In 2024, IT companies that are part of leading Ukrainian business groups significantly strengthened their positions in the market, expanding their activities far beyond their own corporate projects. By the end of the year, the ten most successful domestic IT divisions earned a total of $174 million, nearly double the amount from 2023.
This is reported by Business • Media
Export Growth and Entry into International Markets
Among the leaders of this growth are Modus X (DTEK), Nova Digital (NOVA Group), Kyivstar.Tech, Metinvest Digital, and TemaBit (Fozzy Group). These companies are no longer limited to servicing their own business structures but are actively promoting their innovative products in both the Ukrainian and international markets. For instance, Modus X has begun operations in new markets in Europe, while Mint Innovations from the Modern Expo group is implementing a large-scale project for Royal Mail in the UK. In addition to developing mobile services, Kyivstar.Tech is creating a platform for working with large language models (LLM) and is participating in the development of a national language model in collaboration with the Ministry of Digital Transformation.
Diversification and Independence from Parent Companies
Large IT players are gradually maintaining and expanding the diversification of their services. Some companies, such as Foxteam Digital and Kernel Digital, are no longer fully dependent on their parent structures and are actively building their base of external clients. It is noteworthy that most IT divisions of Ukrainian holdings were established in the last 5–7 years, but their full-fledged development and growth have particularly accelerated since 2022.
“The top ten most successful domestic IT companies of Ukrainian holdings earned a total of $174 million in 2024. This is nearly 100% more than the previous year.”
Thus, the IT sector of large business groups demonstrates dynamic growth and entry into global markets, contributing to the further development of the Ukrainian digital economy.