, Vinnytsya,

Web application development, QA, R&D, Big Data, Analytics & Cloud Computing, Product

development & IT Consulting

DataArt www.dataart.com 1 000 - 4 999 USA: New York

Global: USA, Russia, Poland, Argentina, Bulgaria, UK, Germany

Ukraine: Kyiv, Kharkiv, Lviv, Odesa, Dnipro, Kherson

Web application development, Mobile application development, Architecture

& Technical Design, Software Testing Services, User Experience & Design

Eleks http://eleks.com 1 000 - 4 999 Ukraine: LvivGlobal: Poland

Ukraine: Kyiv, Ivano-Frankivsk, Ternopil

Web application development, Mobile application development, Architecture & Technical Design, Big

Data, Analytics & Cloud Computing, R&D

List of Software Development companiesUKRAINE �123VIII

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Infopulse www.infopulse.com 1 000 - 4 999 Ukraine: Kyiv Ukraine: Kharkiv, Lviv, Odessa, Vinnitsa, Zhitomir, Chernihiv

R&D, Big Data, Analytics & Cloud Computing, Mobile application development, Product Development and

IT Consulting, Cybersecurity

Intellias www.intellias.com 1 000 - 4 999 Ukraine: LvivGlobal: Germany

Ukraine: Kyiv, Odesa, Kharkiv

Web application development, Mobile application development,

Architecture & Technical design, Big Data, Analytics & Cloud Computing, R&D

Netcracker Technology www.netcracker.com 1 000 - 4 999 USA: Waltham

Global: Canada, Belgium, France, Poland, China, Israel, India, Denmark, Netherlands, UK, Spain

Ukraine: Kyiv, Odesa, Sumy

Web application development, Product Development & IT Consulting, Big Data, Analytics &

Cloud Computing

NIX Solutions Ltd www.nixsolutions.com 1 000 - 4 999 Ukraine: Kharkiv Web application development, Mobile application development, Software Testing Services

Lohika (part of Altran) www.lohika.com > 4 000

Lohika: USA: San Mateo, CA

Altran: France, Paris

Global: ~30 countries

Ukraine: Odesa, Lviv ,Kyiv

Mobile application development, Product Development & IT Consulting, Big Data, Analytics &

Cloud Computing

Astound Commerce astoundcommerce.com 500 - 999 USA: San Bruno, CA

Global: Slovakia,Bulgaria, Colombia, USA, UK, Germany, Canada, Italia,

United Arab Emirates

Ukraine: Kyiv, Vinnytsia, Uzhhorod, Chernihiv

E-Commerce Solution Development, User Experience & Design, Product Development &

IT Consulting

Innovecs www.innovecs.com 500 - 999 Ukraine: Kyiv Global: USA, Israel, UK

Ukraine: MikolaivWeb application development, Software Testing Services, R&D

UKRAINE �124VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

ISD isd.dp.ua/en/ 500 - 999 Ukraine: Dnipro Ukraine: Berdiansk, Lviv, ZaporizhzhiaWeb application development, Mobile application

development, Software Testing Services, R&D, User experience & Design

GeeksForLess geeksforless.com 500 - 999 Bahamas: Nassau, New Providence

Global: Poland, Philippines Ukriane: Mykolaiv, Lviv, and Kyiv,

Web application development, Information Security, User Experience & Design, QA

Miratech miratechgroup.com 500 - 999 USA: New YorkGlobal: Israel, Poland, Norway, Spain, UK, USA,

Sweden

Ukraine: Kyiv, Kharkiv, Vinnitsa Architecture & Technical Design, R&D

N-iX www.n-ix.com 500 - 999 Ukraine: Lviv Global: Poland, Belarus, Bulgaria, USA, SwedenWeb application development, Mobile application

development, Big Data, Analytics & Cloud Computing, Software Testing Services

Plarium Global Ltd. www.company.plarium.com 1 000 - 4 999 Israel: Herzliya

Global: Russia, USA, Israel

Ukraine: Kharkiv, Odesa, Lviv, KyivGaming

Sigma Software sigma.software 500 - 999 Ukraine: Kharkiv Ukraine: Kyiv, Odesa, LvivWeb application development, Mobile application

development, Software Testing Services, Architecture & Technical Design

ZONE3000 www.zone3000.net 500 - 999 Ukraine: Kharkiv Ukraine: Kyiv, Odesa, Lviv

UKRAINE �125VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

AB Soft ab-soft.net 200-499 Ukraine: OdesaWeb application development, Mobile application

development, Software Testing Services, User Experience & Design, Digital marketing

Abto Software www.abtosoftware.com 200-499 Ukraine: LvivGlobal: USA

Ukraine: Uzhgorod

ERP/EMR/POS modernization, Computer Vision, Artificial Intelligence, Machine Learning, Blockchain,

R&D

Andersen www.andersenlab.com 500-599 Belarus: MinskGlobal: Belarus, Russia

Ukraine: Odesa, Kyiv, Cherkassy, Chernigiv, Kharkiv

Web application development, Mobile application development, Architecture & Technical Design,

Big Data, Analytics & Cloud Computing

AMC Bridge www.amcbridge.com 200-499 USA: Waltham, MA Ukraine: Dnipro, Khmelnitsky, Sumy, ChernivtsiWeb application development, Mobile application

development, Architecture & Technical Design, Software Testing Services, R&D

Apriorit www.apriorit.com 200-499 Ukraine: Dnipro Ukraine: Kyiv, Lviv, Zaporizhzhya, Kharkiv Web application development, R&D, Security

Beetroot beetroot.se 200-499 Sweden: Stockholm,Global: Israel

Ukraine: Kyiv, Kharkiv, Odesa, Poltava, Ivano-Frankivsk

Web application development, Mobile application development, Software Testing Services, R&D

BMS Consulting www.bms-consulting.com 200-499 Ukraine: Kyiv Big Data, Analytics, & Cloud Computing, Product Development & IT Consulting

UKRAINE �126VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Brightgrove www.brightgrove.com 200-499 Ukraine: KharkivGlobal: Belarus

Ukraine: Kyiv

Web application development, Mobile application development, Big Data, Analytics

& Cloud Computing, Software Testing Services, Digital marketing

CHI Software development center www.chisw.com 200-499 Ukraine: Kharkiv

Global: Israel, USA Ukraine: Dnipro, Kyiv

Web Development, Cloud, Mobile Development, Web Design, BigData, AI, Machine Learning, IoT, Software

engineering, QA

Cogniance www.cogniance.com 500-599 USA: Sunnyvale, California

Global: USA, Denmark, UK, Poland, Germany, Japan

Ukraine: Kyiv

Web application development, Mobile application development, Architecture & Technical Design, User

Experience & Design, Big Data, Analytics & Cloud Computing

CoreValue www.corevalue.net 200-499 USA: New Jersey Ukraine: Lviv Web application development, Mobile application development

CS www.csltd.com.ua 200-499 Ukraine: Kharkiv Web application development, Banking and insurance software

Daxx www.daxx.com 200-499 The Netherlands: Amsterdam Ukraine: Kyiv, Kharkiv, Lviv Web application development, Mobile application

development, Software Testing Services

Delphi Software www.udelphi.com 200-499 USA: Redwood City Ukraine: Vinnitsa, KyivBig Data, Analytics & Cloud Computing, Web application development, Mobile application

development

UKRAINE �127VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Delphi Software dev-pro.net 200-499 Ukraine: Kharkiv Ukraine: Kyiv, Lviv, Dnipro Web application development, Mobile application development

Edvantis www.edvantis.com 200-499 Germany: Berlin Ukraine: Lviv Web application development, Architecture & Technical design, Software Testing Services

Intetics intetics.com 200-499 USA: NaplesGlobal: Belarus, UK, USA, Poland, Germany

Ukraine: Kyiv, Kharkiv, LvivWeb application development, Software Testing

Services

ITCraft www.itcraft.com.ua 200-499 Ukraine: Kharkiv Global: USA, Canada, GermanyWeb application development,

Mobile application development, QA, Business Development

Levi9 www.levi9.com 500-999 Netherlands: Amsterdam

Global: Serbia

Ukraine: Kyiv, LvivWeb application development

MobiDev mobidev.biz 200-499 USA: Atlanta Ukraine: Kharkiv, Mykolaiv, ChernivtsiWeb application development,

Mobile application development, User Experience & Design, QA

Mobilunity mobilunity.com 200-499 Ukraine: Kyiv Web application development

UKRAINE �128VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

P2H www.p2h.com 200-499 USA: San Francisco Ukraine: Kharkiv Web application development, E-Commerce Development, Mobile application development

Perfectial www.perfectial.com 200-499 Ukraine: Lviv Ukraine: Kyiv, Ivano-FrankivskWeb application development,

Big Data, Analytics & Cloud Computing, User Experience & Design

Provectus www.provectus.com 200-499 USA: Palo Alto Ukraine: Odesa, KyivMobile application development, R&D, Product

Development & IT Consulting, User Experience & Design, Big data, Analytics & Cloud Computing, QA

QArea www.qarea.com 200-499 Malta: Ta’XbiexUkraine: Lviv, Kyiv,

Kharkiv, CherkasyWeb application development, Software Testing

Services

SharpMinds www.sharpminds.com 200-499 Ukraine: ChernivtsiGlobal: Netherlands

Ukraine: UzhhorodUser Experience & Design, Web application

development

Softengi www.softengi.com 200-499 Ukraine: Kyiv

Web application development, Mobile application development, Architecture & Technical Design, Software Testing Services, User Experience &

Design

Softheme www.softheme.com 200-499 Ukraine: KyivWeb application development, Mobile application

development, Software Testing Services, QA

UKRAINE �129VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

SPD-Ukraine spd-ukraine.com 200-499 Ukraine: Cherkasy Ukraine: Kyiv Web application development, Mobile application development

Svitla svitla.com 200-499 Global: USAGlobal: USA, Mexico, Montenegro, Germany

Ukraine: Kyiv, Kharkiv, Lviv, Cherkasy, Chernivtsi

Big Data, Analytics & Cloud Computing, Mobile application development, Software Testing Services,

Web application development

Symphony Solutions www.symphony-solutions.eu 200-499 Netherlands:

AmsterdamGlobal: Poland, Macedonia

Ukraine: Lviv

User Experience & Design, Product Development & IT Consulting, Mobile application development,

Software Testing Services

TEAM International Services, Inc.

www.teaminternational.com 200-499 USA: Lake Mary,

Florida Ukraine: Kyiv, Kharkiv, LvivBilling systems, CRM solutions, corporate

information systems, e-commerce solutions, enterprise application integration, ITBPO

Trinetix www.trinetix.com 200-499 Ukraine: Kyiv User Experience & Design, QA, Web application development, Mobile application development

Vector Software vector-software.com 200-499 Norway: Oslo Ukraine: Lviv Global: UK Web application development,

User Experience & Design

Viseven viseven.com 200-499 Estonia: TallinnGlobal: Russia, Canada

Ukraine: Zhytomyr, Kyiv Web application development, Mobile application

development, eWizard Platform License fees

UKRAINE �130VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Wezom wezom.com 200-499 Ukraine: KyivGlobal: USA, Poland

Ukraine: Kherson

Web application development, Mobile application development, 3D Modeling

& Rendering, Branding, Digital Marketing, User Experience & Design

Zazmic www.zazmic.com 200-499 USA: San FranciscoGlobal: Spain

Ukraine: DniproUser Experience & Design, Mobile application development, Web application development

Zfort Group www.zfort.com 200-499 Ukraine: Kharkiv Web application development, Mobile application development

BVBlogic www.bvblogic.com 100-199 Ukraine: Ivano-Frankivsk Ukraine: Sumy, Chernivci

Web application development, Mobile application development, Big Data, Analytics

& Cloud Computing

Acceptic www.acceptic.com 100-199 Ukraine: Kharkiv Ukraine: Kyiv Software/High Tech

Adyax www.adyax.com 200-499 France: Paris Ukraine: Kyiv, Kharkiv, Lviv, Rivne, Zhytomyr, Lutsk

Web application development, User Experience & Design

SMILE UKRAINE www.smile-ukraine.com 1000-4999 Ukraine: KyivGlobal: France, Spain, Netherlands, Switzerland,

Morocco, Côte d'Ivoire

Ukraine: Khmelnitsky, Lutsk, Rivne, Ternopil

Web application development, Mobile application development

UKRAINE �131VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

AgileEngine www.agileengine.com 200-499 USA: McLean, VA Ukraine: Kyiv, Kharkiv, Odesa Mobile application development, Software Testing Services

Akvelon www.akvelon.com.ua 500-999 USA: Bellevue, WAGlobal: Russia

Ukraine: Kharkiv

Mobile application development, Big Data, Analytics & Cloud Computing, Product Development & IT

Consulting

AltexSoft www.altexsoft.com 100-199 Ukraine: Kharkiv Ukraine: Kremenchuk, Lviv Web application development, Mobile application development

AllStars-IT Group www.allstars-it.com 500-999 USA: Bellevue, WAGlobal: Russia

Ukraine: Kharkiv

Mobile application development, Big Data, Analytics & Cloud Computing, Product Development

& IT Consulting

AM-Soft www.corpsite.am-soft.ua 100-199 Ukraine: KyivMobile application development,

Web application development, Big Data, Analytics & Cloud Computing

Anadea www.anadea.info 100-199 Ukraine: Dnipro Global: Spain, BelarusWeb application development,

Mobile application development, User Experience & Design, QA

Archer Software www.archer-soft.com 100-199 Ukraine: DniproGlobal: USA

Ukraine: KyivWeb application development,

Mobile application development

UKRAINE �132VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Ardas Group Inc. www.ardas-it.com 100-199 Ukraine: Dnipro Software Testing Services, Web application development, Mobile application development

Artjoker www.artjoker.ua 100-199 Ukraine: KharkivGlobal: USA

Ukraine: Kyiv

Outsourced Product Development, Web application development, Software Testing Services, Product Development & IT Consulting, User Experience &

Design

Brander Studio www.branderstudio.com 100-199 Ukraine: Kharkiv Web application development, Mobile application development

Cleveroad www.cleveroad.com 100-199 Ukraine: Dnipro Ukraine: Kharkiv

Web application development, Mobile application development, Architecture

& Technical Design, Software Testing Services, User Experience & Design

Computools www.computools.com 100-199 Ukraine: Zaporizhzhya, Kyiv

Web application development, Mobile application development

Conscensia www.conscensia.com 100-199 Denmark: AalborgGlobal: Norway, Germany

Ukraine: Lviv

Web application development, Software Testing Services, R&D, User Experience

& Design

Custom Personal Computer Software

(CPCS)www.cpcs.team 100-199 Ukraine: Sumy Ukraine: Kharkiv, Kyiv

Web application development, Mobile application development, Big Data, Analytics

& Cloud Computing

UKRAINE �133VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

CyberVision www.cybervisiontech.com 100-199 USA: Miami Ukraine: KyivMobility, Big Data, Analytics & Cloud Computing,

Consumer Electronics, Web application development

DevCom www.devcom.com 100-199 USA: Florida Ukraine: Lviv Web application development, Product Development & IT Consulting

Developex www.developex.com 200-499 Ukraine: KyivGlobal: Canada

Ukraine: DniproWeb application development,

User Experience & Design

Digicode www.mydigicode.com 100-199 USA: PlanoGlobal: Belarus

Ukraine: Kyiv, PoltavaMobile application development, Game

development, Web application development

Digitally Inspired (DI) www.digitallyinspired.com 100-199 Ukraine: OdesaGlobal: UK

Ukraine: Lviv, Kharkiv, KyivScala, Java, Mobile application development,

3D CAD

Forte Group www.fortegrp.com 200-499 USA: ChicagoGlobal: Belarus

Ukraine: TermopilMobile applications development, Web application development, Product Development & IT Consulting

Eastern Peak www.easternpeak.com 100-199 Israel: HerzliyaGlobal: UK

Ukraine: Kharkiv

Web application development, Mobile application development, Architecture & Technical Design, Software Testing Services, User Experience &

Design

UKRAINE �134VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

eKreative www.ekreative.com 100-199 Ukraine: CherkasyWeb application development, Mobile application

development, Architecture & Technical Design, User Experience & Design, Digital marketing

Exadel www.exadel.com 100-199 USA: Walnut Creek, CA

Global: Belarus, Lithuania, Poland, Russia Ukraine: Vinnitsa, Kharkiv, Odesa, Lviv, Mariupol

Mobile application development, Architecture & Technical design, Big Data, Analytics & Cloud

Computing, R&D, Digital marketing

GNC Consulting www.gnc-consulting.com 100-199 Germany: FrankfurtGlobal: China

Ukraine: OdesaERP Consulting and SI

HYS Enterprise www.hys-enterprise.com 100-199 Netherlands: Amsterdam Ukraine: Odesa Web application development, complex back-end

systems, Mobile application development

Intego Group www.intego-group.com 100-199 USA: Orlando Ukraine: Kyiv, KharkivWeb application development, Mobile application

development, Big Data, Analytics & Cloud Computing, Software Testing Services

Intellica www.intellicagroup.com <100 Slovakia: Bratislava Ukraine: Kyiv, Vinnytsia, Zhytomyr Web application development, Mobile application development, R&D

Intellectsoft www.intellectsoft.net 200-499 USA: CaliforniaGlobal: UK, Belarus, Norway

Ukraine: KyivMobile application development, Big Data, Analytics

& Cloud Computing

UKRAINE �135VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

InterLogic www.interlogic.com.ua/en/ 100-199 Ukraine: Lviv Global: Dania Web application development, Mobile application

development

InternetDevels internetdevels.com 100-199 Ukraine: Lutsk Web application development, User Experience & Design, QA

Intersog www.intersog.com 100-199 Ukraine: OdesaGlobal: USA, Canada

Ukraine: KyivWeb application development, Mobile application

development

Itera www.itera.no 500-999 Norvegia: OsloGlobal: Slovakia, Denmark, Sweden

Ukraine: KyivApplication management, User Experience & Design,

Product Development & IT Consulting, QA

JatApp www.jatapp.com 100-199 USA: Miami Ukraine: Kyiv

Web application development, Mobile application development, Architecture & Technical design, Software Testing Services, User experience &

Design

KindGeek www.kindgeek.com 100-199 Ukraine: Lviv Web application development

Lemberg www.lembergsolutions.com 100-199 Ukraine: Lviv Web application development, Mobile application

development

UKRAINE �136VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

LightIT www.light-it.net 100-199 Ukraine: Zaporizhzhya

Web application development, Mobile application development

Master of Code Global masterofcode.com 100-199 USA: Redwood City Ukraine: Cherkasy, KyivWeb application development,

Mobile application development, User Experience & Design

Onix-Systems onix-systems.com 100-199 Ukraine: Kropyvnytskyi

Web application development, Mobile application development, Architecture &

Technical design, Big Data, Analytics & Cloud Computing, User experience & Design

PLVision plvision.eu 100-199 Ukraine: LvivGlobal: Bulgaria, Poland

Ukraine: Odesa

Architecture & Technical Design, Software Testing Services, R&D, Big Data, Analytics

& Cloud Computing, Embedded systems development

Program-Ace www.program-ace.com.ua 100-199 Ukraine: Kharkiv Web application development, Mobile application development, R&D in 3D

Rails Reactor railsreactor.com 100-199 USA: San FranciscoGlobal: USA, Boston

Ukraine: Kyiv

Web application development, Architecture & Technical design, Big Data,

Analytics & Cloud Computing, R&D

RubyGarage rubygarage.org 100-199 Ukraine: DniproProduct Development & IT Consulting, Web

application development, Mobile application development, User Experience & Design, QA

UKRAINE �137VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Skelia skelia.com 200-499 Luxembourg: Windhof

Global: Poland Ukraine: Lviv, Kyiv

Web application development, Mobile application development, Software Testing Services

Softline softline.com 500-999 Ukraine: Kyiv Global: 50+ countries IT Managed Services, Mobile application development

S-Pro s-pro.io 100-199 Ukraine: Zaporizhzhya

Web application development, Mobile application development, Software Testing Services, User

Experience & Design, Refactoring

S&T Ukraine soft-industry.com 100-199 Ukraine: Kyiv System integration, IT solutions and services

Soft Industry Alliance soft-industry.com 100-199 Ukraine: Chernihiv, Sumy

Web application development, Mobile application development, Architecture & Technical Design,

Software Testing Services

Softjourn softjourn.com 100-199 Ukraine: Ivano-Frankivsk Global: Poland Web application development, Architecture &

Technical Design

Software Planet Group softwareplanetgroup.co.uk 100-199 UK: Guildford Ukraine: Lviv, Cherkasy Web application development, R&D

UKRAINE �138VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Sobra sombrainc.co/ 100-199 Ukraine: Lviv Ukraine: Ivano-Frankivsk Web application development

SSA Group www.ssa.group 100-199 Ukraine: Kharkiv Ukraine: Dnipro, KyivWeb application development, Mobile application

development, Big Data, Analytics & Cloud Computing

Telesens telesens.co.u/ 100-199 UK: London Ukraine: KharkivBilling systems, CRM solutions, corporate

information systems, e-commerce solutions, enterprise application integration, ITBPO

Thinkmobiles www.thinkmobiles.com 100-199 Ukraine: Uzhhorod Web application development, Mobile application development

Unity-Bars unity-bars.com 100-199 Ukraine: Kyiv Software, Core Banking, Finance software, Banking Software

Wildix www.wildix.com 100-199 Estonia: Tallinn Ukraine: Odesa Web application development, Mobile application development

Yalantis yalantis.com 100-199 Ukraine: Dnipro Web application development, Mobile application development

UKRAINE �139VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Zeus Group www.ze-us.xyz 100-199 USA: Walnut Creek Ukraine: KyivWeb application development, Mobile application

development, Architecture & Technical design, Big Data, Analytics & Cloud Computing, R&D

8allocate www.8allocate.com <100 Ukraine: Kyiv Web application development, Mobile application development

Acropolium acropolium.com <100 Czech Republic: České Budějovice Ukraine: Chernihiv

Web application development, Mobile application development, Big Data, Analytics

& Cloud Computing

Agilites Company agilites.com <100 Ukraine: Kharkiv Web application development, Mobile application development, QA

Agiliway agiliway.com <100 Ukraine: Lviv Global: USABig Data, Analytics & Cloud Computing, Product Development & IT Consulting, Web application

development, Mobile application development, QA

AnyforSoft anyforsoft.com <100 Latvia: Riga Ukraine: Kharkiv, Lutsk Web Development, Mobile App Development, Custom Software Development

AMgrade amgrade.com <100 Germany: Koblenz Ukraine: Zaporizhia Web application development, Mobile application development, User Experience & Design

UKRAINE �140VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Appus Software appus.software <100 Ukraine: KharkivWeb application development, Mobile application development, User Experience & Design Apple TV

Development, QA

SRPF “ARGUS” www.banksoft.com.ua/en/ <100 Ukraine: Kharkiv Architecture & Technical design, Big Data, Analytics & Cloud Computing, Software Testing Services

Art Lemon art-lemon.com <100 Ukraine: KharkivUser Experience & Design, Digital Marketing,

e-Commerce, Marketing, Web application development

ArtyGeek artygeek.com <100 Ukraine: LvivProduct Development & IT Consulting, Web

application development, QA, User Experience & Design, Mobile application development

Ascendix ascendix.com <100 USA: Dallas Ukraine: Kharkiv

Web application development, Mobile application development, Architecture & Technical design, R&D,

Product Development & IT Consulting

Attract Group attractgroup.com <100 Ukraine: Odesa Global: The NetherlandsWeb application development, Mobile application

development, Architecture & Technical Design

Binariks www.binariks.com <100Global: USA,

California Ukraine: Lviv

Web application development, Mobile application development, Software Testing Services, User

Experience & Design

UKRAINE �141VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Binary Studio binary-studio.com <100 Ukraine: Lviv Web application development, Nearshoring/Outsourcing/Offshoring

Black Wing Foundation bwf-game.com <100 Ukraine: Dnipro Game development, art production,

VR development

Blackthorn Vision blackthorn-vision.com <100 Ukraine: Lviv Ukraine: KhmelnitskyWeb application development, Mobile application development, User Experience & Design, Big Data,

Analytics & Cloud Computing, QA

Brights brights.io <100 Ukraine: Kyiv Global: Poland

Web application development, Mobile application development, Architecture & Technical Design,

Software Testing Services, User Experience & Design

Bytebrand bytebrand.ne/ <100 Ukraine: LvivGlobal: Sweden

Ukraine: KyivWeb application development, Mobile application

development

COAX Software www.coaxsoft.com <100 Ukraine: Ivano-Frankivsk Ukraine: Lviv

Web application development, Mobile application development, Architecture & Technical Design,

User Experience & Design

CodeIT codeit.us <100 Ukraine: KharkivWeb application development,

Mobile application development, QA, Product Development & IT consulting

UKRAINE �142VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Codeminders codeminders.com <100 USA: Saratoga, SA Ukraine: Kyiv Big data, Web development, IoT, AI and Machine learning

Codemotion codemotion.ninja <100 Ukraine: Kyiv Ukraine: Uzhgorod Web application development, Mobile application development

Codetiburon codetiburon.com <100 Ukraine: Kharkiv Web application development, Mobile application development, User Experience & Design

DataRoot Labs datarootlabs.com <100 Ukraine: Kyiv Global: Israel Big Data & Analytics, Data Science, Data Engineering, AI-powered MVP development, R&D

Devabit devabit.com <100 Ukraine: Lviv Web application development, Mobile application development, R&D

DeviQA www.deviqa.com <100 Ukraine: Kyiv QA, Software Testing Services

Devlight www.devlight.io <100 Ukraine: Ivano-Frankivsk

Mobile application development, Architecture & Technical Design, Big Data, Analytics & Cloud

Computing, User Experience & Design

UKRAINE �143VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Django Stars djangostars.com <100 Ukraine: KyivWeb application development, Mobile application development, User Experience & Design, Big Data,

Analytics & Cloud Computing

Diceus diceus.com 100-199 Ukraine: KyivGlobal: Denmark, UAE, Lithuania

Ukraine: Lviv, RivneWeb application development, Big Data,

Analytics & Cloud Computing, R&D

Door3 www.door3.com <100 USA: New York Ukraine: Kyiv Enterprise application development, User Experience & Design

Edenlab edenlab.com.ua <100 Ukraine: Kyiv Web application development, Architecture & Technical Design, R&D

Edsson Software www.edsson.com <100 The Netherlands: Amsterdam Ukraine: Kyiv , Mobile application development, QA

Envois www.envionsoftware.com 100-199 USA: BostonGlobal: Russia

Ukraine: Odesa, Kharkiv, Kyiv

Web application development, Mobile application development, Architecture & Technical Design, Big

Data, Analytics & Cloud Computing, User Experience & Design

Evolvice Team www.evolvice-team.de <100 Germany: Stuttgart Ukraine: Kyiv, Uzhgorod IT Staff Augmentation, Big Data, Analytics & Cloud Computing

UKRAINE �144VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

FFW™ ffwagency.com 200-499 Denmark: Copenhagen

Global: USA, Brazil, Denmark, Germany, Bulgaria, Moldova

Ukraine: Dnipro, Lviv, Mykolaiv,

User Experience & Design, Product Development & IT Consulting, Web application development

Fortifier 4tifier.com/ <100 Ukraine: KharkivWeb application development, Architecture & Technical Design, Big Data, Analytics & Cloud

Computing

Freshcode freshcodeit.com <100 Ukraine: Zaporizhya Global: UK

Mobile application development, Web application development, Big Data, Analytics

& Cloud Computing, Product Development & IT Consulting, User Experience & Design

GBK Soft gbksoft.com <100 Ukraine: ZaporizhyaWeb application development,

Mobile application development, User Experience & Design

Gorilla Group www.gorillagroup.com 200-499 USA: ChicagoGlobal: USA, Poland, Canada

Ukraine: Kyiv

Web application development,Mobile application development,

User Experience & Design, Multi-Channel E-commerce Experts, Digital Marketing

IDAP idapgroup.com <100 Ukraine: KyivMobile application development,

Web application development, User Experience & Design

IdeaSoft www.ideasoft.io <100 Ukraine: Kharkiv Blockchain, Software, User Experience & Design

UKRAINE �145VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Idnite igniteoutsourcing.com <100 Israel: NetanyaGlobal: Germany

Ukraine: KyivEnterprise application modernization, Application

Management & Support

Incode Group (ICG) incode-group.com <100 Ukraine: Zaporizhzhia, Dnipro

Mobile application development, Web application development, User Experience &

Design

Innoware innoware.com <100 Ukraine: Kyiv ERP implementation, CRM implementation, Support

INOXOFT inoxoft.com <100 Ukraine: Lviv Web Development

Insart www.insart.com <100 USA: New York Ukraine: Kharkiv Big Data, Analytics, and Cloud Computing

Integrity Vision www.integrity.com.ua <100 Ukraine: KyivBusiness process automation, Integration solutions and API, IT Security, Chatbots for business, Backup,

IT service and asset management

ISDDesign isddesign.com <100 Ukraine: Dnipro Global: USA Mobile application development, Web application development

UKRAINE �146VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

ITRex Group itrexgroup.com <100 USA: Santa MonicaGlobal: Belarus, USA

Ukraine: KyivWeb application development,

Architecture & Technical Design

JBS jbs.com.ua <100 Ukraine: Kyiv Ukraine: Chernihiv, ZhytomyrWeb application development, Architecture

& Technical design, Big Data, Analytics, and Cloud Computing, R&D

Jelvix jelvix.com <100 Ukraine: KharkivWeb application development, Mobile application

development, Architecture & Technical Design, User Experience & Design

JetSoftPro jetsoftpro.com <100 Ukraine: Lviv Ukraine: Kyiv, Ternopil

Web application development, Mobile application development, Architecture & Technical Design, Software Testing Services, User Experience &

Design

Justcoded justcoded.com <100 Ukraine: KharkivWeb application development, Mobile application

development, Architecture & Technical Design, User Experience & Design

KSF Technologies Ltd. ksftech.com <100 Switzerland: Zurich Ukraine: Kyiv Web application development, Mobile application development, QA, Legal IT, Business Analytics

LaSoft lasoft.org <100 Ukraine: Lviv

Web application development, Mobile application development, Architecture & Technical Design, Software Testing Services, User Experience &

Design

UKRAINE �147VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Logicify logicify.com <100 Poland: Zyrardow Ukraine: Kherson Web application development

Marka-Software marka-software.com <100 Ukraine: Zaporizhzhya Ukraine: Kyiv Web application development

MEV® mev.com <100 USA: New York Ukraine: Lviv, CherkasyWeb application development, Mobile application development, Support, Technical services, User

Experience & Design

MindK www.mindk.com <100 Ukraine: Sumy Ukraine: Kyiv Web application development, Software Testing Services, User Experience & Design

MLSDev mlsdev.com <100 Ukraine: Kyiv Ukraine: VinnytsiaWeb application development,

Mobile application development, User Experience & Design

MVDN www.mwdn.com <100 Ukraine: Kharkiv Ukraine: KyivWeb application development,

Mobile application development, Architecture & Technical Design, R&D

New Line Technologies newline.tech <100 Ukraine: Kharkiv, Kyiv Web application development,

Mobile application development

UKRAINE �148VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

NewGround newground.ua <100 Ukraine: Kyiv Mobile application development, Architecture & Technical Design, R&D

Norse Digital norse.co 100-199 Norway: Oslo Ukraine: OdesaWeb application development,

Mobile application development, User Experience & Design

OSF Global Services www.osf-global.com <100 Canada: QuebecGlobal: Romania, Brazil

Ukraine: Chernivtsi, Ivano-Frankivsk, Lviv, Odesa

Web application development, Mobile application development

PixelTeh pixelteh.com <100 Ukraine: Zaporizhzhya

Web application development, User Experience & Design, Mobile application development, Big Data,

Analytics & Cloud Computing

PNN Soft pnnsoft.com <100 Ukraine: Kyiv Web application development, Mobile application development

Postindustria postindustria.com <100 Ukraine: KhersonGlobal: Belarus, Montenegro, UK

Ukraine: Mykolaiv

Web application development, Mobile application development,

User Experience & Design, QA

PowerCode powercode.us <100 Ukraine: ZaporizhzhiaMobile application development,

Web application development, User Experience & Design, QA

UKRAINE �149VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

PrioCom priocom.com <100 Ukraine: Kyiv Big Data, Analytics & Cloud Computing, enterprise

activity automation information systems (BPM, ITSM, ERP)

QA Madness www.qamadness.com <100 Lithuania: VilniusGlobal: Poland

Ukraine: Cherkasy, KyivQA

QATestLab qatestlab.com <100 Ukraine: Kyiv Ukraine: Sumy, Rivne, Zaporizhzhya, Poltava, Kriviy Rig, Cherkasy QA

Qualium Systems www.qualium-systems.com <100 Ukraine: Kharkiv

Web application development, Mobile application development, flash & flex development, desktop &

server solutions

QuartsSoft quartsoft.com <100 USA: Foster CityUkraine: Kramatorsk,

Global: Russia, PolandWeb application development, User Experience &

Design, system architecture, integration, R&D

Rademade rademade.com <100 Ukraine: Kyiv Web application development, User Experience & Design

Roll’n’code rollncode.com <100 Ukraine: Zaporizhzhia Web application development, Mobile application development, Architecture & Technical Design

UKRAINE �150VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Rozdoum www.rozdoum.com <100 Ukraine: Kharkiv Global: Germany, USA Web application development, Mobile application development, R&D

SaM Solutions www.sam-solutions.com <100 Germany: GilchingGlobal: Germany, Latvia, USA, Belarus,

Netherlands Ukraine: Dnipro

Web application development, Mobile application development, Software Testing Services, Security

Scopic Software scopicsoftware.com <100 USA: Rutland30+ countries

Ukraine: KyivWeb application development,

Mobile application development

Selecto selectoglobal.com <100 Ukraine: Lviv Ukraine: RivneWeb application development, Mobile application

development, Architecture & Technical Design, User Experience & Design

Selenium Health selenium.com.ua <100 Ukraine: Kyiv Web application development, R&D

SendPulse sendpulse.com <100 Ukraine: Chernihiv Global: Turkey, Brasil, Guatemala, Mexico, Chile, USA , Russia

Web application development, Architecture & Technical Design,

User Experience & Design, Digital marketing

Seven sevencollab.com <100 Ukraine: Lviv Global: USA, Ireland, UK Web application development, Mobile application development, R&D

UKRAINE �151VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Sirin Software www.sirinsoftware.com <100 USA: Sanford Ukraine: Kyiv It outsourcing, dedicated teams, R&D Center, IT staff augmentation

SJ Innovation www.sjinnovation.com <100 USA: New York Ukraine: Ternopil Web application development, Mobile application development

Skywell Software skywell.software <100 Ukraine: Kyiv Web application development, Mobile application development

Sloboda Studio www.sloboda-studio.com <100 Ukraine: Kharkiv Back-end and Front-end development, Project management, QA

Soft Bistro softbistro.com <100 USA: San FranciscoGlobal: USA

Ukraine: Lviv, KhmelnytskyiMobile application development

SoftElegance www.softelegance.com <100 Ukraine: Kyiv Global: USA, UKWeb application development,

Architecture & Technical design, Big Data, Analytics & Cloud Computing, R&D

Softwarium www.softwarium.com <100 USA: PescaderoGlobal: Russia

Ukraine: Kyiv

Web application development, Mobile application development,

Application Migration & Reengineering, QA

UKRAINE �152VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

Spilna Sprava sprava.net <100 Ukraine: Vynnytsya IT Support, Mobile application development, Big Data, Analytics & Cloud Computing

Sphere Software sphereinc.com <100 USA: ChicagoGlobal: Russia

Ukraine: Kyiv, Kharkiv

Mobile application development, Web application development, Architecture

& Technical Design, Big Data, Analytics & Cloud Computing, User Experience & Design

SteelKiwi steelkiwi.com <100 Ukraine: Vinnytsia, Odesa

Global: Slovakia, Israel Ukraine: Crimea

Web application development, Mobile application development, Software

Testing Services, User Experience & Design

Sytoss www.sytoss.com <100 Ukraine: KharkivBusiness and system analysis, Application

integration services, QA, Software Testing Services, Data migration services, Maintenance and support

Techery techery.io <100 USA: Plano, TX Ukraine: Dnipro, Kyiv Mobile application development, Architecture & Technical design, User experience & Design

The APP Solutions theappsolutions.com <100 Ukraine: Kyiv

Web application development, Mobile application development, Architecture & Technical Design,

Big Data, Analytics & Cloud Computing

TranSoftGroup www.transoftgroup.com <100 Ukraine: Mukachevo Software Development, Software Testing Services, QA

UKRAINE �153VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in UA 2018

Headquarters Other locations Activities

UKAD www.ukad-group.com <100 UK: SheffieldGlobal: Poland

Ukraine: KharkivWeb application development,

Mobile application development

Unicorn unicorn.com <100 Czech Republic: Prague Ukraine: Kyiv, Ternopil

Web application development, Architecture & Technical Design, Big Data, Analytics & Cloud

Computing, Software Testing Services

Vakoms vakoms.com <100 UK: London Ukraine: LvivWeb application development,

Mobile application development, User Experience & Design, QA

Verna verna-it.com <100 Ukraine: KyivIT Managed Services, Product Development & IT Consulting, Big Data, Analytics & Cloud

Computing

Vilmate vilmate.com <100 Ukraine: KharkivGlobal: USA, Sweden

Ukraine: Kyiv, Lviv

Web application development, Mobile application development, Architecture &

Technical Design, Software Testing Services, R&D

Virtuace virtuace.com <100 USA: WashingtonGlobal: Georgia

Ukraine: Kiev, Kharkov, Rivne, ZhitomirDevelopment of enterprise-scale software systems

Waverley waverleysoftware.com/ <100 USA: Palo Alto, CAGlobal: Vietnam

Ukraine: Kharkiv, Lviv

Mobile application development, Web application development, Big Data, Analytics &

Cloud Computing, User Experience & Design, Software Testing Services

UKRAINE �154VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

WebbyLab webbylab.com <100 Ukraine: Kyiv Web application development, Mobile application development

WebiNerds webinerds.com <100 USA: Boston Ukraine: DniproWeb application development,

Mobile application development, Architecture & Technical Design, Software Testing Services, R&D

webxloo www.webxloo.com <100 USA: Florida Ukraine: Lviv, Dnipro, ZaporizhzhyaWeb application development,

Mobile application development, User Experience & Design

x1group www.x1group.com <100 Ukraine: Kharkiv Global: Germany Web application development, Architecture & Technical Design, Software Testing Services

UKRAINE �155VIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

Sii Sp. z o.o. https://sii.pl/ 2000-3999 Poland: Warsaw Poland: Gdańsk, Cracow, Katowice, Łódź, Lublin, Poznań, Rzeszów, Wrocław .

Web application development, Mobile application development, Big Data & Analytics, Software Testing

Services, User experience & Design

Luxoft Poland Sp. z o.o. https://www.luxoft.com/ 1000-1999 Switzerland: Zug

Poland: Cracow, Wroclaw, Tricity, Warsaw. Global: USA, Mexico, Canada, Russia, Poland, Romania, Bulgaria, Germany, UK, Sweden, Australia, China

Web application development, Mobile application development, Big Data & Analytics, Software Testing

Services

Intive S.A. https://www.intive.com/ 1000-1999 Germany: Munich

Poland: Cracow, Lodz, Lublin, Poznan, Szczecin, Wroclaw

. Global: USA, Sweden, Argentina, UK, France, Germany

Web application development, Architecture & Technical design, Software Testing Services

IT Kontrakt Sp. z o.o https://www.itkontrakt.pl/ 1000-1999 Poland: Wroclaw

Poland: Warsaw, Lodz, Cracow, Gdańsk, Poznan, Katowice.

Global: Malaysia, USA, Switzerland

Web application development, Mobile application development, Architecture & Technical design, Software Testing Services, Staff Augmentation

Globallogic S. A. https://www.globallogic.com/ 1000-1999 USA: San Jose

Poland: Wroclaw, Cracow, Szczecin, Koszalin, Zielona Gora.

Global: India, Ukraine, Argentina, Poland, Slovakia, Croatia, USA, Canada, Israel,

Switzerland

Web application development, Architecture & Technical design, Big Data & Analytics, Software Testing Services, R&D, User experience&Design

EPAM Systems (Poland) Sp. z o.o. https://www.epam.com/ 1000-1999 USA: Newtown

Poland: Gdańsk, Katowice, Cracow, Warsaw, Wroclaw.

Global: Canada, Mexico,Austria, Bulgaria, Australia, China, Ukraine

Web application development, Mobile application development, Software Testing Services

Billennium Sp. z o.o. http://billennium.pl/ 500-999 Poland: Warsaw Poland: Lublin, Lodz, Olsztyn, Bytom.

Global: Malaysia, India, USAWeb application development, Mobile application

development, R&D

Transition Technologies S.A. http://www.tt.com.pl 500-999 Poland: Warsaw

Poland: Lublin, Bialystok, Olsztyn, Koszalin, Kielce, Cracow, Wroclaw.

Global: Malaysia, Germany, USA

Web application development, Architecture & Technical design, Software Testing Services, User

experience & Design

7N Sp. z o. o. https://www.7n.com 500-999 Denmark: Copenhagen

Poland: Warsaw, Gdańsk.Global: Finland, Norway, Sweden, Switzerland,

USA, India

Web application development, Architecture & Technical design, Big Data & Analytics, Software

Testing Services, R&D

Future Processing Sp. z o.o.

http://www.future-processing.pl/ 500-999 Poland: Gliwice Poland: Opole. Global: Ukraine Web application development, Architecture &

Technical design, Big Data & Analytics

�156POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

Sygnity S.A. http://www.sygnity.pl/ 500-999 Poland: WarsawWeb application development, Architecture &

Technical design, Software Testing Services, User experience & Design

PGS Software S.A.https://www.pgs-

soft.com/500-999 Poland: Wrocław

Poland:  Rzeszów, Gdańsk. Global: Germany, UK

Web application development, Architecture & Technical design

Tieto Poland Sp. z o.o.

https://www.tieto.com/ 500-999 Finland: HelsinkiPoland: Cracow, Szczecin, Wroclaw, Gliwice.

Global: Present in 20 countries globally

Web application development, Architecture & Technical design, Software Testing Services, User

experience & Design

Objectivity Poland Sp. z o.o.

https://www.objectivity.co.uk/

500-999 UK: LondonPoland: Wrocław.

Global: UK

Web application development, Architecture & Technical design, Big Data & Analytics, Software Testing Services, Key systems, cloud solutions

Netguru S.A. http://www.netguru.co 500-999 Poland: PoznanPoland: Poznan, Warsaw, Cracow, Wroclaw,

Gdańsk, Bialystok. Global: USA, UK, Finland, Caribbean, Ireland

Web application development, Architecture & Technical design

Wipro Sp. z o.o. https://www.wipro.com/ 500-999 India: BangalorePoland: Gdańsk, Warsaw.

Global: Present in over 30 countries globallyWeb application development, Mobile application

development, Software development

Genpact Poland Sp. z o.o.

http://www.genpact.com/ 200-499 USA: New York Poland: Cracow, Lublin, Poznan, Szczecin.Web application development, Architecture &

Technical design, Big Data & Analytics

Symphony Solutions Sp. z o.o.

https://www.symphony-solutions.eu/

200-499Netherlands: Amsterdam

Poland: Warsaw, Rzeszow, Cracow. Global: Netherlands, Ukraine

Web application development, Architecture & Technical design, Software Testing Services, User

experience & Design

Lingaro Sp. z o.o.https://

www.lingarogroup.com/200-499 Poland: Warsaw Global: Philippines, USA

Web application development, Mobile application development, Big Data & Analytics, Software Testing

Services

britenet Sp. z o.o.http://

www.britenet.com.pl200-499 Poland: Warsaw

Poland: Lublin, Kielce, Poznan, Bialystok. Global: Ireland, UK, USA

Web application development, Mobile application development, Architecture & Technical design, Software Testing Services, User experience &

Design

�157POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

Euvic Sp. z o.o. http://www.euvic.pl 200-499 Poland: GliwicePoland: Katowice, Warszawa, Kraków,

Bielsko-Biała. Global: Austria, Germany, Sweden, USA, UK, Netherlands

Web application development, Mobile application development, Architecture & Technical design, Big

Data & Analytics

Kainos Software Poland Sp. z o.o.

https://www.kainos.pl/ 200-499 UK: LondonPoland: Gdańsk.

Global: UK, Ireland, USA, Netherlands

Web application development, Mobile application development, Big Data & Analytics, Software Testing

Services

ITMAGINATION Sp. z o.o.

http://www.itmagination.com

200-499 Poland: Warsaw Web application development, Big Data & Analytics

JCommerce Sp. z o.o.

http://www.jcommerce.pl 200-499 Poland: KatowicePoland: Warsaw, Rzeszow, Cracow, Poznan,

Bielsko-Biala.Web application development, Big Data & Analytics

STX Next Sp. z o.o.

http://www.stxnext.pl 200-499 Poland: Poznan Poland: Wroclaw, Pila, Lodz, Gdańsk.Web application development, Architecture &

Technical design, Software Testing Services, User experience & Design, Big Data & Analytics

Stefanini Sp. z o.o.

https://stefanini.com/en/ 200-499 Brasil: JaguariúnaPoland: Cracow, Opole.

Global: Present in 20 countries globally

Web application development, Architecture & Technical design, R&D, Embedded software

development, Backend software development

Cybercom Group Sp. z o.o.

http://www.cybercom.com 200-499 Sweden: StockholmPoland: Bydgoszcz, Lodz, Warsaw.

Global: Denmark, Finland, Sweden, India

Web application development, Mobile application development, Architecture & Technical design,

Software Testing Services, R&D

Artegence Sp. z o.o.

www.artegence.com 200-499 Poland: WarsawWeb application development, Mobile application

development, Architecture & Technical design, R&D, User experience & Design

�158POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

E-point S.A. https://www.e-point.pl/ 200-499 Poland: WarsawWeb application development, Mobile application

development, Software Testing Services, Technical Consulting

Onwelo S.A. https://onwelo.com/ 200-499 Poland: WarsawWeb application development, Mobile application

development, Software Testing Services,

Core ServicesSp. z o.o.

http://www.coreservices.pl/

200-499 Poland: Wroclaw Poland: Warsaw.Software Development & Maintenance,

IT outsourcing, Team Leasing

Unity S.A. https://en.unity.pl/ 200-499 Poland: Wrocław Poland: Cracow, Poznan.

Web application development, Mobile application development, Architecture & Technical design, Big

Data & Analytics, Software Testing Services

Alten Sp. z o.o.

http://www.altenpolska.pl/ 200-499France: Boulogne-

Billancourt

Poland: Warsaw, Cracow, Wroclaw, Gdańsk, Rzeszow, Poznan, Katowice, Jelenia Gora. Global:

Present in 20 countries globally

Web application development, Mobile application development, Architecture & Technical design,

Software Testing Services, R&D, Technical consulting

j-labs sp. z o.o. https://www.j-labs.pl 200-499 Poland: Cracow Poland: Warsaw. Global: GermanyIT Staff Augmentation, Software Development,

Competence Centre

Solwit S.A. https://www.solwit.com/ 100-199 Poland: GdańskArchitecture & Technical design, Software Testing

Services, Business Application Development

SpyroSoft S.Ahttp://www.spyro-

soft.com100-199 Poland: Wroclaw Poland: Cracow, Bialystok. Global: UK

Architecture & Technical design, Software Testing Services, Business Application Development

SI Consulting S.A.https://www.si-consulting.pl/

100-199 Poland. Wroclaw Poland: Poznan.Architecture & Technical design, Software Testing

Services, R&D, Cloud/Server Systems Development, Embedded Systems Development

�159POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

Connectis Sp. z o.o.

https://www.connectis.pl 100-199 Poland: Warsaw Poland: Gdańsk, Katowice, Cracow, Wroclaw, .

Web application development, Mobile application development, Architecture & Technical design,

Blockchain, smart contracts, dApps, ICO - consulting & engineering

DaftCode Sp. z o.o.

https://daftcode.pl/ 100-199 Poland: Warsaw Global: Argentina, USA

Web application development, Mobile application development, Architecture & Technical design,

Software Testing Services, R&D, Technical consulting

Edge One Solutions Sp. z o.o.

http://www.edge1s.com 100-199 Poland: Warsaw Poland: Lublin.Web application development, Mobile application

development, Software Testing Services

Boldare https://www.boldare.com/ 100-199 Poland: Gliwice Poland: WarszawaWeb application development, Mobile application

development, Artificial Intelligence, Machine learning

Divante Sp. z o.o. https://divante.co/ 100-199 Poland: Wroclaw Global: GermanyWeb application development, R&D, User experience

& Design, Mobile application development, Technical consulting

Miquido Sp. z o.o. https://www.miquido.com/ 100-199 Poland: Cracow Global: UK, GermanyWeb application development, Software Testing

Services, User experience & Design

Altkom Software & Consulting Sp. z o.o.

https://asc.altkom.pl/ 100-199 Poland: Warsaw Poland: Cracow, Lublin, Lodz, Bialystok, Wroclaw.

Web application development, Mobile application development, Architecture & Technical design,

Software Testing Services, User experience & Design

Software Hut Sp. z o.o.

https://softwarehut.com/ 100-199 Poland: BiałystokWeb application development, Architecture & Technical design, Software Testing Services

�160POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

Railwaymen Sp. z o.o.

https://railwaymen.org/ 100-199 Poland: CracowArchitecture & Technical design, Software Testing

Services, R&D, Cloud/Server Systems Development, Embedded Systems Development

Solid brain Sp. z. o. o.

https://solidbrain.com/ 100-199 Poland: CracowWeb application development, Architecture & Technical design, Software Testing Services

Tooploox Sp. z o.o. http://www.tooploox.com 100-199 Poland: Wroclaw Poland: Warsaw, Gdańsk. Global: GermanyWeb application development, Architecture &

Technical design, Software Testing Services, User experience & Design

Siili Solutions Sp. z o.o.

https://www.siili.com/ 100-199 Finland: HelsinkiPoland: Wroclaw, Szczecin.

Global: Finland, Germany, USA

Web application development, Mobile application development, Architecture & Technical design,

Software Testing Services

10Clouds Sp. z o.o. http://10clouds.com/ 100-199 Poland: WarsawPoland: Poznan, Wroclaw.

Global: USAWeb application development, Mobile application

development, Software Testing Services

Altimi Sp. z o.o. sp. k.

https://altimi.com/ 100-199 Poland: Wroclaw Poland: Warsaw.Web application development, Mobile application

development, Software Testing Services

Clearcode S.A.

http://www.clearcode.cc 100-199 Poland: WroclawPoland: Warsaw, Katowice.

Global: USA

Web application development, Big Data & Analytics, DevOps, Software Testing Services, R&D for

advertising and marketing technology vendors

Polcode Sp. z o.o.

https://polcode.com/pl/ 100-199 Poland: Warsaw Poland: Bialystok, Cracow, Katowice, Lodz.Architecture & Technical design, Software Testing

Services, R&D, Cloud/Server Systems Development, Embedded Systems Development

Codete Sp. z o.o. sp. k.

https://codete.com/ 100-199 Germany: BerlinPoland: Cracow. Global: Germany

Web application development, Mobile application development, Big Data & Analytics, Software Testing

Services, R&D, Technical consulting

�161POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

Silicon & Software Systems Polska

Sp. z o.o.

https://www.s3group.com/

100-199 Poland: Wrocław Global: UK, USAMobile application development, Embedded

software development, Cloud/Server Systems Development

VirtusLab Sp. z o.o.

https://virtuslab.com/ 100-199 Poland: RzeszowPoland: Cracow.

Global: UK

Web application development, Mobile application development, Architecture & Technical design, Big

Data & Analytics, Software Testing Services

Consdata Sp. z o.o.

http://www.consdata.pl 50-99 Poland: PoznanWeb application development, Mobile application

development, Architecture & Technical design, Software Testing Services, R&D

Solidex S.A.http://

www.solidex.com.pl/50-99 Poland: Cracow

Web application development, Architecture & Technical design, Software Testing Services

NeotericSp. z o.o.

https://neoteric.eu/ 50-99 Poland: Gdańsk Global: UKWeb application development, Architecture &

Technical design

apreel Sp. z o.o.

http://www.apreel.com 50-99 Poland: WarsawWeb application development, Mobile application

development, Architecture & Technical design, R&D, User experience & Design

TouK Sp. z o.o. S.K.A.

http://touk.pl 50-99 Poland: WarsawWeb application development, Architecture &

Technical design, Software Testing Services, User experience & Design

Ailleron S.A. https://ailleron.com/50-99

(involved in SD)Poland: Cracow

Poland: Warsaw, Rzeszow, Bielsko-Biala. Global: USA, Australia, Singapore

Web application development, Mobile application development

7bulls.comSp. z o.o.

https://www.7bulls.com/ 50-99 Poland: Warsaw Poland: Torun.Web application development, Mobile application

development, Software Testing Services, R&D, Cloud Computing

Monterail Sp. z o.o.

http://www.monterail.com 50-99 Poland: Wroclaw Web application development

�162POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

Iteo Sp. z o.o. https://iteo.com/ 50-99 Poland: Katowice Poland: Bielsko-Biała.

Global: UK, USA

Web application development, Mobile application development, Architecture & Technical design,

Software Testing Services

Espeo Software Sp. z o.o. https://espeo.eu/ 50-99 Poland: Poznan Global: USA, Finland, UAE, Switzerland

Web application development, Mobile application development, Software Testing Services

V-JET GROUP Sp. z o.o. https://v-jet.net/ 50-99 Ukraine: Dnipro

Poland: Warsaw. Global: Switzerland, Kazahstan

Web application development, Mobile application development, Software development

Merixstudio Sp. z o.o.

https://www.merixstudio.com/ 50-99 Poland: Poznań

Web application development, Software Testing Services, User experience & Design

Syberry https://www.syberry.com/ 50-99 USA: AustinPoland: Warsaw.

Global: USA, Belarus

Web application development, Architecture & Technical design, Software Testing Services, User

experience & Design

Polidea Sp. z o.o. https://www.polidea.com/ 50-99 Poland: Warsaw

Architecture & Technical design, Software Testing Services, R&D, Cloud/Server Systems Development,

Embedded Systems Development

Setapp Sp. z o.o. http://setapp.pl 50-99 Poland: Poznań

Architecture & Technical design, Software Testing Services, R&D, Cloud/Server Systems Development,

Embedded Systems Development

Skyrise Sp. z o.o. http://www.skyrise.tech 50-99 Poland: Katowice

Poland: Gdańsk. Global: Norway

Web application development, Mobile application development, Software Testing Services, IT

Operations, Engineering

OpsWay https://opsway.com/ 50-99 Poland: WroclawWeb application development, Architecture &

Technical design

�163POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

Merixstudio Sp. z o.o.

https://www.merixstudio.com/

50-99 Poland: Poznań Web application development, Software Testing Services, User experience & Design

Syberry https://www.syberry.com/ 50-99 USA: Austin Poland: Warsaw. Global: USA, Belarus

Web application development, Architecture & Technical design, Software Testing Services, User

experience & Design

Polidea Sp. z o.o.

https://www.polidea.com/ 50-99 Poland: WarsawArchitecture & Technical design, Software Testing

Services, R&D, Cloud/Server Systems Development, Embedded Systems Development

Setapp Sp. z o.o.

http://setapp.pl 50-99 Poland: PoznańArchitecture & Technical design, Software Testing

Services, R&D, Cloud/Server Systems Development, Embedded Systems Development

Skyrise Sp. z o.o.

http://www.skyrise.tech 50-99 Poland: Katowice Poland: Gdańsk. Global: Norway

Web application development, Mobile application development, Software Testing Services, IT

Operations, Engineering

OpsWay https://opsway.com/ 50-99 Poland: Wroclaw Web application development, Architecture & Technical design

Selleo Sp. z o.o.

https://selleo.com/ 50-99 Poland: Bielsko-BiałaArchitecture & Technical design, Software Testing

Services, R&D, Cloud/Server Systems Development, Embedded Systems Development

Nomtek Sp. z o.o.

https://www.nomtek.com/ 50-99 Poland: Wroclaw Global: US, UKWeb application development, Mobile application development, Architecture & Technical design, Big

Data & Analytics, Software Testing Services

9LivesData Sp. z o.o. SP. K.

http://www.9livesdata.com/ 50-99 Poland: WarsawR&D, Web application development, Mobile

application development, Big Data & Analytics, Software Testing Services

�164POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

EL Passion Sp. z o.o. http://www.elpassion.com 50-99 Poland: Warsaw

Web application development, Mobile application development, Software Testing Services, User

experience & Design

Union Square Internet Development

Sp. z o.o.http://www.u2i.com/ 50-99 Poland: Cracow Global: USA

Web application development, Mobile application development, Architecture & Technical design, Big

Data & Analytics, Software Testing Services

Netizens Sp. z o.o. https://www.netizens.pl/ 50-99 Poland: Katowice

Web application development, Mobile application development, Custom Software Development

JIT Solutions Sp. z o.o. http://www.jitsolutions.pl 50-99 Poland: Gdynia

Web application development, Mobile application development, Big Data & Analytics, Software Testing

Services

Iso Software Systems Polska

Sp. z o.o.http://www.isogmbh.com/ 50-99 Germany: Nürnberg Poland: Czestochowa. Global: Germany, Canada,

Austria

Web application development, Mobile application development, Architecture & Technical design,

Software Testing Services

Skelia Sp. z o.o. https://skelia.com/ 50-99 Windfoh Poland: Cracow.

Global: USA, Ukraine: Kyiv, Lviv, UK,  Netherlands

Web application development, Mobile application development, Software Testing Services, IT

Operations, Engineering

Droids on Roids Sp. z o.o.

https://www.thedroidsonroids.com/ 50-99 Poland: Wroclaw Global: USA, UK

Web application development, R&D, User experience & Design, Mobile application development

Concise Software Sp. z o.o.

http://www.concisesoftware.com 50-99 Germany: Berlin Poland: Rzeszów.

Web application development, Mobile application development, Architecture & Technical design,

Blockchain, smart contracts, dApps, ICO - consulting & engineering

Better Software Group S.A. http://bsgroup.eu/ ~50 Poland: Wrocław Poland: Warsaw, Zielona Góra.

Global: Norway, Denmark, Sweden

Web application development, Mobile application development, Architecture & Technical design, R&D,

User experience & Design

�165POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in PL 2018

Headquarters Other locations Activities

Appunite Sp. z o.o. https://appunite.com/ 50-99 Poland: PoznanWeb application development, Mobile application

development, Architecture & Technical design, R&D, User experience & Design

Aileron S.A. https://ailleron.com/pl/ 50-99 Poland: Cracow Poland: Warsaw, Rzeszow, Bielsko-Biala. Global: USA, Australia, Singapore

Web application development, Mobile application development

Sare S.A. (Fast White Cat)

https://fastwhitecat.com/ 50-99 Poland: Wroclaw Web application developemnt

Braintri Sp. z o.o.http://www.braintri.com/

en50-99 Poland: Warsaw

Web application development, Mobile application development, Architecture & Technical design, Big

Data & Analytics

SoftwareMill Sp. z o.o. sp. k.

http://softwaremill.com ~50 Poland: WarsawWeb application development, Architecture & Technical design, Software Testing Services

Look4App Sp. z o.o. http://www.look4app.pl ~50 Poland: WrocławWeb application development, User experience &

Design, Blockchain development, Cryptocurrencies/ICO

Leaware Sp. z o.o.https://www.leaware.com/

en/~50 Poland: Warsaw Poland: Torun. Global: Germany

Web application development, Mobile application development,

Astec Sp. z o.o. http://www.astec.net ~50 Poland: Zielona GóraWeb application development, Mobile application

development, Architecture & Technical design, R&D, User experience & Design

In4mates Sp. z o.o. http://in4mates.com/ ~50 Poland: WarsawWeb application development, User experience &

Design, Digital marketing, eCommerce development and sales support

�166POLANDVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

EPAM Systems, Inc. (NYSE: EPAM) www.epam.com >3 000 USA: Newtown, PA

Global: Canada, Mexico,Austria, Bulgaria, Australia, China, Ukraine

Belarus: Minsk

Software Testing Services, Web application development

BelHard Group www.belhard.com 1 000-2 999 Belarus: Minsk

Technology consulting, IT infrastructure development and support, Cloud migration and consulting services, Mobile application development, Software testing outsourcing

IBA Group www.ibagroupit.com 1 000-2 999 Czech Republic: Prague

Global: USA, UK, Cyprus, Russia, Ukraine, South Africa, Slovakia, Bulgaria, Kazakhstan

Belarus: Minsk, Mogilev, Gomel

Support, Web solutions, Enterprise applications, Business analytics, Mainframe software, Mobile

applications, and Big Data

iTechArt Group, Inc. www.itechart.com 1 000-2 999 USA: New YorkGlobal: USA

Belarus: Minsk; Brest; Vitebsk; Gomel; Grodno; Mogilev

Dedicated teams; Custom Software Development; QA and Testing

Itransition www.itransition.com 1 000-2 999 USA: Denver UK: London

Global: Russia

Belarus: Minsk, Brest, Grodno, Mogilev, Polotsk

Web application development, Mobile application development, Architecture & Technical design, Software Testing Services, R&D

A1QA www.a1qa.com 500-999 USA: Lakewood, COGlobal: Netherlands, UK

Belarus: Minsk

Consulting, Full-Cycle Testing, Web Application Testing

Mobile Application Testing Documentation Services

Exadel www.exadel.com 500-999 USA: Walnut Creek, CA

Global: Belarus, Lithuania, Poland, Russia, Ukraine

Belarus: Minsk, Grodno, Gomel, Vitebsk

Mobile application development, Architecture & Technical design, Big Data, Analytics & Cloud

Computing, R&D, Digital marketing

�167BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

Godel Technologies www.godeltech.com 500-999 UK: ManchesterGlobal: UK

Belarus: Minsk, Grodno, Brest, Gomel

Software Engineering, Manual QA and Automation, Product Development, Business Intelligence,

Mobile Development, IoT, Artificial Intelligence, and Machine Learning

ISsoft issoft.by 500-999 Belarus: Minsk Belarus: Brest Custom Software Development, BI & Big Data Consulting & SI, IT Managed Services

SaM Solutions www.sam-solutions.com 500-999 Germany: MunichGlobal: Ukraine, Germany, USA, The Netherlands,

Latvia

Belarus: Minsk, 30+ Regional cities

Web application development, Software Testing Services, e-Commerce solutions implementation,

Enterprise Application Development

ScienceSoft www.scnsoft.com 500-999 USA: McKinney, TexasGlobal: Finland

Belarus: MinskMobile application development, Big Data &

Analytics, Software Testing Services, Security, IoT

Instinctools www.instinctools.eu 200-499 Belarus: Grodno Global: Germany, USA, UkraineWeb application development,

Mobile application development, Big Data & Analytics, Software Testing Services

Altoros www.altoros.com 200-499 USA: SunnyvaleGlobal: Norway, Finland, Denmark, UK, Argentina,

USA

Belarus: MinskWeb application development

Andersen www.andersenlab.com 500-999 Belarus: Minsk Global: Russia, Ukraine, LithuaniaWeb application development, Mobile application

development, Architecture & Technical Design, Big Data, Analytics & Cloud Computing

�168BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

Artezio www.artezio.com 200-499 USA: PrincetonGlobal: Canada, USA, Germany,

Russia, Ukraine Belarus: Minsk, Vitebsk, Mogilev

Mobile application development, Custom software development

Belitsoft belitsoft.com 200-499 Belarus: MinskWeb application development,

Mobile application development, Architecture & Technical design

EffectiveSoft www.effectivesoft.com 200-499 USA: San DiegoGlobal: UK

Belarus: Minsk

Web application development, Mobile application development, Software Testing Services, User experience & Design, IT-consulting

Epol Soft www.epolsoft.com 200-499 Belarus: BrestArchitecture & Technical design,

Software Testing Services, Custom software; IT-outsourcing and IT-consulting

Intetics intetics.com 500-999 USA: Naples, FLGlobal: Germany, UK, Ukraine, Poland

Belarus: Minsk Web application development,

Software Testing Services

LeverX www. leverx.ru 200-499 USA: Mountain View

Global: Russia, USA

Belarus: Minsk

SAP application support, SAP consulting, SAP development, SAP implementation,

SAP integration, SAP Solution Replication, Mobile and Web development

Oxagille www.oxagile.com 200-499 USA: New York Belarus: MinskWeb application development,

Mobile application development, Online Video Platforms, Computer Vision

�169BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

SCAND scand.com 200-499 Belarus: Minsk

Web Application Development, Front-end Development, Desktop Custom Software

Development, Mobile Application Development, DevOps Services, QA Services

Softeq Development Corp. www.softeq.com 200-499 USA: Houston Belarus: Minsk

Enterprise Solutions, Cross-platform development, Low-level programming, Mobile apps,

Reengineering & Support, Data & application integration, Wearable Tech

SolbegSoft solbeg.com 200-499 USA: New York Belarus: MinskMobile application development, Custom

Applications Development, Re-engineering and Cloud Migration, and IT Consulting

VRP Consulting https://vrpconsulting.com/ 200-499 USA: San Francisco

Global: the Netherlands, UK

Belarus: Minsk, BrestCloud Consulting & SICRM Consulting and SI,

Enterprise App Modernization

AIS Novations aisnovations.com 100-199 Belarus: Minsk Web application development, Digital marketing

BelMobileSoft www.belmobilesoft.by 100-199 Belarus: Polotsk Web development, Mobile application development, Gaming

Bylectric www.bylectric.com 200-499 Belarus: MinskConcept & design, engineering

and operational services. ByLectric is a part of Colours.

�170BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

Cactus Soft www.cactussoft.biz 100-199 Belgium: GhentGlobal: Austria Belarus: Minsk

Web application development, Mobile application development, Software Testing Services.

CactusSoft and Litussoft have completed the integration and will be jointly trading under the

common brand CactusSoft

Cedon BLR www.cedon.by 100-199 Belarus: Minsk Development, Testing and Project Management

Ciclum www.ciklum.com >3000 Ukraine: KyivGlobal: Poland, Pakistan, Spain, Ukraine, Israel

Belarus: Minsk

Web application development, QA, R&D, Big Data, Analytics & Cloud Computing, Product development

& IT Consulting

ESI Ltd. www. esi-ltd.tam.by 100-199 Belarus: Minsk Global: USA, Canada, Great Britain

Business Intelligence, Social Media и Web Development, CRM, ERP, E-commerce, Data Mining

and Business Analytics systems

Elilink Consulting www.elinext.com 200-499 USA: New York Global: Belarus, Germany, France, Ireland, Hong Kong, Vietnam

Websites, SaaS solutions, Enterprise systems, Corporate portals, Web apps, Big Data, Internet of

Things. Elilink is a part of Elinext group

Helmes www.helmes.com 500-999 Estonia: Tallinn Belarus: Minsk

Creation of custom software solutions, Licensing solutions for ready-made software,

Integration of software and IOT Consulting

�171BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

HiQo Solutions www.hiqo-solutions.com 100-199 USA: Richmond HillGlobal: Russia, USA

Belarus: MinskWeb application development, Mobile application

development, Big Data & Analytics

Intellectsoft www.intellectsoft.net 200-499 USA: CaliforniaGlobal: UK, Ukraine, Norway

Belarus: MinskMobile application development, Big Data,

Analytics & Cloud Computing

IntexSoft www.intexsoft.com 100-199 Germany: Herford Belarus: Grodna Web Applications, Mobile Development, Enterprise Software, Design, Software Testing

Itos www.itosweb.com 100-199 Latvia: Riga Belarus: MinskOffshore Dedicated Team, Enterprise Solution

Development, Web Portals Development, Embedded Software Development

ITRex Group itrexgroup.com 100-199 USA: Santa MonicaGlobal: USA, Ukraine

Belarus: MinskWeb application development,

Architecture & Technical design

ITSupportMe www.itsupportme.by 100-199 Belarus: Gomel Web application development, Big Data & Analytics

Klika-tech klika-tech.com 100-199 USA: North Miami Beach

Global: USA

Belarus: MinskBig Data & Analytics, Internet of things

�172BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

Krios www.krios.by 100-199 Belarus: MinskDigital marketing, influencer marketing,

cryptocurrency, e-commerce, freelancer, and consultant

Neoviso neoviso.com 100-199 Belarus: GomelWeb application development, Mobile application

development, Design, Voice apps, Game development

Nextsoft http://www.nextsoft.by 100-199 Belarus: Minsk Software development, Mobile application development, Software Testing, Game development

Forte Group fortegrp.com 200-499 USA: ChicagoGlobal: Belarus

Ukraine: TermopilMobile applications development, Web application development, Product Development & IT Consulting

OCSICO ocsico.com 100-199 Belarus: Minsk Web application development, Mobile application development, R&D, User experience & Design

Ozone www.ozone-oo.com 100-199 Belarus: Minsk Global: the Netherlands, UAEIT services, ASP, SaaS, Custom Software

Development, Services & Solutions, Box Products/Licensed Software

Paralect www.paralect.com 100-199 Belarus: Minsk Services for several operating systems (Windows, Linux) and software stacks (.NET, Node.js, Java)

�173BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

Promwad promwad.com 100-199 Belarus: Minsk Global: Russia, Lithuania Electronic engineering

Senla senlainc.com 100-199 Belarus: MinskGlobal: Russia, Croatia, Lithuania

Belarus: Grodno

Mobile development, Enterprise software, Web development, Systems integration, Quality

assurance, Software development outsourcing

SoftTeco www.softteco.com 100-199 Belarus: Minsk Web application development, Mobile application development

Specific-Group specific-group.by 100-199 Austria: Vienna Belarus: Minsk, GrodnoWeb application development,

Mobile application development, Software Testing Services, Business analysis

Texode texode.com 100-199 Belarus: MinskWeb applications development, UX & UI design,

Mobile applications development, Manual testing, QA Test automation, Dedicated development team

TulaCo www.tula.co 100-199 Belarus: MinskGlobal: Russia, USA

Belarus: MogilevConsumer Internet, especially Social/Digital Media,

Online Advertising, E-Commerce

Warecorp www.warecorp.com 100-199 USA: Minneapolis Belarus: Minsk Web Applications, Product Development, Offshore Software Development, Business Modeling

�174BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

XB Software xbsoftware.ru 100-199 Belarus: Minsk Web application development, Mobile application development, Software Testing Services

Totec yotec.net 100-199 Belarus: Minsk Web Application Development, Custom software development

Aetsoft www. aetsoft.by <100 Belarus: Minsk

Blockchain apps and dapps, Cryptocurrencies and ICO, Internet of Things, Payments, Digital asset

management, Compliance automation, Distributed data management

Allied Testing www.alliedtesting.com 500-999 USA: New York Global: Serbia, Moldova, UK, Cyprus, USA QA, Testing, Mobile

Axamit www.axamit.com <100 Canada: MontrealGlobal: Russia

Belarus: MinskMobile application development,

Big Data & Analytics, Digital marketing

Dual Lab www.duallab.com <100 Belgium: Brussels Belarus: Minsk Data analysis and active analytics, Drupal/PHP development services, Graphics arts and PDF

solutions

Exposit www.exposit.com <100 Belarus: Grodno

Web application development, Mobile application development, Architecture & Technical design, Software Testing Services, Backend software

development

�175BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

HDSoftware hqsoftwarelab.com <100 Estonia: TallinnGlobal: USA

Belarus: Minsk

Web Design, UI/UX, Web Application Development, Mobile Application Development, IoT Application

Development, VR and AR Solutions, and E-learning Solutions

Isida www.isida.by 100-199 Belarus: Vitebsk Belarus: Minsk

Itexus itexus.com <100 USA: Florida Belarus: Minsk Web application development, Mobile application development

Itibo itibo.com <100 Belarus: Grodno Global: USABioinformatics, Information Technology, Software

Development, Analytics, Big data, Machine learning, Scientific Software Engineering

ITM House Inc. www.itmhouse.com <100 Canada: TorontoGlobal: USA, Poland

Belarus: Minsk

Web application development, Mobile application development, UX / UI Design, IoT Development, IT

Consulting, Quality Assurance

ITS Partner itspartner.net <100 Belarus: MinskMobile development,

Web development, Cloud solutions development, UX/UI Design, Quality assurance

Lightpoint www.lightpoint.by <100 Belarus: MinskWeb application development,

Mobile application development, IT Consulting, Testing, and Building a Data Warehouse

�176BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in BY 2018

Headquarters Other locations Activities

Logic Way logic-way.com <100 Belarus: Minsk Custom product development, Dedicated Team, IT Services, IT Consulting, RPA

Mainsoft LLC www.mainsoft.org <100 Belarus: VitebskGlobal: USA, Israel

Belarus: MinskMobile Applications, Publishing Systems, Enterprise

Resource Planning, Business Intelligence

Neklo neklo.com 100-199 USA: San BrunoGlobal: Poland, Russia, Ukraine

Belarus: MinskWeb application development, Mobile application

development, Cloud Computing;

pi-consult.by www.pi-consult.by <100 Belarus: Minsk Web application development, Mobile application development, R&D

Smart IT smart-it.io <100 Belarus: MinskSupport and maintenance, IoT data analytics, Infrastructure audit, Requirements analysis

QA and testing

StyleSoft LLC www.stylesoft.by <100 Belarus: Minsk Software Development, IT Consulting, DB Development, and Mobile Applications Development

XLogics xlogics.biz 100-199 Belarus: Minsk Global: USA Provides logistics, technology, and dispatch solutions. XLogics acquired by MetaPack

�177BELARUSVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in RO 2018

Headquarters Other locations Activities

endava SRL http://endava.com 2000-3999 UK: London

Romania: Cluj-Napoca, Iasi. Global: USA, Netherlands, Germany, UK, Denmark, Serbia,

Moldova, Skopje, Bulgaria, Colombia, Argentina, Uruguay

Big&Data & Analytics, Cloud Computing, User experience & Design, IoT, Software

development

Stefanini Romania SRL https://stefanini.com/en/ 1000-1999 Brasil: Jaguariúna

Romania: Bucharest, Sibiu, Targu Mures Global: Present in 20 countries globally

Web application development, Architecture & Technical design, R&D, Embedded software

development, Backend software development

Luxoft Professional Romania SRL https://www.luxoft.com/ 1000-1999 Switzerland: Zug

Romania: Bucharest. Global: USA, Mexico, Canada, Russia, Poland, Romania, Bulgaria,

Germany, UK, Sweden, Australia, China

Web application development, Mobile application development, Software Testing Services,

eCommerce development and sales support, User experience & Design,  Cloud computing, ai, IoT

Softvision SRL https://www.softvision.com 1000-1999 USA: Austin

Romania: Cluj-Napoca, Baia Mare, Bucharest, Timisoara, Iasi. Global: USA, Canada, Argentina,

Brasil, India, UK, Australia, Ukraine

Web application development, Mobile application development, Big Data & Analytics,

User experience & Design, Cloud computing, AI, IoT

Metro Systems Romania SRL

https://www.metrosystems.ro/ 500-999 Germany: Düsseldorf Romania: Bucharest, Brasov, Cluj-Napoca .

Web application development, eCommerce development and sales support, Mobile application

development

Iquest Technologies SRL

https://www.iquestgroup.com 500-999 Germany: Hohe Romania: Brasov, Bucharest, Cluj-Napoca,

Craiova, Sibiu. Global:  Poland, Switzerland

Engineering, User experience & Design, Mobile application development, Cloud Computing, IT

Consulting, Software Testing Services

Fortech SRL https://www.fortech.ro/ 500-999 Romania: Cluj-Napoca Romania: Cluj-Napoca, Iasi, Oradea. Global: USA Web application development, Mobile application

development,  Software Testing Services

Arobs Transilvania Software SA http://www.arobs.ro/ 500-999 Romania: Cluj-

Napoca Romania: Targu Mures, Cluj-Napoca, Iasi. R&D, Web application development, Mobile application development

Siveco Romania SA http://www.siveco.ro/en 500-999 Romania: BucharestWeb application development, Mobile application

development, Architecture & Technical design, Software Testing Services

evozon Systems SRL https://www.evozon.com 500-999 Romania: Cluj-Napoca Global: USA, UK

Web application development, Mobile application development, Software Testing Services,

eCommerce development and sales support, User experience & Design

�178ROMANIAVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in RO 2018

Headquarters Other locations Activities

Keysight Technologies SRL https://ixia.keysight.com/ 200-499 Calabasa: USA

Romania: Bucharest.

Global: USA, Canada, UKSecurity, IT Consulting, Cloud computing

Visma Romania Holding SRL https://www.visma.com/ 200-499 Norway: Oslo Romania: Sibiu, Timișoara. Global: Sweden,

Denmark, Finland, Netherlands, Latvia, Lithuania

Web application development, Mobile application development, Software development, User

experience & Design

Msg Systems Romania SRL

http://www.msg-systems.ro 200-499 Romania:

Cluj-Napoca Romania: Targu Mures, Timisoara. Web application development, SAP, IT Consulting

Selir SRL http://www.selir.com 200-499 Romania: Galati Software Testing Services, Architecture & Technical design

Accesa It Systems SRL https://www.accesa.eu/ 200-499 Romania:

Cluj-NapocaRomania: Oradea.

Global: Germany, SwitzerlandUser experience & Design, Web application

development

Ness Romania SRL https://www.ness.ro/ 200-499

USA: New Jersey, Brno, Munich,

Budapest, PragueLondon

Romania: Iasi, Timisoara.

Global: USAWeb application development, Engineering, R&D

Pitech Plus SRL https://www.pitechplus.com/ 200-499 Romania: Cluj-

Napoca Romania: Targu Mures. Global: FranceWeb application development, Mobile application

development, Software development, User experience & Design, Software Testing Services

Saguaro Print SRL http://www.saguarotech.net 200-499 USA: Los Angeles Romania: Timisoara.

Web application development, Mobile application development, Architecture & Technical design,

Software Testing Services

Yonder SRL https://tss-yonder.com/ 200-499 Netherlands: UtrechtRomania: Cluj-Napoca, Iasi.

Global: NetherlandsWeb application development, Architecture & Technical design, Software Testing Services

Crys Computers SRL https://www.incrys.com/ 200-499 Romania: Timisoara Romania: Bucharest. Web application development, IT Consulting

�179ROMANIAVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in RO 2018

Headquarters Other locations Activities

3Pillar Global SRL https://www.3pillarglobal.com/ 200-499 USA: Fairfax

Romania: Cluj-Napoca, Iasi, Timisoara.

Global: USA, UK, IndiaUser experience & Design, Web application

development R&D, Engineering

Arnia Software SRL https://www.arnia.ro/ 200-499 Romania: Bucharest Romania: Brasov. Web application development, Mobile application

development, R&D, Big Data & Analytics, eCommerce development and sales support

Rinf Outsourcing Solutions SRL https://www.rinftech.com/ 200-499 Romania: Bucharest Global: Germany,UK, Ukraine, France, Bulgaria

User experience & Design, Engineering, Web application development, Big Data & Analytics,

ai, IoT, R&D, Security, Blockchain

Centric It Solutions Romania SRL

https://www.centric.eu/RO/Default 200-499 Romania: Iasi Web application development, Mobile application

development,

Connections Consult SRL

http://www.connectionsconsult.r

o200-499 Romania: Bucharest Global: Serbia, Bulgaria Web application development, Procurement (P2P)

Sii It & C Services SRL www.siiromania.ro 200-499 Romania: Bucharest

Web application development, Mobile application development, Architecture & Technical design, Software Testing Services, Engineering, R&D, IT

Consulting, Big Data & Analytics

Cegeka Romania SRL https://www.cegeka.com/ 200-499 Belgium: Hasselt, Limburg

Romania: Bucharest, Iasi. Global: Austria, Czech Republic, Germany, Italy, Netherlands

Web application development, Mobile application development, Blokchain, Cloud computing, ai, IoT

QUALITANCE QBS SRL https://www.qualitance.com 200-499 Romania: Bucharest Global: USA, Australia

Web application development, Mobile application development, Architecture & Technical design, Big

Data & Analytics, User experience & Design

Softelligence SRL https://www.softelligence.net/ 200-499 Romania: Bucharest

Romania: Craiova.

Global: UK, CanadaWeb application development, Big Data & Analytics,

Software Testing Services, R&D

�180ROMANIAVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in RO 2018

Headquarters Other locations Activities

OSF Global Services www.osf-global.com 200-499 Canada: QuebecGlobal: Romania, Brazil

Ukraine: Chernivtsi, Ivano-Frankivsk, Lviv, Odesa

Web application development, Mobile application development

Arezzo Sky SRL http://arezzosky.com/ 200-499 Romania: Bucharest Romania: Iasi, Pune. Cloud computing, Mobile application development

Kepler - Rominfo SA http://www.kepler-rominfo.com 200-499 Romania: Bucharest Romania: Pitesti, Craiova. IT Consulting, Software Testing Services,

Architecture & Technical design

Tremend Software Consulting SRL

https://www.tremend.com/ 100-199 Romania: Bucharest Romania: Brasov.

Software Testing Services, User experience & Design, Mobile application development,

eCommerce development and sales support, Architecture & Technical design,

Sparkware Technologies SRL http://www.sparkware.ro 100-199 Romania: Bucharest Web application development, Mobile application

development, Software Testing Services

ASSIST Software SRL https://assist-software.net/ 100-199 Romania: Suceava

Web application development, Mobile application development, Cloud Computing, Big Data &

Analytics

Zitec Com SRL https://zitec.com/ro 100-199 Romania: Bucharest

Web application development, Mobile application development, Architecture & Technical design, Software Testing Services, Engineering, R&D, IT

Consulting, Cloud Computing

Qubiz SRL https://qubiz.com/ 100-199 Romania: OradeaRomania: Cluj-Napoca.

Global: Netherlands, UK

Web application development, Mobile application development, IT Consulting, User experience &

Design, Architecture & Technical design, ai, Blockchain,

Computaris Romania SRL

https://www.computaris.com/ 100-199 UK: Essex

Romania: Bucharest, Galati.

Global: Poland, Moldova, Switzerland, USA, Malaysia, Philippines

Web application development, Mobile application development, Architecture & Technical design,

Cloud Computing, IoT

�181ROMANIAVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in RO 2018

Headquarters Other locations Activities

IT SIX GLOBAL SERVICES SRL http://www.itsix.com 100-199 Romania: Craiova Web application development, Mobile application

development, Software Testing Services

Lateral SRL https://www.lateral-inc.com/ 100-199 Romania: Mures

Romania: Oradea, Cluj-Napoca. Global: USA, UK

User experience & Design , R&D, eCommerce development and sales support, Mobile application

development, Web application development

ArtSoft Consult SRL www.artsoft-consult.ro 100-199 Romania: Cluj-Napoca

Web application development, Mobile application development,

User experience & Design, Software Testing Services

Ortec Cee SRL http://www.ortec.com 100-199 Netherlands: Zoetermeer

Romania: Bucharest.

Global: Australia, Belgium, Brasil, Brasil, Denmark, France, Germany, Italy, Netherlands, Poland,

Singapore, UK, USA

IT consulting, IT operations, SAP

RomSoft SRL http://www.romsoft.eu 100-199 Romania: IasiWeb application development,

Mobile application development, Architecture & Technical design, Software Testing Services, R&D

Yopeso Romania SRL https://yopeso.com/ 100-199 Romania: Cluj-Napoca

Romania: Bucharest.

Global: USA, Moldova, Malaysia, Germany

Web application development, Mobile application development,

User experience & Design, Big Data & Analytics

Beenear SRL http://www.beenear.com 100-199 Romania: Iasi Romania: Timisoara. Web application development, Mobile application development, R&D

Halcyon Mobile SRL https://www.halcyonmobile.com/ 50-99 Romania: Cluj-

NapocaMobile application development,

User experience & Design

Codespring SRL https://www.codespring.ro 50-99 Romania: Cluj-Napoca

Web application development, Mobile application development, Architecture & Technical design, R&D

�182ROMANIAVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in RO 2018

Headquarters Other locations Activities

Softech SRL https://www.softech.ro 50-99 Romania: Cluj-Napoca

Web application development, Mobile application development, Architecture & Technical design, R&D

Berg Computers SRL https://www.berg-software.com 50-99 Romania: Timisoara Romania: Lugoj, Oradea.

Web application development, Big Data & Analytics, Cloud Computing, IT Consulting, User experience & Design

Small Footprint SRL http://www.smallfootprint.com 50-99 USA:

Winston-Salem Romania: Cluj-Napoca. IT Consulting, User experience & Design, Architecture & Technical design

Advantage Software Factory SRL http://www.asf.ro/ 50-99 Romania: Bucharest Web application development, Mobile application

development, IT Consulting

ISOFT SRL http://www.isoftware.ro 50-99 Romania: BrasovWeb application development,

Mobile application development, User experience & Design

Exe Software SRL http://www.exesoftware.ro 50-99 Romania: Bucharest Global: Netherlands Web application development, Mobile application development, IT Consulting,

Levi 9 Global Sourcing Balkan SRL https://www.levi9.com/ 50-99 Netherlands:

Amsterdam Romania: Iasi. Global: Serbia, Ukraine Web application development, Mobile application development, Software Testing Services

Thinslices Development SRL

https://www.thinslices.com/ 50-99 Romania: Iasi Web application development, Mobile application

development, Software Testing Services

Ropardo SRL http://www.ropardo.ro 50-99 Romania: SibiuWeb application development, Mobile application

development, Architecture & Technical design, Cloud Computing, Big Data & Analytics

Tellence Technologies SRL http://www.tellence.net/ 50-99 Romania: Bucharest Global: Spain

Web application development, Mobile application development, Architecture & Technical design,

Cloud Computing, Big Data & Analytics

�183ROMANIAVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in RO 2018

Headquarters Other locations Activities

Clarisoft Technologies Rom SRL

https://www.clarisoft.com/ 50-99 Romania: Bucharest Global: USA Web application development, Mobile application

development, R&D

PSS - Prosoft Solutions SRL http://www.pss.ro 50-99 Romania: Bucharest

Web application development, Mobile application development, Architecture &

Technical design, Software Testing Services, User experience & Design

Infodesign Group SRL https://infodesign.ro/ 50-99 Romania: Bucharest IT Consulting, Mobile application development

Indaco SRL http://www.indaco.ro 50-99 Romania: Bucharest IT Consulting, Software development

Eeu Software SRL http://www.eeusoft.ro 50-99 Romania: Bucharest Web application development, Mobile application development, R&D, Software Testing Services

Silicon Service SRL https://silicon-service.com/ 50-99 Romania: Iasi

Romania: Suceava.

Global: Moldova, Israel, China Web application development, Engineering,

Architecture & Technical design, IT Consulting

Infobest Romania SRL http://www.infobest.ro 50-99 Romania: Timisoara

Web application development, Mobile application development,

eCommerce development and sales support, Architecture & Technical design, IT Consulting

Printec Group Romania SRL

https://www.printecgroup.com/

en/50-99 Austria: Vienna

Romania: Bucharest.

Global: Greece, Albania, Bosnia, Bulgaria, Croatia, Cyprus, Czech Republic, Macedonia, Montenegro,

Serbia, Slovakia, Slovenia, Ukraine

Web application development, Mobile application development,

Software Testing Services

SC Imprezzio Global SRL

http://imprezzioglobal.com/ 50-99 Romania:

Cluj-Napoca Romania: Oradea. Global: USA, Netherlands Web application development, Mobile application development

�184ROMANIAVIII List of Software Development companies

Logo Company WebsiteNumber of Employees in RO 2018

Headquarters Other locations Activities

Trencadis Corp SRL https://trencadis.ro 50-99 Romania: Baia Mare Web application development, Software Testing Services, User experience & Design

Wayfare SRL https://wayfare.ro 50-99 Romania: Cluj-Napoca

Mobile application development, User experience & Design

Beler Soft SRL www.belersoft.com 50-99 Romania: Bucharest . Global: FranceWeb application development,

Mobile application development, Architecture & Technical design, Software Testing Services

Active Soft SRL http://www.activesoft.ro/servicii 50-99 Romania: Bucharest Mobile application development,

Digital marketing

Allevo SRL http://www.allevo.ro 50-99 Romania: Bucharest . Architecture & Technical design, IT consulting

�185ROMANIAVIII List of Software Development companies

METHODOLOGY AND SOURCES

IX

�187

Methodology (1/3)

COMPANIES INCLUDED The report covers companies that specialize in software development to external clients also known as software development outsourcing. If the company provides both service and product solutions, we include companies in which over 50% of revenue comes from IT services. We include companies for which IT services such as web and mobile application development, architecture & technical design, big data & analytics, software testing and QA, user experience & design form an important part of the business model. The companies specializing primarily in BPO, support, digital marketing and advertising and R&Ds of large international product companies are not included in the report.

COMPANY SIZE The report includes companies with over 50 billable employees. However, smaller companies with very specific vertical or technology specialization are included into “Vertical expertise” section of this report.

GEOGRAPHY The report covers the following geographies: Belarus (led by Capital Times), Poland and Romania (led by Aventis Capital) and Ukraine (led by AVentures Capital). Companies included in the report (i) have an HQ office or/and (ii) a significant part of their employee pool (50+) is in one of the covered regions.

METHODOLOGY

GENERAL REPORT LISTING The companies included in the  Appendix of the report are ranked based on the number of billable employees located in each covered by the report country.

VERTICAL EXCELLENCE A list of companies with deep vertical or technological focus in “Leaders by vertical” section was formed based on (i) data provided by the company and/or (ii) an assessment by the report’s analytics team. To be included in the Vertical Expertise ranking, two must be met: (i) revenue from the vertical should exceed 15% (ii) 2+ multi-year contracts exceeding $1M in value from enterprise-level clients.

IX

�188

Methodology (2/3)

VERTICALS COVERED: For vertical expertise, we cover the following verticals: Auto & Transport, Fintech, E-Commerce, Blockchain, Security, Insurance, Healthcare, Manufacturing, Travel, Big Data, SalesForce, Media, Telecom, IoT, Energy, Logistics.

DATA COLLECTION: In this report, we have sought to use only the most reliable data. Most of the data on companies included in the report was collected directly from companies or from reliable public sources, more specifically:

1) Confirmed data - data we got directly from the company (by filling out the report’s questionnaire or providing the data in a phone interview with the reports analytics team).

2) Official public data - data from the official public company interviews, official press releases, information on companies’ websites and official pages in social networks (Facebook, LinkedIn, Twitter); data given by Report partners (such as regional Tech Clusters) and other reports and surveys with proven direct relations with the companies.

3) Our estimate - an estimate done by the report’s analytics team based on Clutch profile or employee number on the LinkedIn pages.

OTHER REPORT SECTIONS: Data for other sections of the report such as {List of sections} was collected from reliable partners and qualified publicly available sources. Please, refer to “Sources and References” section of the report to find the source for each data point marked with the corresponding endpoint number.

METHODOLOGYIX

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Methodology (3/3)

M&A DEALS AND VALUATIONS The M&A section covers deals announced in 2015 - 2019 YTD. To establish the fact, the timing and a size of a deal we have relied on information received from the founders, official press releases, media coverage and market reports. For more information, look up the source in “Sources and References” section of the report. The section on valuation of private and public companies was prepared using (i) for public companies, publicly available data in the Investors Relations section of companies website or platforms such as finance.yahoo.com; (ii) for private companies, internally gathered data from founders interview and private meetings. Such data is displayed in aggregate form only and does not aim to reveal confidential information about a particular company.

DATA CONFIDENTIALITY We are bound by confidentiality and nondisclosure agreements with certain companies. Hence, we include the data provided to us in private communications by the company only in aggregate form without revealing the subject. We collect and store the requested information only for the purposes of this report and will not share it with the third parties in any shape or form. The data previously submitted in private conversations, including the data protected by formal NDA agreements with the firms involved in this report, was not included in the report.

DISCLAIMER The data in this report are provided for informational purposes only and cannot be construed as an offer, proposal or recommendation regarding any of the companies, records, etc., featured herein. AVentures Capital, Aventis Capital or Capital Times bear no responsibility for any consequences resulting from application of the data offered in the report or for any direct or indirect damages (including lost profits) caused by such application. All estimations, opinions, forecasts and conclusions herein are based exclusively on estimates by the authors of this report. While the information provided in the report has been obtained from sources considered reliable the authors do not guarantee the accuracy and completeness of the data. Any financial/investment decisions made by users of this report are based exclusively on their own independent estimations of personal financial circumstances and investment aims. The authors of this report draw attention to the fact that investment and financial operations on the Internet market are associated with business risk and require relevant knowledge and expertise. The opinions, estimations and forecasts specified in the present research represent the authors’ knowledge at the time of publication only and are subject to change without notice.

METHODOLOGYIX

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Sources (1/2)

1. Gartner, Forecast: IT Services, Worldwide, 2015-2021, 4Q17 Update, 2017

2. Gartner, Forecast: IT Services, Worldwide, 2016-2022, 2Q18 Update, 2018

3. Zinnov Zones 2016 – Product Engineering Services, 2016

4. Electronics and Computer Software Export Promotion Council (ESC), 2018

5. Ministry of Commerce, People's Republic of China, 2018

6. The State of European Tech, 2017

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