Euvic S.A. is strengthening its presence in the Ukrainian IT market with the support of the Polish Development Fund (PFR). The Foreign Expansion Fund 2 FIZ AN, managed by PFR TFI, has provided financing of $2.5 million for the acquisition of additional equity stakes in four Ukrainian companies and the takeover of a new IT firm in Lviv.
Euvic’s presence in Ukraine began in 2022 and now includes four companies headquartered in Kyiv, Lviv, Kharkiv, and Vinnytsia. These firms employ over 300 people, primarily serving international clients, with 60% coming from the US. The new investment aims to establish a competency center focused on developing innovative projects and acquiring clients in global markets.
“We believe that now is the best time to strengthen our position in the Ukrainian market. Our previous investments have exceeded expectations – two companies have increased their EBITDA by 2.5 times in just two years. We want to leverage this success to further expand in the region,”
Łukasz Czernecki
Vice President of Euvic and CEO of Euvic Ukraine.
PFR’s support is crucial for achieving these ambitious goals.
“Thanks to our collaboration with PFR, we can execute our investment plans more quickly. The state fund lends credibility to our activities, making it easier to establish business connections and build relationships with local partners,”
Łukasz Czernecki
Vice President of Euvic and CEO of Euvic Ukraine.
PFR President Piotr Matczuk also highlights the significance of this investment in the context of Ukraine’s reconstruction:
“Poland can play a key role as a partner in IT, technology, and innovation. The earlier Polish companies engage in the rebuilding process, the greater their chances of success.”
Piotr Matczuk
PFR President
The Euvic Group is experiencing dynamic growth, building on a proven business model and leveraging synergies within the Group’s ecosystem. Further expansion is not ruled out, both in Ukraine and in other regions, such as Southern Europe.
