Presenting February 2019

SOFTWARE DEVELOPMENT in , , and Romania

Partnering with SPONSORS & PARTNERS 2

Participating organizations

Sponsoring partners

Supporting organizations ABOUT 3

Report Focus Inaccuracies & updates

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 49% 700+ 490+ piece of information, please do not hesitate to contact us at Companies COMPANIES COMPANIES [email protected]. Our team will do our best to provided ANALYZED INCLUDED analyze and correct such inaccuracies and update the data report as quickly as possible.

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 Copyright policy sector in four countries: Ukraine, Poland, Belarus and Romania. The report is available free of charge to the public. Individuals and organizations can copy, cite, or republish The report provides industry and market insights based on short quotes or portions of the report without prior an analysis of Software Development companies with 50+ permission with clear indication of the source and link in employees located in the four countries. Not only does it the following format: Software Development in Ukraine, include the analysis and country profiles, but also a long list Poland, Belarus and Romania in 2019. of all companies with contact information and focus areas. ABOUT 4

Foreword

Yevgen Sysoyev

AVentures Capital Managing Partner

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 industry in CEE. AUTHORS 5

Founded in 2012, AVentures Capital is Aventis Capital is a premier M&A Capital Times is a financial advisory a leading investment fund and M&A advisory firm based in , Poland. company that engages in investment banking, advisory firm focused on global The company has extensive wealth management and other financial companies that leverage R&D in CEE. experience in working with services for institutional and private clients. Its AVentures Capital portfolio companies international private equity investors principal executive offices are in (Ukraine) are mostly focused on the U.S. market and family-owned businesses. Aventis and (Belarus) supported by 54 and have raised follow-on rounds from Capital is a partner of Globalscope, an Globalscope partners on every continent in 45 international funds. international M&A advisors group. countries.

Ilya Soloducho Yevgen Sysoyev Łukasz Luberadzki Director at Capital Times, Managing Partner at AVentures Capital Director at Aventis Capital Investment Adviser

Sergey Goncharevich, MBA Yulia Sychikova Dorota Ponczek Managing Partner at Capital Times, Associate at AVentures Capital Associate at Aventis Capital Corporate Finance Division

Oleg Stadnik Natalia Piddubenko Krzysztof Sliżak M&A Director at Capital Times Project Manager at AVentures Capital Analyst at Aventis Capital (Kyiv)

Yevhenii Vashchuk Maksymilian Hudzykevych Ekaterina Karelina Associate at AVentures Capital Analyst at Aventis Capital Investment Analyst at Capital Times ABOUT 6

Content

I Global market overview 7 II Regional market overview 10 III Mergers and acquisitions (M&A) activity in the region 18 IV Ukraine 36 V Poland 69 VI Belarus 83 VII Romania 109 VIII List of companies: Ukraine (p 123), Poland (p 156), Belarus (p 169), Romania (p 180) 121 IX Methodology and sources 189 I GLOBAL MARKET OVERVIEW I GLOBAL MARKET OVERVIEW 8

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

The IT Services market benefits from the long- Global IT Services term upward trend due to increasing economic market value 6% interdependence, readiness of developed 6% 25% 22% countries to move jobs offshore, and ever- growing need for digital transformation 30% especially among enterprises, all three 34% powered by demand-supply imbalance of $630B $843B technical talent 35% 29% 3% 10% 2015—2021

2015A 2021F

Source: Gartner, Forecast: Consulting Implementation 5.0% IT Services, Worldwide, 2015-2021, 3Q17 Update Cloud Services Infrastructure Outsourcing CAGR Application Outsourcing I GLOBAL MARKET OVERVIEW 9

Software development delivery volume by country. Eastern Europe is among top-5 destinations globally Top demand regions, 2017 Top supply regions, 2017

• 70% of demand for Software Development 5% 11% services and outsourcing come from the 8% USA and Western Europe 5% • Over 80% of supply is fulfilled by India and 10% , giving Eastern Europe a 5% piece of 46% 44% the global market share 15%

33% 22% 5% North America India Source: Gartner Worldwide IT Western Europe China EASTERN Services Forecast (2016 – 2021), Japan Brazil Zinnov Zones 2016 Product South Africa EUROPE Engineering Report Mature Asia/Pacific SHARE OF SUPPLY Other Eastern Europe II REGIONAL MARKET OVERVIEW II REGIONAL MARKET OVERVIEW 11

Ukraine, Poland, Belarus and Romania together present a formidable competition Total IT export, USD bn, 2017 to other development hot spots

• While each is a fraction of Indian or Chinese software 111 India 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 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 Region China of Commerce, The State of European Tech 2017 13 38 II REGIONAL MARKET OVERVIEW 12

Key report insights

Software development market in Ukraine, Companies by headcount, # 1 Poland, Belarus and Romania grows x4-5 faster than globally, with US and EU being the main customers* <100 107 36 19 23

Over 580K professionals serve the market. 2 However, the availability of talent remains main 100-199 61 22 31 13 bottleneck to faster growth

The market is highly fragmented with many 200-499 39 18 14 20 3 small companies and just a handful reaching USD 200M mark in annual revenue 500-999 11 10 6 6 Largest players are likely to become IPO 4 candidates within the next five years >1000 12 5 5 3 The sector presents hot market for M&A 5 activity, with over 70 deals in 2015 – 2018 Ukraine Poland Belarus Romania

Note: market data by AVentures Capital II REGIONAL MARKET OVERVIEW 13

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

** Total IT Exports generated by Belarus, $13B+ Poland, Ukraine, Romania Poland Belarus 100 companies* generating 77 Companies* generatingIndia *** Revenues generated by 477 companies $1.35B revenues*** $0.75B revenues*** $5B+ in the four countries covered and 255K IT specialists 49K IT specialists analyzed in the report 31 universities and colleges 14 universities and colleges

Software development and technical 580K+ specialists

Technical graduates from 200 local Romania Ukraine 60K universities and colleges 71 companies* generating 245 companies* generating $648M revenues*** $2.07B revenues*** Number of IT Service M&A transactions 105K IT specialists 172K IT specialists 76 in four countries in 2015-2018 15 universities and colleges 150 universities and colleges

* Companies with 50+employees **Includes all IT products in the four countries *** revenues by companies covered in our report II REGIONAL MARKET OVERVIEW 14

Business of software Components

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

Software development (SD) companies Managed services are involved in the process of design, SD companies retain responsibility for maintaining and updating developed product. installation, testing and maintenance of software solutions for other Knowledge Services businesses. 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 Average front-end development salaries, USD/month salaries have been on a constant rise for the past decade. With its 3600 3496 strong technical education traditions, the region, however,

continues to offer one of the best 2700 2425 price-to-quality ratios globally 2295 2224 2272 2226 2204 Among the four countries, the salary 2028 • 1939 1971 2000 1800 rates are similar with Belarus being a 1800 slightly cheaper talent market • Salaries range from $500 for Junior Developer to nearly $5,000 for a 900 Team Lead, all depending on the skill and experience level 0 Software engineer (Mid-career) Java developer (Mid-career) Experienced IT project Manager *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 Ukraine Poland Belarus Romania II REGIONAL MARKET OVERVIEW 16

Competitive landscape: fragmented market with a few large players

• 15% of companies reported >$10M in revenue, which • Out of the companies that disclosed their revenues, around 70 makes up >95% of total reported revenue. generate over $10M in revenue, 12 companies make over $100M in revenue and only 5 exceed the $200M mark within the four countries. Annual revenue, USD

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

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 II REGIONAL MARKET OVERVIEW 17 Vertical excellence: fragmented expertise with few firms having deep vertical focus Diversified Financial services E-Commerce Healthcare Big Data

Salesforce

Auto & Transport Blockchain Logistics IOT

Distributed Media Lab

Energy Travel Telecom

Insurance Manufacturing Security

Note: (1) Companies represented on this slide are just examples of their revenue category and do not represent any ranking within their respective category III M&A ACTIVITY III M&A ACTIVITY 19

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

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

Peak M&A activity in 2018 • 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

Leaders` M&A IPO / exit play • 5+ well-funded CEE players with revenue around $100M or more are expanding through M&A with the ultimate aim of 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 III M&A ACTIVITY 20

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 Faster-than-market Attractive growth and financial outsourcing globally + average growth of the + performance of CEE outsourcing leaders outsourcing in CEE High global demand for development 2013-17 revenue CAGR benchmarking, % capabilities to deliver increasingly complex and short time-to-market projects 25% YOY 39% 27% 26% Global IT outsourcing industry value, US$bn CEE outsourcing market growth 13% 9% in 2018 by our estimations 4% CAGR: 5% Altran Alten Devoteam 843 Source: AVentures Capital EPAM Luxoft Endava CEE 630 2017 EBITDA margin benchmarking, %

17% Rest of the world 14% 12% 10% 11% 10%

2015A 2021F EPAM Luxoft Endava Altran Alten Devoteam

Source: Gartner Source: Morningstar III M&A ACTIVITY

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

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

Mid-market and/or 2 enterprise clients

Above the market revenue growth 3 (consistently over 30% YOY) III M&A ACTIVITY

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

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

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

Other strategic rationales might play 6 a role depending on an acquirer – as type of delivery, technology specialization or broad stack etc. III M&A ACTIVITY 23

Key strategic rationales driving M&A strategy

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

Vertical capabilities Scale • Acquisition of new verticals or deepening of existing capabilities. • Enables companies to bid for larger projects. Deal example: Luxoft – IntroPro, 2017 (Media, TV and Entertainment) Deal example: Helmes – Solbegsoft, 2018

Delivery diversification Technical / language capabilities • New delivery geographies to diversify market / political risks. • Enhancement of tech teams is faster via M&A than • Delivery in new countries/regions enables to tap into talent pool. through organic growth. Deal example: Endava – Velocity Partners, 2018 (delivery centers in Deal example: Smile – Adyax, 2018 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. We expect established players to continue Deal example: GlobalLogic – Rofous Software, 2011 (e.g. LinkedIn, Stryker) consolidating a fairly fragmented market” III M&A ACTIVITY 24

Result: upward trend in M&A activity • Attractiveness of the software in the region. 2018 was a peak year development outsourcing industry is at a peak level • 2018 had the highest number of Selected PE funds active in the region M&A/cash out in CEE/CIS region during the last decade

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

Selected strategics active in acquisitions 30

22 19 ”

5

2015 2016 2017 2018

Sources: AVentures Capital, Aventis Capital, Capital Times III M&A ACTIVITY 25

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

• 5+ well-funded CEE players Selected 2015-18 deals Russia / Ukraine with revenue from $50M up Poland / Argentine Russia / Ukraine Poland to $100M+ are expanding Poland through M&A with the aim of IPO / exit play Belarus /Russia • Our insights into recent deals Ukraine

demonstrate that implied EV / Russia / Ukraine Merged from: Revenue lies in 1.0x-2.0x Central Europe range and EV / EBITDA in Krakow 7.0x-14.0x range Lviv Ukraine / Belarus Poland /

Note: “Ukraine / Belarus” or “Lviv” – Argentine main delivery locations of M&A targets III M&A ACTIVITY 26

Valuation metrics provided All the factors magnify each Indicative M&A valuation factors: are indicative and illustrate other and should be general dynamics evaluated together software development in Ukraine

Multiples went up double-digit in 2018 Revenue growth YOY, revenue resilience EV / Revenue in different time periods EV / Revenue vs YOY revenue growth

50% ~1.5x+ • Sustained revenue growth Bottom Growth increases the multiples • Higher top-life growth 1.2x-1.4x up to revenue — higher ~1.0x 1.5x-2.0x 25% multiples

~1.0x Up to 2014 2014-17 After 2018 0% 1 2 Profitability Size EV / Revenue vs EBITDA margin EV / Revenue vs revenue in US$M

2.0x ~2.0x To justify increased multiple 2.0x ~1.5x-2.0x Large businesses tend to higher revenue growth must have more recurring large 1.6x be coupled by healthy enterprise clients — higher profitability multiples 1.3x 1.5x ~1.0x 0.9x ~1.0x

0.5x 1.0x 10%0.1 25%0.25 1010 5050 100100 III M&A ACTIVITY 27

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

Revenue EBITDA Engineers Revenue % by vertical US$ 907m US$ 112m 11,035 Financial services: 57%, digital (FY 2018) (FY 2018) (Sep 2018) enterprise: 26%, automotive 18% (2018)

2019. ACQUIRED BY DXC Revenue CAGR Delivery geography TECHNOLOGIES AT ~2X 2014-18 23% YOY Western Europe: 9%, Poland / Romania / Bulgaria: 31%, Ukraine: 28%, EV / REVENUE Russia: 18%, North America: 9%, APAC & MEA: 6%

PE / IPO funds attracted VTB Capital IPO on NYSE

Acquisitions 2006 2008 2012 2013 2014 2015 2016 2017 2018

IT Consulting Freedom OSS (US) Excelian (UK) UnafortiS (Swiss); derivIT International (US) (Singapore); IntroPro (Ukraine);

ITC Networks Radius Inc (US); Mecel Pelagicore (), Objective Software (Romania) Populus Suite (Sweden) Symtavision (Germany), (Germany); Smashing InSysGroup (US) Ideas (US) III M&A ACTIVITY 28

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

Revenue EBITDA Engineers Revenue % by vertical US$ 1.45bn US$ 202m 25,200 Financial services: 22%, travel & (FY 2017) (FY 2017) (Q3 2018) consumer: 22%, software & hi-tech: 19% (Q3 2018)

2012. IPO ON NYSE. Revenue CAGR Delivery geography CURRENTLY* TRADED AT 2013-17 27% YOY Belarus: 31%, Ukraine: 21%, Russia: 17%, Central Europe: 12%, North 4.1X EV / REVENUE America: 8%, APAC: 8%, Western Europe & Middle East: 3%

Renaissance Investment PE / IPO Management, Da Vinci Capital, funds attracted Siguler Guff Euroventures Capital VTB Capital

Acquisitions 2003 2004 2006 2008 2009 2010 2012 2014 2015 2016 2018

Lintec Project Vested Development Inc. Rodmon Systems Thoughtcorp () + NavigationArts, Alliance Continuum (US), (Belarus) (Russia) (US / BY) Empathy Lab (US) Global Services (US) TH_NK (UK)

Fathom Technology B2BITS Corp. (US / UA), Instant Information GGA Software Services (Russia) + Joint Dextrys (China), (Hungary) Plus Micro (KZ) (US / BY) Technology Development (China) + InfomatiX (Hungary) NetSoft, Great Fridays (US), Ozsoft (AM) Note: as of 04/02/19. Source: Yahoo Finance III M&A ACTIVITY 29

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

Revenue EBITDA Engineers Revenue % by vertical GBP 218m GBP 32m 4,819 Payments and financial services: 53%, technology, (FY 2018) (FY 2018) (Q2 2018) media and communications: 27%, other 20% (Q1 2019)

2018. IPO ON NYSE. Revenue CAGR Delivery geography EV / REVENUE CURRENTLY* 2016-18 37% YOY Central Europe, EU: 53%; Central Europe, non-EU: 27%, Latin America: 14%, 3.9X Western Europe: 5%, North America: 1%

Acquisitions 2014 2015 2016 2018

Alpheus Solutions ISDC (Romania (Germany / UK) and Bulgaria)

PSTECH (Serbia) and Velocity Partners Nickel Fish Design (US) (Argentina, Uruguay, Colombia and Venezuela)

Note: as of 04/02/19. Source: Morningstar III M&A ACTIVITY 30

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

Revenue Engineers Revenue % by vertical US$ 550m+ ~12,000 Media & communications: 30-35%, high tech and commerce: 30%, (2018) medical devices and industrial engineering: 20-25%

2018. APAX SOLD Revenue growth Delivery geography REMAINING 48% STAKE TO 20-24% YOY India, Ukraine, Argentina, Poland, Slovakia, Croatia, USA, Canada, , PARTNERS GROUP, EV ~US$ 2BN, EV / REVENUE ~4X

Westbridge Capital and New Canadian Pension Plan Enterprise Associates Goldman Sachs Investment Board acquires 48% stake from Apax PE / IPO Founded, investment by Sequoia Capital, New Atlantic Ventures Apax Partners acquires funds attracted New Atlantic Ventures and New Enterprise Associates GlobalLogic

Acquisitions 2000 2006 2008 2009 2010 2011 2013 2016 2017

Lambent Technologies (India), InterObject (Israel) Rofous Software (India), Method REC Global (Poland) Bonus Technology (US / Ukraine) and Cubika (Argentina) Incorporated (US/UK) III M&A ACTIVITY Software development M&A transactions in the region, 2015-19 YTD, Ukraine (1/5) 31

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

Transaction Value, Year Target # of employees Buyer USD mln

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

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

2015 Ciklum 3 500 (2019) - Soros Funds III M&A ACTIVITY Software development M&A transactions in the region, 2015-18, Poland (2/5) 32

POLAND (1/2)

Transaction Value, Year Target # of employees Buyer EUR mln 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 III M&A ACTIVITY Software development M&A transactions in the region, 2015-18, Poland (3/5) 33

POLAND (2/2)

Transaction Value, Year Target # of employees Buyer EUR mln

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 III M&A ACTIVITY Software development M&A transactions in the region, 2015-18, Romania (4/5) 34

ROMANIA

Transaction Value, Year Target # of employees Buyer EUR mln 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 III M&A ACTIVITY Software development M&A transactions in the region, 2015-18, Belarus (5/5) 35

BELARUS

Transaction Value, Year Target # of employees Buyer EUR mln

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 IV UKRAINE IV UKRAINE 37

Foreword: industrial focus Vitaly Sedler Co-founder and the CEO of Intellias makes the difference As the IT services industry becomes the second largest export service industry in Ukraine, accounting for nearly 20% of the country’s Vitaly Sedler service exports, more and more companies Co-founder and the CEO of Intellias are entering this highly competitive market [email protected] ” I believe it is not a coincidence that Intellias was founded in Lviv. This city’s democracy, openness, To make the most of collective expertise within our focus areas, we have set up a system and atmosphere of collaboration, mutual trust, and win-win relationships played a decisive role of Centers of Excellence (CoEs) in our company. These centers are open communities that attract in shaping our personal values, and these values have defined the culture of our company. 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. 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 This is one of many ways to attract global companies to develop their projects here in Ukraine. The in a company that grows by 45 percent every year, we still keep most of our original values intact. country is becoming a preferred location for pursuing the tech waves of tomorrow such as the Internet In recent years, we have expanded our geographical presence from west to east and from north of Things, autonomous driving, virtual and augmented reality, robotics, and digital banking. to south by bringing together top engineering talent from all over Ukraine, but our company culture remains strong and enables our further growth. 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 As the IT services industry becomes the second largest export service industry in Ukraine, to better understand and serve its customers in those markets. 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, Today, Intellias is the fastest-growing company among Ukraine’s top 15 largest IT service providers. as well as the IT market in Ukraine as a whole, will be defined by a strong focus on specific We stand at the forefront of a growing IT industry in Ukraine that is forecasted to reach 200,000 industry or technology domains. And those service providers who have focused and have built software engineers and $5 billion in revenue by 2021. We are proud that our everyday work, helping deep competencies, those who have defined more efficient service models, will be able to better global leaders stay at the cutting edge of Industry 4.0, is fueling the development of a new economy compete and win on the global market. in Ukraine. This report gives you insights into how this is happening. IV UKRAINE 38

Ukraine: country overview 1 4 6 Population / employable population: 42.5M / 24.5M

Nominal GDP / GDP per capita: USD 112B / USD 2,640 2017 Offshoring International Programmers Capital city, population: Kyiv, 2.9M Destination by Global Math Olympiad Activity by IT export in 2017 / 2018F: USD 3.6B/ USD 4.5B Sourcing Association rank TopCoder

172K IT professionals Annual engineering 8 24 30 33 23K graduates

IT service companies 245 with 50+ employees Best Programmers Global Services Top Outsourcing In Global by SkillValue Locations by Destination 7 years Innovation Index 750+ IT service companies ATKerney in a row by Gartner

2 hours — Istanbul, 2 hours — Berlin, 3 hours — London, FLIGHTS FROM KYIV 5 hours — Dubai, 9 hours — Beijing, 10 hours — NYC IV UKRAINE 39

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 Kyiv (Samsung, Siemens, Sitecore, Lviv 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

Odesa

Slide is prepared in partnership with III UKRAINE 40 IV UKRAINE 41

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

Top product companies Foreign

Industry associations Local

Note: (1) Companies presented on this slide are examples. Seed — Series A Late stage The slide does not represent any ranking within respective categories IV UKRAINE 42

Main software development hubs: Kyiv, Kharkiv and Lviv

• While IT companies are located in all regions of Ukraine, the concentration Kyiv 118 hubs of outsourcing talent and companies Lviv 64 occur in Kyiv, Kharkiv and Lviv Cherkasy 10 Kharkiv 68 • The ample distribution across regions is induced by a spread network of technical Vinnytsya 10 universities and is supported by IT Dnipro 30 clusters that develop and nurture local IT ecosystems Zaporizhya 16 • Close to 50% of the companies are young Odesa 41 firms between 5-10 years of operation, and another 33% are between 10 and 15 years old

0 150

Number of IT Service companies with more than 50 employees IV UKRAINE 43

Analyzed companies are headquartered in 20 countries on 3 continents 18% 21%

USA • Over 60% of IT companies are HQ’ed in Ukraine, but the biggest players choose international headquarters 10% Europe with Ukrainian subsidiary. As for the companies headquartered abroad, 21% are registered in the US, 14% Other countries 14% Kyiv, Ukraine in Europe and 2% in other countries, such as Bahamas, Canada, Belarus, and Israel Kharkiv, Ukraine • 62% of companies sampled have over 95% of Ukrainian employees. Another 26% have over 50% of Lviv, Ukraine 15% 2% Ukrainian employees Rest of Ukraine 19% IV UKRAINE 44

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

Companies Selected clients IV UKRAINE 45

Rapid expansion of IT outsourcing industry in Ukraine CAGR: 19% • The export value of IT services during 2015-2018E has Export volume of IT industry, USD billion 2015-18E shown a 19% CAGR 9 8.4% • The share of IT Services in overall exports has risen from a 6.75 5.4% 4.5% 3rd place in 2017 to a 2nd place in 2018E 4.5 3.6% 2.7% 3% • More than 50% of IT Services revenues come from the 2.25 0 USA. The UK took the second place 2015 2016 2017 2018E 2020F 2025F IV UKRAINE 46

IT clusters as vital market players

• There are 14 clusters that operate

in different regions of Ukraine, Lutsk IT Cluster Chernihiv IT Cluster with each having up to 80 IT 9 IT companies 8 IT companies www.litac.org chernihiv.it company members • 20 IT companies is an average number of IT cluster members Lviv IT Cluster Vinnytsia IT Cluster Kyiv IT Cluster Konotop IT Cluster Kharkiv IT Cluster 82 IT companies 8 IT companies 24 IT companies 7 IT companies 43 IT companies • Lviv IT Cluster is the largest in itcluster.lviv.ua itcluster.kiev.ua itcluster.kiev.ua itcluster.konotop.info it-kharkiv.com Ukraine, uniting over 80 members. Kyiv, Kharkiv clusters and Dnipro IT community follow Ivano-Frankivsk Bukovina IT Cluster Cherkasy IT Cluster IT Dnipro Community IT Cluster 15 IT companies 13 IT companies 28 IT companies 17 IT companies itbuk.net www.itcluster.ck.ua itcluster.dp.ua it-cluster.if.ua

Odessa IT Community Mykolaiv IT Club Suspended itclub.org.ua www.facebook.com/ IT.Cluster.Odessa/

— main clusters IV UKRAINE 47

Education: strong educational foundation producing top line engineers Universities graduating • 83% of IT Specialists in Ukraine have completed higher education at a , 150 tech talent across all of which 56% focused their studies on either programming or specific sciences regions of Ukraine • 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- Technical graduates intermediate level of English 23K per year • Technical education of students in Ukraine in 2017 was carried out by 150 universities: 147 prepared bachelors, 99 - masters, and 35 - specialists The number of technical • Top technical schools in Ukraine include Kyiv Polytechnic University, National University graduates, thousands of Kyiv-Mohyla Academy, Kharkiv National University of Radioelectronics, Sumy State University, Lviv National University named after I.Franko, University 27 In 2018, Ukraine was ranked 4th in International Math Olympiad and has 30% 24.7 23 • 21 remained in top 30 countries worldwide in the past 10 years 4.7% 22.5% 3.1% 3.1% 5.6% 5.7% 6.1% 0.8% 15% 6.5%

7.5% 16% 16.6% 16.1% 11.4%

Slide is prepared in partnership with Bachelor's degree Specialist's degree Master's degree 0% 2015 2016 2017 2018 IV UKRAINE 48

TOP 15 technical universities in Ukraine, 2018

National Technical University of Ukraine Taras Shevchenko National National Technical University "Igor Sikorsky Kyiv Polytechnic Institute“ University of Kyiv “Kharkiv Polytechnic Institute” 4314 tech graduates 1324 tech graduates 2105 tech graduates

National Aviation University State University of Telecommunications Kharkiv National 1692 tech graduates 1100 tech graduates University of Radioelectronics 2968 tech graduates

Kyiv National Aerospace University - Kharkiv Aviation Institute Lviv Kharkiv 1296 tech graduates Lviv Polytechnic University 2675 tech graduates Ternopil Vinnytsya Dnipro

Ivan Franko National Vinnytsia National " Zaporozhye National Technical Technical University 833 tech graduates Zaporizhya University (ZNTU) 1036 tech graduates 760 tech graduates Ternopil Ivan Puluj National Technical University 830 tech graduates

National Technical University Odessa National Polytechnic University Odesa Dnipro Polytechnic 1366 tech graduates 1014 tech graduates

Oles Honchar Dnipro National University Slide is prepared 842 tech graduates in partnership with IV UKRAINE 49

According to a recent PwC report, the IT industry in Ukraine has optimistic perspectives for future development. In particular, the Expert’s overlook on 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 Ukrainian tech scene tech industry.

The future of Ukrainian tech

Andrew Pavliv The digital transformation trend changes companies around the globe. We see certain trends in tech, CEO & Founder of N-iX 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, Global IT spending is projected to grow 6,2% in 2018, according to the latest forecast by Gartner. product engineering, R&D for self-driving cars – all of these domains have great growth prospects in If you compare it to the Ukrainian IT industry growth rate of 20% year-to-year, over the last five Ukraine. 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 Ukraine offers software development services for technologically complex projects. A well-developed last 3 years. 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 Such rapid industry development contributes to an ever-growing need for talent. The demand for and to gain knowledge background to launch own startups or work at product companies. It’s a win-win software engineers in Kyiv matches such of Singapore and Paris. At the same time, Kyiv’s talent for both service and product industry directions.Ukraine’s tech industry currently has all the pool is less than half the size of aforementioned cities. In some ways, such situation in Ukraine is possibilities to become our ticket to economic prosperity. Further tech industry growth requires an caused by the active growth of IT outsourcing companies. This year 18 companies operating here active focus on human capital development to cover the demand for talent. Our favorable taxation were named to top 100 outsourcing companies worldwide. 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 Ukrainian export software development industry is one of the fastest growing segments of the district IT Park in Lviv and UNIT.City in Kyiv we are promoting our country as a comfortable place to live, Ukrainian economy. Export revenues have already exceeded $3,6 billion. Last year software work and do business. 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 The development of the tech industry nourishes the internal market as well, creating additional jobs agriculture. Though, it is unlikely to happen because agriculture will grow massively as well. in other spheres, pumping additional resources into the internal market. IT is an innovative industry, I am optimistic about Ukraine’s economic growth, because we are the highest populated country expanding the horizons for young people, providing opportunities to travel, empowering lifelong in Eastern Europe, possessing a valuable human capital of smart and ambitious individuals who learning. IT also gives a push to entrepreneurship: these well-educated, well-paid, and talented are willing to develop our country. Ukraine has an engineering DNA and a profound engineering individuals create their own companies and startups. This is a very positive trend, influencing most and mathematical background. of the institutions and transforming the entire country into a free, democratic state. IV UKRAINE

2017 nominal GDP breakdown by sector

4% 4% 5% Trade Manufacturing 6% 32% Agriculture Transport 6% Real Estate $112B Mining 6% State Admin Security Education 10% ICT 14% Other 12%

Source: Ministry of Finance of Ukraine, 2018 IV 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. IV UKRAINE

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

Developers by Experience company type

Not IT Outstaffing Startup Freelance 5% < 1 year 11% 5% 3% 14% 1-2 years 27%

> 10 years 14% Product 29%

6-10 years Outsourcing 17% 46% 3-5 years 29% IV UKRAINE

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

• Almost a quarter of IT professionals are women and their share is growing year-on-year FULL CYCLE OF CUSTOM HIGH-TECH • Among all sectors, the IT is one of the youngest SOLUTIONS FOR YOUR BUSINESS with the average employee age being 26 years R&D Center: • IoT • Embedded Systems Gender Age 26-30 • Storage • Hardware Design Female 32% • Cloud Solutions • High-Load Applications 23% Project Management IT Staff Augmentation

31-35 FULL CYCLE OF COMPLEX SOLUTIONS: 18% HARDWARE FIRMWARE SOFTWARE Male 77% 21-25 32% www.sirinsoftware.com 36-40 7% Contact for free quote: [email protected] < 20 8% > 40 3% Florida-based IT company with an R&D center in Kyiv, Ukraine. Sources: DOU.ua, Портрет ІТ-спеціаліста, 2018. Since 2014, Sirin Software has been a trusted partner for companies all over the world. IV UKRAINE 54

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

5.0 4.7 Median net salaries by city, June-July 2018 (in USDK) Kyiv Odesa Lviv Kharkiv Dnipro Ukraine 4.0 4.0 *Net of tax salaries. Please refer to p. 55 for tax details 3.8 3.8 3.8 3.5 3.35 3.4 3.2 3.3 3.0 3.0 2.6 2.5 2.4 2.3 2.4 2.2 2.0 2.0 1.8 1.9 1.8 1.5 1.4 1.4 1.4 1.4 1.4 1.2 1.3 1.3 0.9 0.7 0.8 0.7 0.6 0.7

0.0 Junior QA Engineer QA Engineer Senior QA Engineer Project Manager Team Leader Senior Project Manager IV UKRAINE 55

As the Head of Automotive Delivery, Ihor is Opinion: Ukraine becomes the responsible for driving the success of software development services for Intellias automotive clients. He works to strengthen top automotive software hub the company portfolio with a focused R&D strategy and by embracing cutting-edge technologies such as artificial intelligence, Ihor Starepravo computer vision, IoT and embedded systems, V2X connectivity, DevOps and cloud. Senior Delivery Director,

Automotive Practice Lead at Intellias. - 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, - How do software companies in Ukraine build strategies to differentiate themselves on the market? you’ll find they have some technological focus. Some of them are focused on embedded software, Most successful software engineering companies in the world follow the same track. They build core others on UI/UX services. At Intellias, we’re focusing on platform development and platform integration competence based on the experience accumulated with their key accounts. Then they seek market in the automotive industry and on the future of mobility. We have senior-level engineers experienced in winners and try to penetrate their target market with a set of competencies they already have. That car navigation systems and services built around geolocation and positioning, and of course we have was also the story for Intellias. We were fortunate to have a solid number of key accounts in the experts in connectivity, ADAS, and HMI. In fact, we have an emerging automotive community here in automotive industry. That helped us to promote our brand within an industry that now turns out to be Ukraine. We have annual industry events like the Navimotive conference, which is dedicated to a flourishing market and that has become one of the fastest-growing B2B markets for IT outsourcing technologies in the automotive and navigation fields and gathers speakers from well-known companies companies. along with local enthusiasts and engineering minds.

- Why does automotive get so much attention within the IT community? - Are automotive companies, OEMs, and Tier 1 vendors starting to outsource more to Ukraine and First of all, the end product is very attractive and popular. People go crazy about cool cars, and now establish R&D centers here? software is becoming one of the main differentiators for competing car brands. Second, it’s one of Automotive companies keep distinguishing Ukraine as the top outsourcing destination. OEMs and the oldest technological industries that’s now undergoing explosive digital transformation. You may Tier 1 vendors aim at establishing stronger partnerships with the IT community here. Thus, Ukrainian argue that there are industries like and manufacturing that have longer histories, but companies have to focus on delivering value-added services by becoming complex integrators of ultimately, they aren’t dealing with mass-market brands like the automotive industry is. There’s a complete solutions. Take Intellias: we have over 600 engineers involved in automotive projects, which huge demand for technological innovations and a huge consumer market at the same time. The is a very decent number compared to the average in the market. Our service portfolio delivered to OEMs automotive industry contributes $2.75 trillion (3.65%) to global GDP. If we took vehicle and Tier 1 suppliers from Germany, the UK, Japan, and South Korea contains various location data manufacturing as a country, it would be the sixth largest economy in the world. Third, the industry has platforms, navigation systems, predictive maintenance software, and solutions for fleet management a lot of standards and legacy technologies, and at the moment it’s suffering from a big change to and urban mobility. Based on our regular communication with customers, we see that automotive overall consumption and business models. Different players and technologies are striking the companies are ready to share more responsibility and extend cooperation with Ukrainian companies. automotive industry. And this is the main background for the further growth of the entire industry. III

Big enough to scale, small enough to care

We help tech innovators and Fortune 500 companies build amazing products for billions of users globally

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 Get in touch IV UKRAINE 57

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 2%

Insurance 4%

Telecom 11%

Retail 12%

Media and Entertainment 17%

Healthcare and Life Sciences 23%

Financial Services/Fintech 31%

Software/High Tech 73% IV UKRAINE 58

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

Average Revenue per Billable Engineer, Thousands of USD

56 $50K $34 54

54.3 52 Average annual Average hourly 50 revenue per employee billable rate 48

Revenue per Revenue 46 47.2 Billable Engineer 45.9 44 43.8 42 <50 51-100 101-150 150+ Total Number of Billable Engineers in company IV UKRAINE

Ukrainian IT companies get majority of revenues from

web/mob apps BUILDING IMPACTFUL FUTURES THROUGH Ukrainian IT service companies offer a wide range of services. DESIGN-LED TECHNOLOGY An absolute majority does web and mobile application development, followed by architecture consulting and testing services

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

Research & Development 16% Big Data & Analytics 16% Build Software Testing Services 17% Architecture & Technical Design 23% Evolve User Experience and Design 43%

Mobile Aplication Development 64% To learn more, visit our website Web Application Development 78% www.cogniance.com IV UKRAINE 60

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

• Limited liability company is the most widespread option – 45% of the total Tax burdens for a monthly net salary of $2,500 number of legal entities. LLCs may be fully or partially owned by foreign LLC companies (Samsung, Huawei) • Registration is free of charge and takes one day upon submitting all the necessary documents $1,037

45% Outsourcing/ • Collaborating with outsourcing/outstaffing companies (Boeing, Ericsson) 1.50% Military tax $895 may help to extend your development capabilities or completely outsource 18% outstaffing Personal savings all IT engineering employment issues income tax

Involvement of • Using an intermediary to maintain the operations in Ukraine (Certent, $142 People.ai) helps reducing costs and saving time on accounting, reporting, 22% Social an intermediary HR paperwork etc. security

Other fees Permanent • Registered office of a foreign company in Ukraine (without establishing 1% a separate legal entity) – registration takes at least 60 business days 5% Unified tax representative 0% + $2,500 fee Full time employment Private enterpreneur office • Poor legislative regulation and difficult administration makes it a rarely used option IV UKRAINE 61

Acquisition of a Ukrainian Target

Acquisition Structuring and Financing Investor

• For non-resident of Ukraine vendors, the transaction typically occurs between non- $ $ residents of Ukraine to eliminate the Ukrainian withholding tax on the proceeds. Vendors Intermediary Lenders 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 Holding Co 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 Ukrainian the servicing of debt payments, through, e.g. deductible service fees or interest Target payments

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

Advantages of acquiring a Ukrainian company Vendors Hold. Co Lenders • It facilitates post-acquisition re-organizations, allows for an exemption for intercompany dividends and provides flexibility in financing the Target operation within Ukraine Acquisition • In real property acquisitions, it provides for a step-up cost-base for amortization Co allowances and input VAT and may provide for improved access to the Target assets for security purposes Ukrainian Target IV UKRAINE 62

Real estate: abundance of modern

office space across the country Slide is prepared in partnership with

• 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 Kyiv Class A Kyiv Class B Kyiv Co-working Lviv, Odesa & Kharkiv Rental cost per sq.m. per month $20-38 $10-15 $200-350/person $10-14

OPEX per sq.m. per month $7-9 $3-5 — $3-5

Note: the prices are stated without VAT IV UKRAINE 63

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

Most popular extracurricular IT schools

OTHER 41% Ukrainian IT School 4% Source IT 4% QALight 4% Prog.kiev.ua 4% GoIT 5% SkillUP 6% IT Education Academy (ITEA) 7% CyberBionic Systematics 7% Main Academy 8% Sources: DOU Research, Computer Academy STEP 11% CEDOS Analytics Center IV UKRAINE 64

Extracurricular IT education: selected schools` curriculums

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

Internet marketing, Python programming, Software Development, Graphic Design, STEP Academy 23 cities in Ukraine, international 6 months – 2.5 years Cybersecurity Full stack development (html/css, javascript, react.js, node.js) IT Bootcamp, Project GoIT Kyiv, Kharkiv, Online 2.5 – 9 months Management, PHP WordPress Kyiv, Lviv, Dnipro, Kharkiv, Programming (Java, Javascript, JQuery, PHP, Python, C++, C#), UI/UX Design, Agile/Scrum, IT Education Academy (ITEA) 6 months Odessa, London, Oslo Project Management iOS, Android, Front-end, Python (beginner’s level), IT Project Management, ITEA Hub Web Academy Kyiv, Online 4 – 9 weeks (creative space for IT and business) HTML5, CSS3 Advanced, Javascript Advanced, Angular Advanced, Java Professional, CyberBionic Systematics Kyiv, Moscow, online 6 – 20 hours Python, practical applications Java, Web Development, IT Sales, Software Testing, Digital Marketing, specialized Source IT Kyiv, online 2 – 3 months workshops with industry leaders Software Development, Quality Control and Configuration Management, Business Analysis SoftServe IT Academy Lviv, Kyiv, Austin (TX), and other 3 – 5 months and HR Management Lviv, Ivano-Frankivsk, Mykolayiv, Programming, testing, web design, project management, HR and recruitment, business Lviv IT School 3 months Odesa, Chernivtsi analysis and business development, and children's LITS4kids training project 4 months with Heavy focus on Machine Learning, Big Data. Courses include: Python for Data Science, DataRoot University Online, Kyiv, Tel Aviv commitment of 15 hrs / Machine Learning, Deep Learning, Big Data & Data Storages week

Basic: Decision Making, Probability Theory, Mathematical Statistics, Python-LIBS, Basics uData School Kyiv – Unit.City 6 months full-time 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 IV UKRAINE

Other reports on Ukrainian IT sector (1/2)

IT Ukraine From A to Z

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

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

Ultimate report on Ukraine's venture investment industry IV 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) IV UKRAINE 67

Selected 2018 materials about Ukraine

Tech entrepreneurs see Ukraine as future IT leader. How a city of conflict became a tech hotspot. Four Between Unicorns and ‘Wild East’: A Guide to Ukraine’s Advocates of the new economy, enthusiastically years ago, Kiev was known more for bloodshed and Tech Scene. A mecca for software talent, global tech peppering their Ukrainian with English tech-speak like protest than start-ups. But that’s changing – the city powerhouse or, occasionally, the arena for Cold War- “co-working hub,” believe they will eventually has a booming tech sector where IT workers earn 10 inspired cyber wars: Welcome to Ukraine’s turbulent transform Ukraine into Europe’s leading country for IT times the average wage. but bustling tech scene. innovation. Christian Borys and Roman Stepanovych, Valentina Cullmann, 2 October 2018 Yuri Bender, 12 September, 2018 11 September 2018

Ukraine. Open For IT. [video]

Ukraine’s top 8 tech successes since last Monobank Leads The Expeditious Emergence Of Independence Day. Those looking to invest in Ukraine Ukraine's Fintech Sector. Start-ups from Ukraine, or need look no further than its tech industry. The founded by Ukrainians, raised $265 million in 2017, information technology industry, including telecoms, is according to AVentures Capital, a Kyiv-based venture one of the few in Ukraine that’s continually growing — capital fund. there are major developments to report every year.

Joe Wallen, 28 September, 2018 Denys Krasnikov, 23 August 2018 IV UKRAINE 68

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: Expert guide to your – Business processes and a Salesforce flow correspondence review – Architecture overview Salesforce project validation – 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 Salesforce technology is gaining a momentum. Though often perceived as a pure CRM tool, there is – Data flows and integration points review 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. Solution Architects and technology managers investigate code coverage and quality, usage of More and more enterprises and startups globally tend to make use of it on a daily basis. As a service Salesforce functionality, data asset quality, inputs and outputs, integrations, and testing processes, integrator providing an assortment of services in Salesforce Eco System, Mobile apps and data- with a special focus on UI and regression testing. Security and access is another milestone of the powered solutions, CoreValue experts share the insights on how to successfully validate the technical audit. It is critical to complete a detailed investigation of compliance and security reviews efficiency of your Salesforce project. of the existing system and data, as well as multidimensional access rules.

Audit for Salesforce Projects 4) So, what’s the detailed picture? Investments into Salesforce.org technology have certain horizons, and sometimes after the launch Reporting is the finalization of all the work performed, based on the documentation and interviews into production, senior executives start asking these questions: Is my client technology up to date? conducted, so that client can evaluate the current state of the system and future maintenance Does it require an upgrade? What are the latest and greatest features of the upgrade? Do these considerations. 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 A tailored report presents a thorough gap analysis within key technical areas, and provides KPI’s, unveils gaps and suggests correction approaches. 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 1) Where do we start with the actual audit? review with annotations. Conducting a technical audit, by our experts, provides valuable insight on Kick-Off: Let’s Warm Up!The initiation of an audit engagement starts with the client being briefed by Salesforce projects, which typically includes several stages such as tech stack, code hygiene, the CoreValue project team about the goals and focus areas. It includes precise clarification of short- development processes, the ability to scale, security, etc. General practice shows that CoreValue will term goals together with the alignment on the timeline, scope, and long-term strategy. Solution ensure that any cause for concern is red-flagged and recommendations for areas that need to be Architects and PMs are active participants in this briefing. improved are documented and shared. Global Software and Technology Services Company CRM Salesforce Data

CoreValue 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 Mobile Cloud QA Europe working in collaboration with a network of consultants in the USA and the EU.

Contact us to find out more: 908-312-4070 [email protected] corevalue.net

12+ 50+ 300+ 370+ Years on Market Clients Delivered Projects People V POLAND V POLAND 71

Foreword

Marcin Majewski

Managing Director – Aventis Capital

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. V POLAND 72

Poland: country overview Major urban areas population Warsaw 1.75M Cracow 0.77M

Population: 38.4 million Working age population: 24 million 2 4 33 GDP: USD 524.5 billion

GDP per capita: USD 13,811

Unemployment rate: 5.7% FDI inflow World’s most ‘Ease of Doing destination in CEE attractive emerging Business’ 2019 Polish National Bank reference rate: 1.5% region in 2017 by CIA market in 2018 by ranking by World Bank Inflation rate: 1.7% World Factbook Bloomberg

Value added tax rate: 23% • Poland has a stable economy and well-grounded macroeconomic position 19 % Corporate tax rate: • Unique conditions for running a business are supported by repeatedly confirmed resilience to economic crises

Annual ICT Software Development co`s IT professionals 255K 15K graduates 100 with 50+ employees V POLAND 73

Rapid expansion of IT outsourcing industry in Poland

GDP composition, 2017 Sales of Polish IT services exports (EUR bn)

ICT 12% 2% 23% 8% 3.91 4.16 z 3.22 28% 2.31 CAGR 1.53 1.85 0.98 1.24

2010 2011 2012 2013 2014 2015 2016 2017 Services Inductry 50% Other ICT Sales of Polish IT services exports has been growing from 2010 to Agriculture • 2017 at CAGR of 22.9% reaching EUR 4.16 billions in 2017. • Increasing awareness of Polish IT potential among international Poland GDP growth compared to EU average companies is to support the further growth • With growing value of IT services exports, companies present in 4.6% 4.1% the sector increase investment budgets for R&D and innovations 3.5% 3.0% 2.8% 2.65% 2.52% 2.8% 2.12% 1.82% 1.71% 1.67% PL EU

Sources: Central Statistical Office of Poland; Statista, Economic Outlook Poland, 2018; 2017 2018 2019F 2020F 2021F 2022F Fitch Solutions. Poland Information Technology Report. V POLAND 74

IT ecosystem: International Companies with R&D in Poland

• One of numerous examples are • During last two years Fujitsu, Nordea, technology giants as IBM, Accenture and many other Tricity Nokia, Intel, Motorola and companies located their offshoring Samsung, which together centers in Poland employ over 15,000 IT • Poland has already become an R&D specialists. hub for global companies operating in various industries

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

Company Number of employees in PL 6,850 5,830 Wroclaw 4,750 Silesia 1,885 1,600 1,600 1,560 Cracow 700 650 520 V POLAND 75

Investments’ support initiative in Poland

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

• 14 Special Economic • New Investments supports Zones across Poland across all country • Will function till 2026 • Legal act from 30 June 2018

Number of locations in each voivodeship:

0-3 3-10 over 10

Benefits for companies operating in SEZ areas Benefits from new instrument of investment support

• Income tax exemptions (up to 70% of eligible • Benefits already present in SEZ areas will be available costs depending on the company size) for investors across all country • Real estate tax exemptions (in certain locations) • The eligibility for new instrument and the amount of exemption • Technology parks offering infrastructure for high-tech will depend on following sets of criteria: and R&D companies ✓ Qualitative — company’s location and industry involved • Preferential tax allowances to purchase new technologies. ✓ Quantitative — minimum required investment and amount of exemption will depend on • Preferential tax allowances for R&D centers unemployment at location and applicant’s business size V POLAND 76

Top software development services providers in Poland

• Beside the capital Warsaw, medium-sized cities like Wroclaw, Cracow and Poznan are attractive locations for IT Service Gdańsk companies due to very good technical universities, a large talent pool, moderate costs coupled with a good quality of Bialystok living, convenient road and air connections to Western Europe • Top providers include Sii, Luxoft, Intive, IT Kontrakt, Globallogic Szczecin and EPAM each with headcount above 1,000 Selected Software development services providers Poznan Company Number of employees in PL 4,000 1,750 1,400 Warsaw 1,300 1,200 Wroclaw 1,200 900 900 800 Silesia 800 600 Note: Companies are assigned to cities Rzeszow 600 according to registered address Cracow 500 V POLAND

ICT market structure in Poland

Specializations in ICT market Software and IT Services sales (EUR bn) 4% 5%

14% 14.0 11.0 35%

4.7 3.4

20% 2019F 2022F 22%

Software development Games Outsourcing services Software sales Internet Technologies R&D Software R&D products IT 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

Sources: Central Statistical Office of Poland; Fitch Solutions. Poland Information Technology Report. V POLAND 78

IT services labor market in Poland

Number of IT services companies Median gross monthly salaries ON AVERAGE and number of employees 2013-2016 of IT specialists in Poland 46% LOWER and Germany (EUR),2018 134,475 140,000 122,519 1600 103,739 105,000 93,422 15041525 3,61% 1,783 .NET Software Programmer 3,949 70,000 1450 1387 2,224 35,000 1375 CAGR Mid-career Software Engineer 4,621 1305 1312 '- 1300 2,283 Android Software developer 4,005 2013 2014 2015 2016 2,295 Mid-career Java Developer 4,195 Number of employees Number of companies 2,704 SAP Consultant 4,857 3,496 Experienced IT Project Manager • The Poland’s developer pool size lies at 254,682 in 2017 5,713 • Number of employees involved in IT services market has been increasing Poland Germany 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 Most desired programming languages by employers, 2017 growth, they are still around 46% lower comparing to German pays • Among most desired programming languages are Java, JavaScript, .NET, C++ and Python

JavaScript Java SQL PHP 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 62% 48% 42% 33% 28% 17% V POLAND 79

Polish ICT education

Number of ICT graduates by city, 2017-18

University of Warsaw University of Gdańsk Gdańsk • 1st University in Poland (perspektywy.pl) 950 3 • 260th in World Rank of Best Universities Warsaw University of Technology Adam Mickiewicz University Warsaw 3rd Best University in Poland (perspektywy.pl 4th University in Poland (perspektywy.pl) Poznań 3,000 10 1,500 3

Wrocław University of Science Jagiellonian University in Cracow and Technology Wrocław Łódź • 2nd University in Poland (perspektywy.pl) • 381th in World Rank of Best Universities 1,400 3 950 3 AGH University of Science Cracow and technology th University of Silesia 1,800 6 4 Best University in Poland 1,250 3

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

Over 90% of ICT students speak English ICT graduates in 2017-2018 ICT students 15,000 74,000 Over 30% speak German V POLAND 80

Polish IT companies get majority of revenues from financial services

• Software development companies with offices Main industry verticals among Polish SD companies in Poland are present across all main industries, having clients both in Poland and abroad Financial Services 59% • Over 59% of software development companies Retail & eCommerce 47% are involved in financial industry, serving wide Healthcare & Life Sciences 32%

range of institutions from global banks to local Telecom 30%

fintech startups Insurance 22% eCommerce & retail software solutions for • Media & Entertainment 19% global brands, online marketplaces and startups Automotive 17% are developed by 47% analyzed companies Transport 11% in Poland • Every third SD company in Poland has been Energy 11% involved in Healthcare & Life Sciences industry Travel 10% improving healthcare infrastructure in Poland Public Sector 6% and abroad Manufacturing 4% V POLAND 81

Polish IT companies get majority of revenues from web application development

• Polish Software development companies offer Activity areas constituting over 15% revenue of SD companies wide range of IT services from software

development itself to additional activities such Web application development 90% as IT operations, Digital Marketing • For most Software Development companies in Software Testing Services 66% Poland Web application development is their Architecture & Technical design 65% main product constituting over 15% of revenues • Software testing services offered by over 66% Mobile application development 59% companies include managed services and quality User experience & Design 30% assurance activities • Next group of activities are Architecture & Big Data & Analytics 24% Technical design services intended for clients Cloud/Server Systems Development 9% willing to scale up their business

• Mobile application development is important Embedded Systems Development 9% activity for over 59% of SD companies in Poland Engineering 5% V POLAND 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

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

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

Statutory audit required when: turnover is over EUR 5 million, balance-sheet assets Only eligible for R&D and marketing Comment over EUR 2.5 million, over 50 employees. activities

• From 1 January 2019 Corporate Income Tax is 9% for companies • Business obtaining revenues based on its intellectual property with revenues below EUR 1.2 million rights both generated by own R&D activities or acquired with patent from other entity may be subject to reduced Corporate

Note: The actual costs Source: World Bank, Doing Income Tax of 5% and time consumed may Business 2019 vary greatly depending on the case VI POLAND 83

Software Development M&A

Transaction multiples, 2013-2018 • 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

Median: 0.85x 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 EV/Sales for equity value of EUR 100m. Strategic players tend to focus 0.0х 1.0х 2.0х on rather smaller transactions.

Median: 7.58x Largest transactions in PL, 2013-18

1 2018 2 2015 3 2017 EV/EBITDA

0.0х 4.0х 6.0х 8.0х 10.0х > > >

Mid Europa Partners Enterprise Investors Oaktree Capital Management min max Median acquired intive S.A. acquired SMT Software acquired IT Kontrakt Services and Nilaya

*For deals with disclosed transactions value € 100 m (equity value) € 38 m € 33 m VI BELARUS VI BELARUS 85

Foreword

Sergey Goncharevich, MBA

Capital Times Investment Company Managing Partner — Corporate Finance

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. VI BELARUS 86

Foreword

Ilya Soloducho

Capital Times Investment Company Director (Minsk) — Investment Adviser

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. VI BELARUS 87

Republic of Belarus: country overview 1 3

Population: 9.5 million

Working age population: 5.4 million In CIS in terms of In CIS in Doing GDP: USD 54.4 billion 6 ICT development Business ranking index 2017 (38th worldwide) GDP per capita: USD 5.7 thd

Capital city (population) Minsk (2M people) HTP (Hi-Tech Park) companies appear in CAGR of IT revenue 15.9% (2011-2015) 5 2 the list of 2017 Global Share of ICT sector in total employment 2.2% Outsourcing

Share of ICT sector in GDP 5.7% Belarusian IT companies companies are established in Belarus among leaders in are among leaders in IT service companies IT professionals Global outsourcing GSA Global Sourcing 49K 77 included to the report 100 in 2018 Awards Shortlist 2018

Annual Engineering International R&D 16K (STEM) graduates 50+ centers of IT companies VI BELARUS 88

A few facts about the Republic of Belarus

Export of Software and computer services, USD per capita for VISA free stay 108 30 Days in the country

58 40 20 Default rating is affirmed by Fitch for Belarus Belarus USA India China B grade

Position in Doing Business Ranking (190 countries) For property registration (OECD – 22 days) +20 According to the World Bank, 3 Days positions Belarus is among the Top 10 of the world's leading 58 38 countries for conducting Belarusian IT companies 2010 2018 business-friendly reforms 10 among Software 500 list

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

1:45 hours — Kyiv, 2:35 hours — Berlin, 3 hours — London/Paris, FLIGHTS FROM MINSK 11 hours — Beijing, 13 hours — NYC VI BELARUS 89

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

International companies with Top product companies R&D centers in Belarus

Most popular startups

Most active financial investors VI BELARUS 90

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

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

Outsourcing companies Product companies 60.5% 39.5% 40.30% 37%

22.30% 23% 20% 17.40% 14.50% 12% 7% 4.00% 1.50% Headcount 1% 1-2 3-10 11-50 51-200 201-500 over 500 1-2 3-10 11-50 51-200 201-500 over 500 VI BELARUS 91

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

• 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 Minsk an independent HTP Administration structural unit. Grodno is the origin of the software development Grodno 85% companies — MSQRD and Instinctools • The number of specialists in Grodno and Brest is Gomel 2.7% and 2.9% respectively of the total IT labor Brest 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 VI BELARUS 92

High Tech Park: main IT hub of Belarus

Description Top 5 IT outsourcing Quick facts about HTP companies founded in HTP

• HQ: Newtown, USA of HTP residents were • Founded: 1993 41% set up by Belarusian investors

• HQ: Prague, Czech Republic of HTP residents A special legal regime that provides various • Founded: 1993 24% are joint ventures benefits and preferences for IT companies in Belarus. HTP currently includes 386 companies • HQ: Lakewood, Colorado of HTP residents are • Founded: 1998 35% enterprises with 100% and 35 000+ employees. foreign investments

Establishment date: 2005 • HQ: New York, USA Location: Minsk & Grodno, Belarus • Founded: 2002 of the software 91.9% produced in the Park account for exports • HQ: Minsk, Belarus High-Tech Park Administration 49.1% of all export to • Founded: 1994 European countries, 44% – to the USA and 9 floor - 1/1, Kuprevicha Str. Minsk Belarus 220141 Canada, 4,1% – to E-mail: [email protected] Russia and CIS countries.

Source: High-Tech Park; Dev.by. VI BELARUS 93

Tax regimes: tax benefits for high tech park residents

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 15% 15% 5% (paid to foreign organizations)

Withholding tax for dividend 10-15% 10-15% 5% for foreign companies

Offshore duty 15% 15% 0%

*Note: In % of average of country salary, not of real salary **FEZ – Free economic zones. Source: High-Tech Park. VI BELARUS 94

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

• Belarus in 5th place of 81 countries in the World Bank Enrollment Index (2016) (the ratio Most popular specializations in terms of of students with higher education to the total number of people graduated from school). • Total number of universities in Belarus – 51 graduate employment in the Hi-Tech Park in 2016 • 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 Software engineering 14% 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 systems and technologies 8.4% information security software for mobile systems • The most popular universities preparing IT specialists, which include the majority of students Applied mathematics 7.1% specializing in IT disciplines (about 58%), are Belarusian State University and Belarusian State University of Informatics and Radioelectronics Automated data processing systems 7%

Computer science 6.2% Number of students graduated in STEM Computer devices, services and network 5% Disciplines 2014-2017, thousands 20.5 Information resource management 4.7% 17.6 16.9 16.4 1.4 0.9 Mathematics 4.4% 1.2 1.3 Computer science and programming technologies 3.7% 16.7 15.7 15.1 19.1

Artificial intelligence 3.5%

2014 2015 2016 2017 Other technological specializations 36%

students with Master’s dergee (STEM) # of students graduated from universities (STEM) Source: National Statistical Committee of the Republic of Belarus VI BELARUS 95

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

Masherov Vitebsk Vitebsk Polotsk State State University University 338 5 Belarusian State University of Informatics Mogilev 395 5 and Radioelectronics Belarusian State University Minsk 11,563 28 Belarusian National Technical University Yanka Kupala State Grodno University of Grodno 715 3 Francisk Skorina Gomel Brest State Gomel Brest State University Technical University 1,575 6 491 4

Number of students specializing Number of universities Sources: EY, The IT Industry in Belarus: 2017 and Beyond; National Statistical Committee of the 11,563 in key IT disciplines by region 28 by region Republic of Belarus VI BELARUS 96

IT specialist profile: profession, age and experience

Positiondistribution, 2017 Age distribution of IT specialists, 2017

4.5% 3% 2.9 11.88% 5.5% 21.36% 18-20 System administrators 21-24 Analysts 18.76% 25-27 Team leads 11.4% 28-29 Project leads 30 51.9% QAs 31-34 Developers 13.2% 35 and higher

7.09% 23%

15% Age and experience level correlation, 2017

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 24.6 18.2% Junior 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 27.5 39.2% Middle industry. The number of junior positions is gradually increasing due to the growth of the number of students graduated in specialized disciplines 31.3 42.6% Senior • 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%) VI BELARUS 97

IT specialist profile: development technologies

• Shares of Java and .NET, the most popular programming Technology expertise distribution, 2017 languages for a long period of time, started to decrease in favor of JavaScript, Python and other niche Java 21.3% languages, but still remain the largest .NET 17.9% JavaScript 12.9% • Decrease of the shares of most used programming PHP 7.2% languages was caused by a new trend among Full Python 6.2% Stack developers, who can work with an entire toolset C++ 5.7% • Among trending technologies and tools are also Ruby 3.1% Blockchain projects, AR/VR, Swift (for iOS developers), Other 25.7% BitBucket and GitLab Share of JS developers working with respective frameworks (Java Script frameworks), 2017

Angular 51.4%

NodeJS 50.6%

React 42.4%

Babel 29.3%

Redux 23.8% VI BELARUS 98

Labor market in IT industry

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

3% 13% Junior 7.2% Over 6 years No experience Middle 56.2% From 3 to 6 years 51% From 1 to 3 years Senior 36.6% 34%

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 Other 13.5% open position and the trend is constant for the last 12 month Business analyst 2.9% • Middle developers are in the highest demand on the labor market Project manager 6.4% (specialists with working experience from 1 to 3 years)

QA 7.6%

Software development 69.6% Sources: jobs.tut.by– IT labor market; 2018 third quarter results; dev.by. VI BELARUS 99

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

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

3,375

Software 2,700 QA 2,700 developers 2,400 engineers 2,350 2,000 1,700 1,750 1,400 1,500 1,500 1,200 840 900 550 500 500 500

Junior Middle Senior Junior Middle Senior BA Team Lead PM

Median net salary of IT specialists by • The size of salaries is growing mainly due to the high demand for programming language, 2018 (1-3 quarters) skilled specialists caused by the annual increase in the number of IT companies and their size 2,000 2,000 1,800 1,800 1,900 • Highest salaries are received by C/C++, Ruby and .NET 1,500 1,500 developers

Java Script/ Python Java PHP .NET Ruby C/C++ HTML VI BELARUS 100

IT network: communities, hackatons, forums and analytics

IT communities IT hackatons

IT forums

IT analytics VI BELARUS 101

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

Foreign companies can operate Separate Belarusian in Belarus through the following Representative office of legal entity business structures a foreign company

Limited Liability Company (LLC) Joint-stock company

• A limited liability company is the most popular corporate • Can be also public and private form in Belarus – the majority of foreign companies starting Forms of business • The minimum authorized capital their activities in Belarus prefer to establish an LLC requirement for incorporation is currently: • The authorized capital of an LLC consists of the nominal organization in • 100 times the Base Rates (approximately values of its participants’ corporate rights. The minimum USD 1,175) for a private JSC size of authorized capital for incorporation is not set • 400 the Base Rates (approximately USD • The number of participants in an LLC can be up to 50 Belarus 4,700) for a public JSC

Representative office Unitary Enterprise

• Foreign companies may also operate in Belarus without • A private Unitary Enterprise is also a very creating a legal entity by establishing a representative office. popular corporate form in Belarus. The main A representative office is treated as a unit of a foreign legal difference from an LLC is that a UE’s founder entity that represents the company’s interests in Belarus, but remains the direct owner of its property not a separate legal entity • The property of a UE is indivisible

Source: Civil Code of Belarus, Law of Belarus On business entities, “The IT Industry in Belarus: 2017 and Beyond” VI BELARUS 102

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

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

1 Base value (approx. USD 12) for state duty amount Electronic registration 1 year for the charter fund on the website of the unified state register establishment after the state registration 1.5 - 2 weeks with no fee for submitting digital document Equal rights and opportunities in business by means for company registration of establishing legal entities for Belarus residents Law of Belarus on business entities – main regulating document and foreigners for the procedure of company establishment

Main forms of legal entities Documents required

Form type Size of statutory fund For legal entities: For foreign individual:

Limited Liability company Min. size is not settled • original extract from trade register or other • a copy of personal identity document Additional Liability company Min. size is not settled equivalent (issued no more that 1 year prior Open joint-stock company 400 Base values(approx.4 700 USD) to documents submission) Closed joint-stock company 100 Base values(approx.1 175 USD) notarized power of attorney. Unitary enterprise Min. size is not settled • Individual entrepreneur No statutory fund All documents should be submitted with the notarized translation into the Belarusian or Russian language. Source: Law of Belarus On business entities VI BELARUS 103

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

Company registration procedure

1. Recording of arrangements upon main requirements 2. Registration of the Company’s name at a competent for company registration on Founders’ Meeting government body • Form of legal entity 3. Payment of a registration fee • Company’s Executive body (3 Base values – approx. 36 USD) • Amount of statutory fund 4. Submission of documents to the relevant government • Legal address and company name body for state registration (personally or online) Approval of company’s charter 5. Performance of “post-registration activities”:

• days 7-10 • 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

Source: Law of Belarus On business entities VI BELARUS 104

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

According to Startup Rankings, the United States has the most startups with 45.890 in 2018, Partnering with top-notch startups 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. 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 In today’s tech landscape, the demand for talented developers far exceeds the available supply. and tech startups from top accelerators like Techstars, 500 startups, ERA, Dreamit and Y Combinator. Our The statistics show that in every region of the USA, there are more open positions for software clients have faced the following challenges. Timelines were not being met, so it was crucial to accelerate developers than the number of qualified developers to fill them. For that reason, the so-called the development process and to scale up according to the required skill set and experience as fast as “external” option is often considered life-saving. 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. Dedicated Development Teams

We tend to follow the principle of The Three Cs: capability, culture, and cost. On average, our client The Dedicated Development Team (DDT) model, or outstaffing, is a business arrangement where saves $500,000 per year with our development team on board. As for culture, being agile means a customer and a vendor agree on the workload and requirements. The service provider creates building strong interpersonal relationships that embrace our clients’ mindset. The main task here a team of IT-professionals focused solely on the customer’s project. is to develop a common understanding of the partnership in a long-term perspective. Ensuring a high The best-known startups like Slack, Groove, Upwork have been partnering with offshore level of flexibility is one of our primary interests. For example, with our client eTouches, we managed dedicated development teams for years. The successful experience of such reputed companies to scale up to 14 developers within 8 months. With ClassPass, we were able to quickly provide them has made outstaffing an established industry standard. with 6 engineers and further scale up to 30+ developers over 2 months.

Startups are going offshore Recap: According to Stratistics Market Research, worldwide IT outsourcing is expected to reach $481.37 billion Rapidly developing startups are now warming up to the idea of outstaffing. This year, the by 2022. It’s no wonder that more and more startups are considering working with dedicated teams. Deloitte Global Outsourcing Survey revealed that 66% of companies entrusted certain business Now it’s not just about cutting costs, but about driving competitive advantage and performance, processes to other companies that ultimately resulted in greater performance in the global improving speed to market, and increasing innovation. market.

VI BELARUS 106

Top 10 IT outsourcing companies in Belarus

Company Verticals Technology stack Core offerings

• Java • Software & Platform Engineering • .NET • Agility • FinTech • ASP.NET • Product Development • Life Sciences & Healthcare • Java Script • Internet of Things • Energy & Utilities • .NET • Application & Cloud Management • Trade and distribution • C++ • Big Data & Analytics • Telecommunications and media • PHP • Consulting Services • Travel • Linux • Digital Engagement • Hi-Tech • Android • Mobility • iOS • Strategy & Experience • Software Development Outsourcing • Finance • Mobile Applications • Government • Development of corporate portals • Java • Fuel and energy • Information Security • SAP • Automotive & Logistics • SAP software • Microsoft • Production • Web solutions • 1C • Telecommunications • Enterprise applications • Liferay • Retail • Business analytics • Education • Big Data • Mainframe software • C++ • Retail & wholesale • .NET • Custom Software Development • Automotive • Ruby on Rails • Software Product Development • Software vendors • Python • Enterprise Application Integration • Healthcare • PHP • Technology Consulting • Media & entertainment • Java • Enterprise Systems Development • Finance • Android/iOS • Software Testing • Telecommunications • Salesforce • Maintenance and Support • Education • Office 365 • Dedicated Development Center • SharePoint VI BELARUS 107

Top 10 IT outsourcing companies in Belarus

Company Verticals Technology stack Core offerings

• Python • Ruby on Rails • FinTech • Custom software development • PHP • HealthTech • Dedicated teams • Node • SaaS for startups • Web development • Java • Real estate • Mobile development • .Net • Marketing & AdTech • Enterprise solutions • Angular/React • E-commerce • QA and Testing • iOS, Android • React Native

• Android, • Custom Software Development • C#/C/C+ • Technology Consulting • Finance and accounting • Delphi • Mobile apps development • Manufacturing • Java • Intersystem Technologies Development • Commerce • JavaScript • IT infrastructure and audit consulting • Education • Lotus Script • Cloud migration and Cloud computing consulting • Polity • Perl • CAD/CAM • Telecommunications • PHP • Business Analysis • Python • Software testing outsourcing

• Finance & Insurance • Mobile Applications • .NET • Healthcare • QA and Testing • Java • Travel • DevOps • C++ • Entertainment • Software Development Outsourcing • Mobile development • Automobile production • IT Consulting VI BELARUS 108

Top 10 IT outsourcing companies in Belarus

Company Verticals Technology stack Core offerings

• .NET • Software Engineering • E-commerce • C# • Manual QA and Automation • Finance • Java • Cloud • Energy • Groovy • DevOps • Automotive • Kotlin • Product Development • Travel • PHP-5 • Business Intelligence • Manufacturing • JavaScript • Mobile Development • Retail • React • Internet of Things • Professional services • Angular.js • Artificial Intelligence • Ruby • Machine Learning

• Java • Enterprise Software Solutions • JavaScipt • Digital Marketing Technology • Media & Publishing • React • Enterprise Mobile Applications • Finance • .NET • Big Data and Analitics • Retail • Node.js • Digital Transformation • Healthcare • Python • Product & Platform Development • High-Tech • PHP • DevOps • iOS, Android, Windows • Cloud Services • Google Cloud

• Banking and Finance • C++ Government Java • • QA and Testing (mobile, security, performance, Healthcare and Pharma .NET • • • usability functional, web, software, compatibility) • Insurance • PHP • Test Automation • Media and Entertainment • Ruby on Rails • QA Consulting • Oil and Gas • JavaScript • Pre-certification Audit • Real Estate • Objective-C • Documentation Services • Retail and E-commerce • SharePoint • Telecom • iOS, Android, Windows VI BELARUS 109

Top 10 IT outsourcing companies in Belarus

Company Verticals Technology stack Core offerings

• .NET • ASP.NET • Custom Software Development • Silverlight • Manufacturing • Big Data • WinForms • Healthcare • Internet of Things • SharePoint • Retail • AI • Java / J2EE • Telecommunications • Machine Learning • C/C++ • Banking • Web Applications • C# • Mobile Applications • Objective C • iOs / Android / Windows VII ROMANIA VII ROMANIA 111

Foreword

Marcin Majewski

Managing Director – Aventis Capital

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. VII ROMANIA 112

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

Population: 19.5 million

Working age population: 8.9 million GDP: USD 211.8 billion 2017 18 52 GDP per capita: USD 10813

Unemployment rate: 4.17% Highest EU GDP Global Services Location in ‘Ease of Doing Business’ Polish National Bank reference rate: 2.5% growth rate A.T. Kearney 2017 ranking 2019 ranking by World Bank Inflation rate: 5%

Value added tax rate: 19 % • Due to its strategic location and favorable business climate, Corporate tax rate: 16 % 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

Annual ICT Software development IT professionals 105K 6.7K graduates 71 companies with 50+ employees VII ROMANIA 113

IT ecosystem: international companies with R&D in Romania

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

Company Number of employees in RO

4,000 Iasi Cluj-Napoca 3,000

2,650 Brasov 2,000 Timisoara Siblu 1,700 Bucharest 1,400

1,100

1,000

1,000 • 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 600 • Amazon’s Development Center in Iasi was company’s first R&D center in Eastern Europe 480 VII ROMANIA 114

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

Industrial clusters Selected Software development services providers

Suceava Company Number of employees in RO

2,200 Oradea Cluj-Napoca 1,600

Iasi 1,500

Timisoara Brasov 1,300 Galati 800 700 Sibiu Bucharest 700 700

500 Note: Companies are assigned to cities according to registered address 500 465 • Bucharest and Cluj-Napoca are the central Software development hubs, which host offices of Romanian largest software development companies 400 • Among other Software Development centers are Timisoara, Iasi, Brasov, Sibiu, Galati, Oradea and Suceava 350 • Large share of Romanian developers are part of large international companies from Western Europe and the US VII ROMANIA 115

Romanian software and IT services market

Software and IT Services sector Ownership structure and revenues breakdown, 2018 turnover (EUR bn) in Romania 6.9 6.0 Foreign customer location, 2018 5.1 4.5 25% 4.0 3.6 74% 22% 4% 3.2 13,4% 2.8 CAGR 2018 Europe USA Others

Revenues by customer location (EUR bn) 2014 2015 2016 2017 2018 2019F 2020F 2021F 75%

Foreign Romanian Software and IT Services sector turnover in Romania Foreign • 5.5 4.0 4.7 Domestic has been growing from 2014 to 2017 at a CAGR 3.5 1.0 1.1 1.2 1.4

13.4%. The growth is projected to remain strong in 2018F 2019F 2020F 2021F the near future with an average rate of 15.3% • Over 77% of revenues were generated by foreign customers reaching • Growth is mainly driven by investments from abroad, EUR 3.5 billion in 2018. Domestic clients’ contribution to revenues which gradually increase foreign ownership share declines each year and is projected to be around 20% in 2021 among SITS companies. Romanian owners account • 74% of foreign customers come from Europe, who benefit from lower for only 25% of companies in the industry cost destination inside EU law system. The next is the US

Source: Employers’ Association of the Software and Services Industry representing 22% of foreign customers VII ROMANIA 116

Romanian software and IT services market

Romanian Software and IT Services Industry Median gross monthly salaries of IT specialists in Romania number of employees (in thousands) and Germany (EUR), 2018

125 114 96 105 84 90 Romania 72 77 .NET Software 1,562 8,3% Programmer 3,949 Germany

CAGR Android Software 1,971 developer 4,621 2014 2015 2016 2017 2018F 2019F 2020F 2021F Mid-career Software 1,820 Engineer 4,005 There are around 185,000 specialists employed in ICT sector In • Mid-career Java 2,272 Romania. Over 96,000 specialists are part of the Software and Developer 4,195 2,402 SAP Consultant IT Services Development market, where over half of them are 4,857 under 35 years. The number of SITS employees Experienced IT Project 2,425 is projected to grow to nearly 125,000 in 2021 Manager 5,713 • Since 2013, IT salaries in Romania have been increasing with CAGR 11.5%. Still an average Romanian IT specialist’s salary Most popular technologies used by programming specialists, 2018 is over 50% lower than of a German peer • Stack Overflow survey reported that JavaScript remains the most popular technology used by programmers in Romania, JavaScript SQL PHP Java C# C++ with over half of specialists declaring to know it

Source: Employers’ Association of the Software and Services Industry, PayScale, Stackoverflow 55% 45% 36% 30% 27% 19% VII ROMANIA 117

Romanian ICT Education

Number of ICT graduates by city Alexandru Ioan Cuza Iasi University of Iasi 610 University Babes-Bolyai Cluj-Napoca 1050

Sibiu Brasov 610 Politehnica University West University 280 of Bucharest of Timișoara Timisoara 820 University Bucharest of Bucharest Craiova 2350 610

Sources: Brainspotting; National Institute of Statistics

Over 90% of ICT students speak ICT graduates in 2016 ICT students in 2017 6,750 >36K English, over 25% speak French VII ROMANIA 118

Romanian IT companies get majority of revenues from financial services

Main industry verticals among Romanian SD companies • Software development companies in Romania are present across all main industry verticals, having clients both in Romania and abroad Financial Services 48% • Financial services sector - traditionally one of Retail & eCommerce 46%

the main consumers of IT solutions, occupies Healthcare & Life Sciences 39% nearly the same share for local software Manufacturing 28% companies as Retail & eCommerce vertical Telecom 24% • Healthcare & Life Science projects are quite frequent among Romanian SD firms as 39% of Media & Entertainment 20% companies have such clients in their portfolio Education 19%

• Manufacturing companies understanding the Automotive 16%

benefits brought by innovations become more Transport 12% often clients willing to digitize their business Energy 12% processes Public Sector 11%

Insurance 7% VII ROMANIA 119

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

Activity areas constituting over 15% revenue of SD companies • Romanian software development companies offer wide range of IT services from web-pages development to complex software architecture Web application development 79%

structures and R&D activities Mobile application development 67% • Web and mobile application development services are core revenue drivers for most Software Software Testing Services 35%

development companies in Romania Architecture & Technical design 33% • Software testing services offered by over 65% User experience & Design 29% companies include managed services and quality assurance activities Cloud Computing & Systems Development 16%

• Among increasingly popular activities are Big Data & Big Data & Analytics 16% Analytics as more customers are not only willing to eCommerce development and sales support 11% become present in the web, but to digitize most of their business processes Engineering 9%

Machine Learning 5% VII ROMANIA 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

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

Time to register Around 4 weeks Around 4 weeks - -

Statutory audit required when: turnover is over EUR 7.3 million, balance-sheet Only eligible for R&D and marketing Comment assets over EUR 3.6 million, over 50 employees. 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

Source: World Bank, Doing Business 2019 VI ROMANIA 121

Software Development M&A

Transaction multiples, 2013-2018 • For transaction with disclosed values in Romania EV / Sales multiples settled between 0.67x and 1.71x with the median of 1.36x. Whereas

Median: 1.36x 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

EV/Sales • paid for 25% stake in Zitec Com SRL, which was acquired by eMag 0.0х 1.0х 2.0х 3.0х (part of Dante International SA).

Median: 7.58x Largest transactions in RO, 2013-18

1 2018 2 2016 3 2017 EV/EBITDA

4.0х 6.0х 8.0х 10.0х 12.0х > > >

Cognizant acquired Logo Yazilim acquired Quest Global Services min max Median Softvision TotalSoft acquired IT Six Global Services

*For deals with disclosed transactions value € 478 m € 30.25 m € 7.14 m VIII LIST OF COMPANIES VIII UKRAINE List of Software Development companies 123

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Global: India, Argentina, Poland, Canada, Israel, Mobile application development, Big Data, Analytics GlobalLogic www.globallogic.com >10 000 USA: San Jose Slovakia & Cloud Computing Ukraine: Kyiv, Kharkiv, Lviv, Mykolayiv

Global: Canada, Mexico, , Bulgaria, EPAM Systems, Inc. Software Testing Services, Web application www.epam.com >30 000 USA: Newtown, PA Australia, China, Belarus, Poland among others (NYSE: EPAM) development Ukraine: Kyiv, Kharkiv, Lviv, Vinnytsia, Dnipro

Global: USA, Mexico, Canada, Russia, Poland, Romania, Bulgaria, Germany, UK, Sweden, Software Testing Services, Web application Luxoft (NYSE:LXFT) www.luxoft.com >10 000 Switzerland: Zug Australia, China development Ukraine: Kiev, Dnipro, Odesa

Global: Bulgaria, Poland Web application development, Product development Ukraine: Lviv and SoftServe www.softserveinc.com >5 000 & IT Consulting, Big Data, Analytics & Cloud USA: Austin, TX Ukraine: Kyiv, Kharkiv, Dnipro, Chernivtsi, Ivano-Frankivsk, Rivne Computing

Web application development, QA, R&D, Ukraine: Kyiv and Global: Poland, Belarus, , Spain Big Data, Analytics & Cloud Computing, Product Ciklum www.ciklum.com 1 000 - 4 999 UK: London Ukraine: Dnipro, Kharkiv, Lviv, Odesa, Vinnytsya, development & IT Consulting

Global: USA, Russia, Poland, Argentina, Bulgaria, Web application development, Mobile application UK, Germany development, Architecture DataArt www.dataart.com 1 000 - 4 999 USA: New York Ukraine: Kyiv, Kharkiv, Lviv, Odesa, Dnipro, & Technical Design, Software Testing Services, User Kherson Experience & Design

Global: Poland Web application development, Mobile application http://eleks.com 1 000 - 4 999 Ukraine: Lviv development, Architecture & Technical Design, Big Ukraine: Kyiv, Ivano-Frankivsk, Ternopil Data, Analytics & Cloud Computing, R&D VIII UKRAINE List of Software Development companies 124

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

R&D, Big Data, Analytics & Cloud Computing, Mobile Ukraine: Kharkiv, Lviv, Odessa, Vinnitsa, Zhitomir, Infopulse www.infopulse.com 1 000 - 4 999 Ukraine: Kyiv application development, Product Development and Chernihiv IT Consulting, Cybersecurity

Web application development, Global: Germany Mobile application development, Intellias www.intellias.com 1 000 - 4 999 Ukraine: Lviv Ukraine: Kyiv, Odesa, Kharkiv Architecture & Technical design, Big Data, Analytics & Cloud Computing, R&D

Global: Canada, Belgium, France, Poland, China, Web application development, Product Netcracker www.netcracker.com 1 000 - 4 999 USA: Waltham Israel, India, , Netherlands, UK, Spain Development & IT Consulting, Big Data, Analytics & Technology Ukraine: Kyiv, Odesa, Sumy Cloud Computing

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

Lohika: USA: San Mobile application development, Product Lohika Global: ~30 countries www.lohika.com > 4 000 Mateo, CA Development & IT Consulting, Big Data, Analytics & (part of Altran) Altran: France, Paris Ukraine: Odesa, Lviv ,Kyiv Cloud Computing

Global: Slovakia,Bulgaria, Colombia, USA, UK, Germany, Canada, Italia, E-Commerce Solution Development, Astound Commerce astoundcommerce.com 500 - 999 USA: San Bruno, CA United Arab Emirates User Experience & Design, Product Development & IT Consulting Ukraine: Kyiv, Vinnytsia, Uzhhorod, Chernihiv

Global: USA, Israel, UK Web application development, Innovecs www.innovecs.com 500 - 999 Ukraine: Kyiv Ukraine: Mikolaiv Software Testing Services, R&D VIII UKRAINE List of Software Development companies 125

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Web application development, Mobile application ISD isd.dp.ua/en/ 500 - 999 Ukraine: Dnipro Ukraine: Berdiansk, Lviv, Zaporizhzhia development, Software Testing Services, R&D, User experience & Design

Bahamas: Nassau, Global: Poland, Philippines Ukriane: Mykolaiv, Web application development, Information Security, GeeksForLess geeksforless.com 500 - 999 New Providence Lviv, and Kyiv, User Experience & Design, QA

Global: Israel, Poland, Norway, Spain, UK, USA, Miratech miratechgroup.com 500 - 999 USA: New York Sweden Architecture & Technical Design, R&D Ukraine: Kyiv, Kharkiv, Vinnitsa

Web application development, Mobile application N-iX www.n-ix.com 500 - 999 Ukraine: Lviv Global: Poland, Belarus, Bulgaria, USA, Sweden development, Big Data, Analytics & Cloud Computing, Software Testing Services

www.company.plarium.co Global: Russia, USA, Israel Plarium Global Ltd. 1 000 - 4 999 Israel: Herzliya Gaming m Ukraine: Kharkiv, Odesa, Lviv, Kyiv

Web application development, Mobile application Sigma Software sigma.software 500 - 999 Ukraine: Kharkiv Ukraine: Kyiv, Odesa, Lviv development, Software Testing Services, Architecture & Technical Design

ZONE3000 www.zone3000.net 500 - 999 Ukraine: Kharkiv Ukraine: Kyiv, Odesa, Lviv VIII UKRAINE List of Software Development companies 126

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Web application development, Mobile application AB Soft ab-soft.net 200-499 Ukraine: Odesa development, Software Testing Services, User Experience & Design, Digital marketing

Global: USA ERP/EMR/POS modernization, Computer Vision, Abto Software www.abtosoftware.com 200-499 Ukraine: Lviv Artificial Intelligence, Machine Learning, Blockchain, Ukraine: Uzhgorod R&D

Global: Belarus, Russia Web application development, Mobile application development, Andersen www.andersenlab.com 500-599 Belarus: Minsk Ukraine: Odesa, Kyiv, Cherkassy, Chernigiv, Architecture & Technical Design, Kharkiv Big Data, Analytics & Cloud Computing

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

Global: Israel Web application development, Mobile application Beetroot beetroot.se 200-499 Sweden: Stockholm, Ukraine: Kyiv, Kharkiv, Odesa, Poltava, Ivano- development, Software Testing Services, R&D Frankivsk

Big Data, Analytics, & Cloud Computing, Product BMS Consulting www.bms-consulting.com 200-499 Ukraine: Kyiv Development & IT Consulting VIII UKRAINE List of Software Development companies 127

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Web application development, Mobile application Global: Belarus development, Big Data, Analytics Brightgrove www.brightgrove.com 200-499 Ukraine: Kharkiv Ukraine: Kyiv & Cloud Computing, Software Testing Services, Digital marketing

Web Development, Cloud, Mobile Development, Web CHI Software Global: Israel, USA www.chisw.com 200-499 Ukraine: Kharkiv Design, BigData, AI, Machine Learning, IoT, Software development center Ukraine: Dnipro, Kyiv engineering, QA

Global: USA, Denmark, UK, Poland, Germany, Web application development, Mobile application USA: Sunnyvale, development, Architecture & Technical Design, User Cogniance www.cogniance.com 500-599 Japan California Experience & Design, Big Data, Analytics & Cloud Ukraine: Kyiv Computing

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

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

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

Big Data, Analytics & Cloud Computing, Web Delphi Software www.udelphi.com 200-499 USA: Redwood City Ukraine: Vinnitsa, Kyiv application development, Mobile application development VIII UKRAINE List of Software Development companies 128

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

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

Global: Belarus, UK, USA, Poland, Germany Web application development, Software Testing Intetics intetics.com 200-499 USA: Naples Ukraine: Kyiv, Kharkiv, Lviv Services

Web application development, ITCraft www.itcraft.com.ua 200-499 Ukraine: Kharkiv Global: USA, Canada, Germany Mobile application development, QA, Business Development

Netherlands: Global: Serbia Levi9 www.levi9.com 500-999 Web application development Amsterdam Ukraine: Kyiv, Lviv

Web application development, MobiDev mobidev.biz 200-499 USA: Atlanta Ukraine: Kharkiv, Mykolaiv, Chernivtsi Mobile application development, User Experience & Design, QA

Mobilunity mobilunity.com 200-499 Ukraine: Kyiv Web application development VIII UKRAINE List of Software Development companies 129

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

Web application development, Perfectial www.perfectial.com 200-499 Ukraine: Lviv Ukraine: Kyiv, Ivano-Frankivsk Big Data, Analytics & Cloud Computing, User Experience & Design

Mobile application development, R&D, Product Provectus www.provectus.com 200-499 USA: Palo Alto Ukraine: Odesa, Kyiv Development & IT Consulting, User Experience & Design, Big data, Analytics & Cloud Computing, QA

Ukraine: Lviv, Kyiv, Web application development, Software Testing QArea www.qarea.com 200-499 Malta: Ta’Xbiex Kharkiv, Cherkasy Services

Global: Netherlands User Experience & Design, Web application SharpMinds www.sharpminds.com 200-499 Ukraine: Chernivtsi Ukraine: Uzhhorod development

Web application development, Mobile application development, Architecture & Technical Design, Softengi www.softengi.com 200-499 Ukraine: Kyiv Software Testing Services, User Experience & Design

Web application development, Mobile application Softheme www.softheme.com 200-499 Ukraine: Kyiv development, Software Testing Services, QA VIII UKRAINE List of Software Development companies 130

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

Global: USA, Mexico, Montenegro, Germany Big Data, Analytics & Cloud Computing, Mobile Svitla svitla.com 200-499 Global: USA application development, Software Testing Services, Ukraine: Kyiv, Kharkiv, Lviv, Cherkasy, Chernivtsi Web application development

User Experience & Design, Product Development & www.symphony- Netherlands: Global: Poland, Macedonia Symphony Solutions 200-499 IT Consulting, Mobile application development, solutions.eu Amsterdam Ukraine: Lviv Software Testing Services

Billing systems, CRM solutions, corporate TEAM International www.teaminternational.co USA: Lake Mary, 200-499 Ukraine: Kyiv, Kharkiv, Lviv information systems, e-commerce solutions, Services, Inc. m Florida enterprise application integration, ITBPO

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

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

Global: Russia, Canada Web application development, Mobile application Viseven viseven.com 200-499 Estonia: Tallinn Ukraine: Zhytomyr, Kyiv development, eWizard Platform License fees VIII UKRAINE List of Software Development companies 131

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Web application development, Global: USA, Poland Mobile application development, 3D Modeling Wezom wezom.com 200-499 Ukraine: Kyiv Ukraine: Kherson & Rendering, Branding, Digital Marketing, User Experience & Design

Global: Spain User Experience & Design, Mobile application Zazmic www.zazmic.com 200-499 USA: San Francisco Ukraine: Dnipro development, Web application development

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

Web application development, Ukraine: Ivano- BVBlogic www.bvblogic.com 100-199 Ukraine: Sumy, Chernivci Mobile application development, Big Data, Analytics Frankivsk & Cloud Computing

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

Ukraine: Kyiv, Kharkiv, Lviv, Rivne, Web application development, User Experience Adyax www.adyax.com 200-499 France: Paris Zhytomyr, Lutsk & Design

Global: France, Spain, Netherlands, Switzerland, Web application development, Mobile application SMILE UKRAINE www.smile-ukraine.com 1000-4999 Ukraine: Kyiv Morocco, Côte d'Ivoire development Ukraine: Khmelnitsky, Lutsk, Rivne, Ternopil VIII UKRAINE List of Software Development companies 132

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

Global: Russia Mobile application development, Big Data, Analytics Akvelon www.akvelon.com.ua 500-999 USA: Bellevue, WA & Cloud Computing, Product Development & IT Ukraine: Kharkiv Consulting

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

Global: Russia Mobile application development, Big Data, AllStars-IT Group www.allstars-it.com 500-999 USA: Bellevue, WA Analytics & Cloud Computing, Product Development Ukraine: Kharkiv & IT Consulting

Mobile application development, AM-Soft www.corpsite.am-soft.ua 100-199 Ukraine: Kyiv Web application development, Big Data, Analytics & Cloud Computing

Web application development, Anadea www.anadea.info 100-199 Ukraine: Dnipro Global: Spain, Belarus Mobile application development, User Experience & Design, QA

Global: USA Web application development, Archer Software www.archer-soft.com 100-199 Ukraine: Dnipro Ukraine: Kyiv Mobile application development VIII UKRAINE List of Software Development companies 133

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

Outsourced Product Development, Web application Global: USA development, Software Testing Services, Product Artjoker www.artjoker.ua 100-199 Ukraine: Kharkiv Ukraine: Kyiv Development & IT Consulting, User Experience & Design

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

Web application development, Mobile application development, Architecture Cleveroad www.cleveroad.com 100-199 Ukraine: Dnipro Ukraine: Kharkiv & Technical Design, Software Testing Services, User Experience & Design

Ukraine: Web application development, Mobile application Computools www.computools.com 100-199 Zaporizhzhya, Kyiv development

Global: Norway, Germany Web application development, Software Testing Conscensia www.conscensia.com 100-199 Denmark: Aalborg Services, R&D, User Experience Ukraine: Lviv & Design

Custom Personal Web application development, Mobile application Computer Software www.cpcs.team 100-199 Ukraine: Sumy Ukraine: Kharkiv, Kyiv development, Big Data, Analytics (CPCS) & Cloud Computing VIII UKRAINE List of Software Development companies 134

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Mobility, Big Data, Analytics & Cloud Computing, CyberVision www.cybervisiontech.com 100-199 USA: Miami Ukraine: Kyiv Consumer Electronics, Web application development

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

Global: Canada Web application development, Developex www.developex.com 200-499 Ukraine: Kyiv Ukraine: Dnipro User Experience & Design

Global: Belarus Mobile application development, Game Digicode www.mydigicode.com 100-199 USA: Plano Ukraine: Kyiv, Poltava development, Web application development

Global: UK Scala, Java, Mobile application development, Digitally Inspired (DI) www.digitallyinspired.com 100-199 Ukraine: Odesa Ukraine: Lviv, Kharkiv, Kyiv 3D CAD

Global: Belarus Mobile applications development, Web application Forte Group www.fortegrp.com 200-499 USA: Chicago Ukraine: Termopil development, Product Development & IT Consulting

Web application development, Mobile application Global: UK development, Architecture & Technical Design, Eastern Peak www.easternpeak.com 100-199 Israel: Herzliya Ukraine: Kharkiv Software Testing Services, User Experience & Design VIII UKRAINE List of Software Development companies 135

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Web application development, Mobile application eKreative www.ekreative.com 100-199 Ukraine: Cherkasy development, Architecture & Technical Design, User Experience & Design, Digital marketing

Mobile application development, Architecture & USA: Walnut Creek, Global: Belarus, Lithuania, Poland, Russia Exadel www.exadel.com 100-199 Technical design, Big Data, Analytics & Cloud CA Ukraine: Vinnitsa, Kharkiv, Odesa, Lviv, Mariupol Computing, R&D, Digital marketing

Global: China GNC Consulting www.gnc-consulting.com 100-199 Germany: Frankfurt ERP Consulting and SI Ukraine: Odesa

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

Web application development, Mobile application Intego Group www.intego-group.com 100-199 USA: Orlando Ukraine: Kyiv, Kharkiv development, Big Data, Analytics & Cloud Computing, Software Testing Services

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

Global: UK, Belarus, Norway Mobile application development, Big Data, Analytics Intellectsoft www.intellectsoft.net 200-499 USA: California Ukraine: Kyiv & Cloud Computing VIII UKRAINE List of Software Development companies 136

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

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

Global: USA, Canada Web application development, Mobile application Intersog www.intersog.com 100-199 Ukraine: Odesa Ukraine: Kyiv development

Global: Slovakia, Denmark, Sweden Application management, User Experience & Design, Itera www.itera.no 500-999 Norvegia: Oslo Ukraine: Kyiv Product Development & IT Consulting, QA

Web application development, Mobile application development, Architecture & Technical design, JatApp www.jatapp.com 100-199 USA: Miami Ukraine: Kyiv Software Testing Services, User experience & Design

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

www.lembergsolutions.co Web application development, Mobile application Lemberg 100-199 Ukraine: Lviv m development VIII UKRAINE List of Software Development companies 137

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Ukraine: Web application development, LightIT www.light-it.net 100-199 Zaporizhzhya Mobile application development

Web application development, Master of Code Global masterofcode.com 100-199 USA: Redwood City Ukraine: Cherkasy, Kyiv Mobile application development, User Experience & Design

Web application development, Ukraine: Mobile application development, Architecture & Onix-Systems onix-systems.com 100-199 Kropyvnytskyi Technical design, Big Data, Analytics & Cloud Computing, User experience & Design

Architecture & Technical Design, Global: Bulgaria, Poland Software Testing Services, R&D, Big Data, Analytics PLVision plvision.eu 100-199 Ukraine: Lviv Ukraine: Odesa & Cloud Computing, Embedded systems development

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

Global: USA, Boston Web application development, Rails Reactor railsreactor.com 100-199 USA: San Francisco Architecture & Technical design, Big Data, Ukraine: Kyiv Analytics & Cloud Computing, R&D

Product Development & IT Consulting, Web RubyGarage rubygarage.org 100-199 Ukraine: Dnipro application development, Mobile application development, User Experience & Design, QA VIII UKRAINE List of Software Development companies 138

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Luxembourg: Global: Poland Web application development, Mobile application Skelia skelia.com 200-499 Windhof Ukraine: Lviv, Kyiv development, Software Testing Services

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

Web application development, Mobile application Ukraine: S-Pro s-pro.io 100-199 development, Software Testing Services, User Zaporizhzhya Experience & Design, Refactoring

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

Web application development, Mobile application Ukraine: Chernihiv, Soft Industry Alliance soft-industry.com 100-199 development, Architecture & Technical Design, Sumy Software Testing Services

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

Software Planet Group softwareplanetgroup.co.uk 100-199 UK: Guildford Ukraine: Lviv, Cherkasy Web application development, R&D VIII UKRAINE List of Software Development companies 139

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

Web application development, Mobile application SSA Group www.ssa.group 100-199 Ukraine: Kharkiv Ukraine: Dnipro, Kyiv development, Big Data, Analytics & Cloud Computing

Billing systems, CRM solutions, corporate Telesens telesens.co.u/ 100-199 UK: London Ukraine: Kharkiv information systems, e-commerce solutions, enterprise application integration, ITBPO

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

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

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

Web application development, Mobile application Yalantis yalantis.com 100-199 Ukraine: Dnipro development VIII UKRAINE List of Software Development companies 140

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Web application development, Mobile application Zeus Group www.ze-us.xyz 100-199 USA: Walnut Creek Ukraine: Kyiv development, Architecture & Technical design, Big Data, Analytics & Cloud Computing, R&D

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

Web application development, Mobile application Czech Republic: Acropolium acropolium.com <100 Ukraine: Chernihiv development, Big Data, Analytics České Budějovice & Cloud Computing

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

Big Data, Analytics & Cloud Computing, Product Agiliway agiliway.com <100 Ukraine: Lviv Global: USA Development & IT Consulting, Web application development, Mobile application development, QA

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

Web application development, Mobile application AMgrade amgrade.com <100 Germany: Koblenz Ukraine: Zaporizhia development, User Experience & Design VIII UKRAINE List of Software Development companies 141

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Web application development, Mobile application Appus Software appus.software <100 Ukraine: Kharkiv development, User Experience & Design Apple TV Development, QA

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

User Experience & Design, Digital Marketing, Art Lemon art-lemon.com <100 Ukraine: Kharkiv e-Commerce, Marketing, Web application development

Product Development & IT Consulting, Web ArtyGeek artygeek.com <100 Ukraine: Lviv application development, QA, User Experience & Design, Mobile application development

Web application development, Mobile application development, Architecture & Technical design, R&D, Ascendix ascendix.com <100 USA: Dallas Ukraine: Kharkiv Product Development & IT Consulting

Web application development, Mobile application Attract Group attractgroup.com <100 Ukraine: Odesa Global: The Netherlands development, Architecture & Technical Design

Global: USA, Web application development, Mobile application Binariks www.binariks.com <100 California development, Software Testing Services, User Ukraine: Lviv Experience & Design VIII UKRAINE List of Software Development companies 142

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

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

Web application development, Mobile application Blackthorn Vision blackthorn-vision.com <100 Ukraine: Lviv Ukraine: Khmelnitsky development, User Experience & Design, Big Data, Analytics & Cloud Computing, QA

Web application development, Mobile application development, Architecture & Technical Design, Brights brights.io <100 Ukraine: Kyiv Global: Poland Software Testing Services, User Experience & Design

Global: Sweden Web application development, Mobile application Bytebrand bytebrand.ne/ <100 Ukraine: Lviv Ukraine: Kyiv development

Web application development, Mobile application Ukraine: Ivano- COAX Software www.coaxsoft.com <100 Ukraine: Lviv development, Architecture & Technical Design, Frankivsk User Experience & Design

Web application development, CodeIT codeit.us <100 Ukraine: Kharkiv Mobile application development, QA, Product Development & IT consulting VIII UKRAINE List of Software Development companies 143

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

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

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

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

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

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

Mobile application development, Architecture Ukraine: Ivano- Devlight www.devlight.io <100 & Technical Design, Big Data, Analytics & Cloud Frankivsk Computing, User Experience & Design VIII UKRAINE List of Software Development companies 144

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Web application development, Mobile application Django Stars djangostars.com <100 Ukraine: Kyiv development, User Experience & Design, Big Data, Analytics & Cloud Computing

Global: Denmark, UAE, Lithuania Web application development, Big Data, Diceus diceus.com 100-199 Ukraine: Kyiv Ukraine: Lviv, Rivne Analytics & Cloud Computing, R&D

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

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

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

Web application development, Mobile application Global: Russia development, Architecture & Technical Design, Big Envois www.envionsoftware.com 100-199 USA: Boston Ukraine: Odesa, Kharkiv, Kyiv Data, Analytics & Cloud Computing, User Experience & Design

IT Staff Augmentation, Big Data, Evolvice Team www.evolvice-team.de <100 Germany: Stuttgart Ukraine: Kyiv, Uzhgorod Analytics & Cloud Computing VIII UKRAINE List of Software Development companies 145

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Global: USA, Brazil, Denmark, Germany, Bulgaria, Denmark: User Experience & Design, Product Development FFW™ ffwagency.com 200-499 Copenhagen & IT Consulting, Web application development Ukraine: Dnipro, Lviv, Mykolaiv,

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

Mobile application development, Web application development, Big Data, Analytics Freshcode freshcodeit.com <100 Ukraine: Zaporizhya Global: UK & Cloud Computing, Product Development & IT Consulting, User Experience & Design

Web application development, GBK Soft gbksoft.com <100 Ukraine: Zaporizhya Mobile application development, User Experience & Design

Web application development, Global: USA, Poland, Canada Mobile application development, Gorilla Group www.gorillagroup.com 200-499 USA: Chicago Ukraine: Kyiv User Experience & Design, Multi-Channel E-commerce Experts, Digital Marketing

Mobile application development, IDAP idapgroup.com <100 Ukraine: Kyiv Web application development, User Experience & Design

Blockchain, Software, IdeaSoft www.ideasoft.io <100 Ukraine: Kharkiv User Experience & Design VIII UKRAINE List of Software Development companies 146

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Global: Germany Enterprise application modernization, Application Idnite igniteoutsourcing.com <100 Israel: Netanya Ukraine: Kyiv Management & Support

Mobile application development, Ukraine: Incode Group (ICG) incode-group.com <100 Web application development, User Experience & Zaporizhzhia, Dnipro 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

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

Mobile application development, Web application ISDDesign isddesign.com <100 Ukraine: Dnipro Global: USA development VIII UKRAINE List of Software Development companies 147

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Global: Belarus, USA Web application development, ITRex Group itrexgroup.com <100 USA: Santa Monica Ukraine: Kyiv Architecture & Technical Design

Web application development, Architecture JBS jbs.com.ua <100 Ukraine: Kyiv Ukraine: Chernihiv, Zhytomyr & Technical design, Big Data, Analytics, and Cloud Computing, R&D

Web application development, Mobile application Jelvix jelvix.com <100 Ukraine: Kharkiv development, Architecture & Technical Design, User Experience & Design

Web application development, Mobile application development, Architecture & Technical Design, JetSoftPro jetsoftpro.com <100 Ukraine: Lviv Ukraine: Kyiv, Ternopil Software Testing Services, User Experience & Design

Web application development, Mobile application Justcoded justcoded.com <100 Ukraine: Kharkiv development, Architecture & Technical Design, User Experience & Design

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

Web application development, Mobile application development, Architecture & Technical Design, LaSoft lasoft.org <100 Ukraine: Lviv Software Testing Services, User Experience & Design VIII UKRAINE List of Software Development companies 148

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

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

Web application development, Mobile application MEV® mev.com <100 USA: New York Ukraine: Lviv, Cherkasy development, Support, Technical services, User Experience & Design

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

Web application development, MLSDev mlsdev.com <100 Ukraine: Kyiv Ukraine: Vinnytsia Mobile application development, User Experience & Design

Web application development, MVDN www.mwdn.com <100 Ukraine: Kharkiv Ukraine: Kyiv Mobile application development, Architecture & Technical Design, R&D

New Line Web application development, newline.tech <100 Ukraine: Kharkiv, Kyiv Technologies Mobile application development VIII UKRAINE List of Software Development companies 149

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

Web application development, Norse Digital norse.co 100-199 Norway: Oslo Ukraine: Odesa Mobile application development, User Experience & Design

Global: Romania, Brazil Web application development, OSF Global Services www.osf-global.com <100 Canada: Quebec Ukraine: Chernivtsi, Ivano-Frankivsk, Mobile application development Lviv, Odesa

Web application development, User Experience & Ukraine: PixelTeh pixelteh.com <100 Design, Mobile application development, Big Data, Zaporizhzhya Analytics & Cloud Computing

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

Global: Belarus, Montenegro, UK Web application development, Postindustria postindustria.com <100 Ukraine: Kherson Mobile application development, Ukraine: Mykolaiv User Experience & Design, QA

Mobile application development, PowerCode powercode.us <100 Ukraine: Zaporizhzhia Web application development, User Experience & Design, QA VIII UKRAINE List of Software Development companies 150

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Big Data, Analytics & Cloud Computing, enterprise PrioCom priocom.com <100 Ukraine: Kyiv activity automation information systems (BPM, ITSM, ERP)

Global: Poland QA Madness www.qamadness.com <100 Lithuania: Vilnius QA Ukraine: Cherkasy, Kyiv

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

Web application development, Mobile application www.qualium- Qualium Systems <100 Ukraine: Kharkiv development, flash & flex development, desktop & systems.com server solutions

Ukraine: Kramatorsk, Web application development, User Experience & QuartsSoft quartsoft.com <100 USA: Foster City Global: Russia, Poland Design, system architecture, integration, R&D

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

Web application development, Mobile application Roll’n’code rollncode.com <100 Ukraine: Zaporizhzhia development, Architecture & Technical Design VIII UKRAINE List of Software Development companies 151

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

Global: Germany, Latvia, USA, Belarus, Web application development, Mobile application SaM Solutions www.sam-solutions.com <100 Germany: Gilching Netherlands development, Software Testing Services, Security Ukraine: Dnipro

30+ countries Web application development, Scopic Software scopicsoftware.com <100 USA: Rutland Ukraine: Kyiv Mobile application development

Web application development, Mobile application Selecto selectoglobal.com <100 Ukraine: Lviv Ukraine: Rivne development, Architecture & Technical Design, User Experience & Design

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

Web application development, Global: Turkey, Brasil, Guatemala, Mexico, Chile, SendPulse sendpulse.com <100 Ukraine: Chernihiv Architecture & Technical Design, USA , Russia User Experience & Design, Digital marketing

Web application development, Seven sevencollab.com <100 Ukraine: Lviv Global: USA, Ireland, UK Mobile application development, R&D VIII UKRAINE List of Software Development companies 152

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

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

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

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

Global: USA Soft Bistro softbistro.com <100 USA: San Francisco Mobile application development Ukraine: Lviv, Khmelnytskyi

Web application development, SoftElegance www.softelegance.com <100 Ukraine: Kyiv Global: USA, UK Architecture & Technical design, Big Data, Analytics & Cloud Computing, R&D

Global: Russia Web application development, Softwarium www.softwarium.com <100 USA: Pescadero Mobile application development, Ukraine: Kyiv Application Migration & Reengineering, QA VIII UKRAINE List of Software Development companies 153

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

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

Mobile application development, Global: Russia Web application development, Architecture Sphere Software sphereinc.com <100 USA: Chicago Ukraine: Kyiv, Kharkiv & Technical Design, Big Data, Analytics & Cloud Computing, User Experience & Design

Web application development, Ukraine: Vinnytsia, Global: Slovakia, Israel SteelKiwi steelkiwi.com <100 Mobile application development, Software Odesa Ukraine: Crimea Testing Services, User Experience & Design

Business and system analysis, Application Sytoss www.sytoss.com <100 Ukraine: Kharkiv integration services, QA, Software Testing Services, Data migration services, Maintenance and support

Mobile application development, Architecture Techery techery.io <100 USA: Plano, TX Ukraine: Dnipro, Kyiv & Technical design, User experience & Design

Web application development, Mobile application development, The APP Solutions theappsolutions.com <100 Ukraine: Kyiv Architecture & Technical Design, Big Data, Analytics & Cloud Computing

Software Development, TranSoftGroup www.transoftgroup.com <100 Ukraine: Mukachevo Software Testing Services, QA VIII UKRAINE List of Software Development companies 154

Number of Logo Company Website Employees Headquarters Other locations Activities in UA 2018

Global: Poland Web application development, UKAD www.ukad-group.com <100 UK: Sheffield Ukraine: Kharkiv Mobile application development

Web application development, Architecture & Czech Republic: Unicorn unicorn.com <100 Ukraine: Kyiv, Ternopil Technical Design, Big Data, Analytics & Cloud Prague Computing, Software Testing Services

Web application development, Vakoms vakoms.com <100 UK: London Ukraine: Lviv Mobile application development, User Experience & Design, QA

IT Managed Services, Product Development Verna verna-it.com <100 Ukraine: Kyiv & IT Consulting, Big Data, Analytics & Cloud Computing

Global: USA, Sweden Web application development, Vilmate vilmate.com <100 Ukraine: Kharkiv Mobile application development, Architecture & Ukraine: Kyiv, Lviv Technical Design, Software Testing Services, R&D

Global: Georgia Virtuace virtuace.com <100 USA: Washington Development of enterprise-scale software systems Ukraine: Kiev, Kharkov, Rivne, Zhitomir

Mobile application development, Global: Vietnam Web application development, Big Data, Analytics & Waverley waverleysoftware.com/ <100 USA: Palo Alto, CA Ukraine: Kharkiv, Lviv Cloud Computing, User Experience & Design, Software Testing Services VIII UKRAINE List of Software Development companies 155

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018

Web application development, Mobile application WebbyLab webbylab.com <100 Ukraine: Kyiv development

Web application development, WebiNerds webinerds.com <100 USA: Boston Ukraine: Dnipro Mobile application development, Architecture & Technical Design, Software Testing Services, R&D

Web application development, webxloo www.webxloo.com <100 USA: Florida Ukraine: Lviv, Dnipro, Zaporizhzhya Mobile application development, User Experience & Design

Web application development, Architecture x1group www.x1group.com <100 Ukraine: Kharkiv Global: Germany & Technical Design, Software Testing Services VIII POLAND List of Software Development companies 156

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018 Web application development, Mobile application Poland: Gdańsk, Cracow, Katowice, Łódź, Lublin, Sii Sp. z o.o. https://sii.pl/ 2000-3999 Poland: Warsaw development, Big Data & Analytics, Software Testing Poznań, Rzeszów, Wrocław . Services, User experience & Design

Poland: Cracow, Wroclaw, Tricity, Warsaw. Global: Web application development, Mobile application Luxoft Poland https://www.luxoft.com/ 1000-1999 Switzerland: Zug USA, Mexico, Canada, Russia, Poland, Romania, development, Big Data & Analytics, Software Testing Sp. z o.o. Bulgaria, Germany, UK, Sweden, Australia, China Services

Poland: Cracow, Lodz, Lublin, Poznan, Szczecin, Wroclaw Web application development, Architecture & Intive S.A. https://www.intive.com/ 1000-1999 Germany: Munich . Global: USA, Sweden, Argentina, UK, France, Technical design, Software Testing Services Germany Poland: Warsaw, Lodz, Cracow, Gdańsk, Poznan, Web application development, Mobile application IT Kontrakt https://www.itkontrakt.pl/ 1000-1999 Poland: Wroclaw Katowice. development, Architecture & Technical design, Sp. z o.o Global: Malaysia, USA, Switzerland Software Testing Services, Staff Augmentation Poland: Wroclaw, Cracow, Szczecin, Koszalin, Zielona Gora. Web application development, Architecture & Globallogic S. A. https://www.globallogic.com/ 1000-1999 USA: San Jose Global: India, Ukraine, Argentina, Poland, Technical design, Big Data & Analytics, Software Slovakia, Croatia, USA, Canada, Israel, Testing Services, R&D, User experience&Design Switzerland Poland: Gdańsk, Katowice, Cracow, Warsaw, EPAM Systems Wroclaw. Web application development, Mobile application https://www.epam.com/ 1000-1999 USA: Newtown (Poland) Sp. z o.o. Global: Canada, Mexico,Austria, Bulgaria, development, Software Testing Services Australia, China, Ukraine

Billennium Poland: Lublin, Lodz, Olsztyn, Bytom. Web application development, Mobile application http://billennium.pl/ 500-999 Poland: Warsaw Sp. z o.o. Global: Malaysia, India, USA development, R&D

Poland: Lublin, Bialystok, Olsztyn, Koszalin, Kielce, Web application development, Architecture & Transition http://www.tt.com.pl 500-999 Poland: Warsaw Cracow, Wroclaw. Technical design, Software Testing Services, User Technologies S.A. Global: Malaysia, Germany, USA experience & Design

Poland: Warsaw, Gdańsk. Web application development, Architecture & Denmark: 7N Sp. z o. o. https://www.7n.com 500-999 Global: Finland, Norway, Sweden, Switzerland, Technical design, Big Data & Analytics, Software Copenhagen USA, India Testing Services, R&D

Future Processing http://www.future- Web application development, Architecture & 500-999 Poland: Gliwice Poland: Opole. Global: Ukraine Sp. z o.o. processing.pl/ Technical design, Big Data & Analytics VIII POLAND List of Software Development companies 157

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018 Web application development, Architecture & Sygnity S.A. http://www.sygnity.pl/ 500-999 Poland: Warsaw Technical design, Software Testing Services, User experience & Design

https://www.pgs- Poland: Rzeszów, Gdańsk. Web application development, Architecture & PGS Software S.A. 500-999 Poland: Wrocław soft.com/ Global: Germany, UK Technical design

Web application development, Architecture & Tieto Poland Poland: Cracow, Szczecin, Wroclaw, Gliwice. https://www.tieto.com/ 500-999 Finland: Helsinki Technical design, Software Testing Services, User Sp. z o.o. Global: Present in 20 countries globally experience & Design

Web application development, Architecture & Objectivity Poland https:// Poland: Wrocław. 500-999 UK: London Technical design, Big Data & Analytics, Software Sp. z o.o. www.objectivity.co.uk/ Global: UK Testing Services, Key systems, cloud solutions

Poland: Poznan, Warsaw, Cracow, Wroclaw, Web application development, Architecture & Netguru S.A. http://www.netguru.co 500-999 Poland: Poznan Gdańsk, Bialystok. Technical design Global: USA, UK, Finland, Caribbean, Ireland

Poland: Gdańsk, Warsaw. Web application development, Mobile application Wipro Sp. z o.o. https://www.wipro.com/ 500-999 India: Bangalore Global: Present in over 30 countries globally development, Software development

Genpact Poland Web application development, Architecture & http://www.genpact.com/ 200-499 USA: New York Poland: Cracow, Lublin, Poznan, Szczecin. Sp. z o.o. Technical design, Big Data & Analytics

Web application development, Architecture & Symphony Solutions https://www.symphony- Netherlands: Poland: Warsaw, Rzeszow, Cracow. 200-499 Technical design, Software Testing Services, User Sp. z o.o. solutions.eu/ Amsterdam Global: Netherlands, Ukraine experience & Design Web application development, Mobile application https:// Lingaro Sp. z o.o. 200-499 Poland: Warsaw Global: Philippines, USA development, Big Data & Analytics, Software Testing www.lingarogroup.com/ Services Web application development, Mobile application http:// Poland: Lublin, Kielce, Poznan, Bialystok. development, Architecture & Technical design, britenet Sp. z o.o. 200-499 Poland: Warsaw www.britenet.com.pl Global: Ireland, UK, USA Software Testing Services, User experience & Design VIII POLAND List of Software Development companies 158

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018

Poland: Katowice, Warszawa, Kraków, Web application development, Mobile application Euvic Sp. z o.o. http://www.euvic.pl 200-499 Poland: Gliwice Bielsko-Biała. Global: Austria, Germany, Sweden, development, Architecture & Technical design, Big USA, UK, Netherlands Data & Analytics

Web application development, Mobile application Kainos Software Poland: Gdańsk. https://www.kainos.pl/ 200-499 UK: London development, Big Data & Analytics, Software Testing Poland Sp. z o.o. Global: UK, Ireland, USA, Netherlands Services

ITMAGINATION http:// 200-499 Poland: Warsaw Web application development, Big Data & Analytics Sp. z o.o. www.itmagination.com

JCommerce Poland: Warsaw, Rzeszow, Cracow, Poznan, http://www.jcommerce.pl 200-499 Poland: Katowice Web application development, Big Data & Analytics Sp. z o.o. Bielsko-Biala.

Web application development, Architecture & STX Next http://www.stxnext.pl 200-499 Poland: Poznan Poland: Wroclaw, Pila, Lodz, Gdańsk. Technical design, Software Testing Services, User Sp. z o.o. experience & Design, Big Data & Analytics

Web application development, Architecture & Stefanini Poland: Cracow, Opole. https://stefanini.com/en/ 200-499 Brasil: Jaguariúna Technical design, R&D, Embedded software Sp. z o.o. Global: Present in 20 countries globally development, Backend software development

Web application development, Mobile application Cybercom Group Poland: Bydgoszcz, Lodz, Warsaw. http://www.cybercom.com 200-499 Sweden: Stockholm development, Architecture & Technical design, Sp. z o.o. Global: Denmark, Finland, Sweden, India Software Testing Services, R&D

Web application development, Mobile application Artegence www.artegence.com 200-499 Poland: Warsaw development, Architecture & Technical design, R&D, Sp. z o.o. User experience & Design VIII POLAND List of Software Development companies 159

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018 Web application development, Mobile application E-point S.A. https://www.e-point.pl/ 200-499 Poland: Warsaw development, Software Testing Services, Technical Consulting

Web application development, Mobile application Onwelo S.A. https://onwelo.com/ 200-499 Poland: Warsaw development, Software Testing Services,

Core Services http:// Software Development & Maintenance, 200-499 Poland: Wroclaw Poland: Warsaw. Sp. z o.o. www.coreservices.pl/ IT outsourcing, Team Leasing

Web application development, Mobile application development, Architecture & Technical design, Big Unity S.A. https://en.unity.pl/ 200-499 Poland: Wrocław Poland: Cracow, Poznan. Data & Analytics, Software Testing Services Web application development, Mobile application Poland: Warsaw, Cracow, Wroclaw, Gdańsk, Alten France: Boulogne- development, Architecture & Technical design, http://www.altenpolska.pl/ 200-499 Rzeszow, Poznan, Katowice, Jelenia Gora. Global: Sp. z o.o. Billancourt Software Testing Services, R&D, Technical Present in 20 countries globally consulting

IT Staff Augmentation, Software Development, j-labs sp. z o.o. https://www.j-labs.pl 200-499 Poland: Cracow Poland: Warsaw. Global: Germany Competence Centre

Architecture & Technical design, Software Testing Solwit S.A. https://www.solwit.com/ 100-199 Poland: Gdańsk Services, Business Application Development

http://www.spyro- Architecture & Technical design, Software Testing SpyroSoft S.A 100-199 Poland: Wroclaw Poland: Cracow, Bialystok. Global: UK soft.com Services, Business Application Development

Architecture & Technical design, Software Testing https://www.si- SI Consulting S.A. 100-199 Poland. Wroclaw Poland: Poznan. Services, R&D, Cloud/Server Systems Development, consulting.pl/ Embedded Systems Development VIII POLAND List of Software Development companies 160

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018 Web application development, Mobile application Connectis development, Architecture & Technical design, https://www.connectis.pl 100-199 Poland: Warsaw Poland: Gdańsk, Katowice, Cracow, Wroclaw, . Sp. z o.o. Blockchain, smart contracts, dApps, ICO - consulting & engineering Web application development, Mobile application DaftCode development, Architecture & Technical design, https://daftcode.pl/ 100-199 Poland: Warsaw Global: Argentina, USA Sp. z o.o. Software Testing Services, R&D, Technical consulting

Edge One Solutions Web application development, Mobile application http://www.edge1s.com 100-199 Poland: Warsaw Poland: Lublin. Sp. z o.o. development, Software Testing Services

Web application development, Mobile application Boldare https://www.boldare.com/ 100-199 Poland: Gliwice Poland: Warszawa development, Artificial Intelligence, Machine learning

Web application development, R&D, User experience Divante Sp. z o.o. https://divante.co/ 100-199 Poland: Wroclaw Global: Germany & Design, Mobile application development, Technical consulting

Web application development, Software Testing Miquido Sp. z o.o. https://www.miquido.com/ 100-199 Poland: Cracow Global: UK, Germany Services, User experience & Design Web application development, Mobile application Altkom Software & development, Architecture & Technical design, Consulting https://asc.altkom.pl/ 100-199 Poland: Warsaw Poland: Cracow, Lublin, Lodz, Bialystok, Wroclaw. Software Testing Services, Sp. z o.o. User experience & Design

Software Hut Web application development, Architecture & https://softwarehut.com/ 100-199 Poland: Białystok Sp. z o.o. Technical design, Software Testing Services VIII POLAND List of Software Development companies 161

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018

Architecture & Technical design, Software Testing Railwaymen https://railwaymen.org/ 100-199 Poland: Cracow Services, R&D, Cloud/Server Systems Development, Sp. z o.o. Embedded Systems Development

Solid brain Web application development, Architecture & https://solidbrain.com/ 100-199 Poland: Cracow Sp. z. o. o. Technical design, Software Testing Services

Web application development, Architecture & Tooploox Sp. z o.o. http://www.tooploox.com 100-199 Poland: Wroclaw Poland: Warsaw, Gdańsk. Global: Germany Technical design, Software Testing Services, User experience & Design

Web application development, Mobile application Siili Solutions Poland: Wroclaw, Szczecin. https://www.siili.com/ 100-199 Finland: Helsinki development, Architecture & Technical design, Sp. z o.o. Global: Finland, Germany, USA Software Testing Services

Poland: Poznan, Wroclaw. Web application development, Mobile application 10Clouds Sp. z o.o. http://10clouds.com/ 100-199 Poland: Warsaw Global: USA development, Software Testing Services

Altimi Web application development, Mobile application https://altimi.com/ 100-199 Poland: Wroclaw Poland: Warsaw. Sp. z o.o. sp. k. development, Software Testing Services

Web application development, Big Data & Analytics, Clearcode Poland: Warsaw, Katowice. http://www.clearcode.cc 100-199 Poland: Wroclaw DevOps, Software Testing Services, R&D for S.A. Global: USA advertising and marketing technology vendors

Architecture & Technical design, Software Testing Polcode https://polcode.com/pl/ 100-199 Poland: Warsaw Poland: Bialystok, Cracow, Katowice, Lodz. Services, R&D, Cloud/Server Systems Development, Sp. z o.o. Embedded Systems Development

Web application development, Mobile application Codete Poland: Cracow. https://codete.com/ 100-199 Germany: Berlin development, Big Data & Analytics, Software Testing Sp. z o.o. sp. k. Global: Germany Services, R&D, Technical consulting VIII POLAND List of Software Development companies 162

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018

Silicon & Software Mobile application development, Embedded https:// Systems Polska 100-199 Poland: Wrocław Global: UK, USA software development, Cloud/Server Systems www.s3group.com/ Sp. z o.o. Development

Web application development, Mobile application VirtusLab Poland: Cracow. https://virtuslab.com/ 100-199 Poland: Rzeszow development, Architecture & Technical design, Big Sp. z o.o. Global: UK Data & Analytics, Software Testing Services

Web application development, Mobile application Consdata http://www.consdata.pl 50-99 Poland: Poznan development, Architecture & Technical design, Sp. z o.o. Software Testing Services, R&D

http:// Web application development, Architecture & Solidex S.A. 50-99 Poland: Cracow www.solidex.com.pl/ Technical design, Software Testing Services

Neoteric Web application development, Architecture & https://neoteric.eu/ 50-99 Poland: Gdańsk Global: UK Sp. z o.o. Technical design

Web application development, Mobile application apreel http://www.apreel.com 50-99 Poland: Warsaw development, Architecture & Technical design, R&D, Sp. z o.o. User experience & Design Web application development, Architecture & TouK http://touk.pl 50-99 Poland: Warsaw Technical design, Software Testing Services, User Sp. z o.o. S.K.A. experience & Design

50-99 Poland: Warsaw, Rzeszow, Bielsko-Biala. Global: Web application development, Mobile application Ailleron S.A. https://ailleron.com/ Poland: Cracow (involved in SD) USA, Australia, Singapore development

Web application development, Mobile application 7bulls.com https://www.7bulls.com/ 50-99 Poland: Warsaw Poland: Torun. development, Software Testing Services, R&D, Cloud Sp. z o.o. Computing

Monterail http://www.monterail.com 50-99 Poland: Wroclaw Web application development Sp. z o.o. VIII POLAND List of Software Development companies 163

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018 Web application development, Mobile application Iteo Poland: Bielsko-Biała. https://iteo.com/ 50-99 Poland: Katowice development, Architecture & Technical design, Sp. z o.o. Global: UK, USA Software Testing Services

Espeo Software Web application development, Mobile application https://espeo.eu/ 50-99 Poland: Poznan Global: USA, Finland, UAE, Switzerland Sp. z o.o. development, Software Testing Services

V-JET GROUP Poland: Warsaw. Web application development, Mobile application https://v-jet.net/ 50-99 Ukraine: Dnipro Sp. z o.o. Global: Switzerland, Kazahstan development, Software development

Merixstudio https:// Web application development, Software Testing 50-99 Poland: Poznań Sp. z o.o. www.merixstudio.com/ Services, User experience & Design

Web application development, Architecture & Poland: Warsaw. Syberry https://www.syberry.com/ 50-99 USA: Austin Technical design, Software Testing Services, User Global: USA, Belarus experience & Design

Architecture & Technical design, Software Testing Polidea https://www.polidea.com/ 50-99 Poland: Warsaw Services, R&D, Cloud/Server Systems Development, Sp. z o.o. Embedded Systems Development

Architecture & Technical design, Software Testing Setapp http://setapp.pl 50-99 Poland: Poznań Services, R&D, Cloud/Server Systems Development, Sp. z o.o. Embedded Systems Development

Web application development, Mobile application Skyrise Poland: Gdańsk. http://www.skyrise.tech 50-99 Poland: Katowice development, Software Testing Services, IT Sp. z o.o. Global: Norway Operations, Engineering

Web application development, Architecture & OpsWay https://opsway.com/ 50-99 Poland: Wroclaw Technical design VIII POLAND List of Software Development companies 164

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018

Merixstudio https:// Web application development, Software Testing 50-99 Poland: Poznań Sp. z o.o. www.merixstudio.com/ Services, User experience & Design

Web application development, Architecture & Poland: Warsaw. Syberry https://www.syberry.com/ 50-99 USA: Austin Technical design, Software Testing Services, User Global: USA, Belarus experience & Design

Architecture & Technical design, Software Testing Polidea https://www.polidea.com/ 50-99 Poland: Warsaw Services, R&D, Cloud/Server Systems Development, Sp. z o.o. Embedded Systems Development

Architecture & Technical design, Software Testing Setapp http://setapp.pl 50-99 Poland: Poznań Services, R&D, Cloud/Server Systems Development, Sp. z o.o. Embedded Systems Development

Web application development, Mobile application Skyrise Poland: Gdańsk. http://www.skyrise.tech 50-99 Poland: Katowice development, Software Testing Services, IT Sp. z o.o. Global: Norway Operations, Engineering

Web application development, Architecture & OpsWay https://opsway.com/ 50-99 Poland: Wroclaw Technical design

Architecture & Technical design, Software Testing Selleo https://selleo.com/ 50-99 Poland: Bielsko-Biała Services, R&D, Cloud/Server Systems Development, Sp. z o.o. Embedded Systems Development

Web application development, Mobile application Nomtek https://www.nomtek.com/ 50-99 Poland: Wroclaw Global: US, UK development, Architecture & Technical design, Big Sp. z o.o. Data & Analytics, Software Testing Services

R&D, Web application development, Mobile 9LivesData http://www.9livesdata.com/ 50-99 Poland: Warsaw application development, Big Data & Analytics, Sp. z o.o. SP. K. Software Testing Services VIII POLAND List of Software Development companies 165

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018 Web application development, Mobile application EL Passion http://www.elpassion.com 50-99 Poland: Warsaw development, Software Testing Services, User Sp. z o.o. experience & Design

Union Square Internet Web application development, Mobile application Development http://www.u2i.com/ 50-99 Poland: Cracow Global: USA development, Architecture & Technical design, Big Sp. z o.o. Data & Analytics, Software Testing Services

Netizens Web application development, Mobile application https://www.netizens.pl/ 50-99 Poland: Katowice Sp. z o.o. development, Custom Software Development

Web application development, Mobile application JIT Solutions http://www.jitsolutions.pl 50-99 Poland: Gdynia development, Big Data & Analytics, Software Testing Sp. z o.o. Services

Iso Software Systems Web application development, Mobile application Poland: Czestochowa. Global: Germany, Canada, Polska http://www.isogmbh.com/ 50-99 Germany: Nürnberg development, Architecture & Technical design, Austria Sp. z o.o. Software Testing Services

Web application development, Mobile application Skelia Poland: Cracow. https://skelia.com/ 50-99 Windfoh development, Software Testing Services, IT Sp. z o.o. Global: USA, Ukraine: Kyiv, Lviv, UK, Netherlands Operations, Engineering

Droids on Roids https:// Web application development, R&D, User experience 50-99 Poland: Wroclaw Global: USA, UK Sp. z o.o. www.thedroidsonroids.com/ & Design, Mobile application development

Web application development, Mobile application Concise Software Sp. http:// development, Architecture & Technical design, 50-99 Germany: Berlin Poland: Rzeszów. z o.o. www.concisesoftware.com Blockchain, smart contracts, dApps, ICO - consulting & engineering Web application development, Mobile application Better Software Group Poland: Warsaw, Zielona Góra. http://bsgroup.eu/ ~50 Poland: Wrocław development, Architecture & Technical design, R&D, S.A. Global: Norway, Denmark, Sweden User experience & Design VIII POLAND List of Software Development companies 166

Number of Logo Company Website Employees Headquarters Other locations Activities in PL 2018 Web application development, Mobile application Appunite Sp. z o.o. https://appunite.com/ 50-99 Poland: Poznan development, Architecture & Technical design, R&D, User experience & Design

Poland: Warsaw, Rzeszow, Bielsko-Biala. Global: Web application development, Mobile application Aileron S.A. https://ailleron.com/pl/ 50-99 Poland: Cracow USA, Australia, Singapore development

Sare S.A. https://fastwhitecat.com/ 50-99 Poland: Wroclaw Web application developemnt (Fast White Cat)

Web application development, Mobile application http://www.braintri.com/ Braintri Sp. z o.o. 50-99 Poland: Warsaw development, Architecture & Technical design, Big en Data & Analytics

SoftwareMill Web application development, Architecture & http://softwaremill.com ~50 Poland: Warsaw Sp. z o.o. sp. k. Technical design, Software Testing Services

Web application development, User experience & Look4App Sp. z o.o. http://www.look4app.pl ~50 Poland: Wrocław Design, Blockchain development, Cryptocurrencies/ ICO

https://www.leaware.com/ Web application development, Mobile application Leaware Sp. z o.o. ~50 Poland: Warsaw Poland: Torun. Global: Germany en/ development,

Web application development, Mobile application Astec Sp. z o.o. http://www.astec.net ~50 Poland: Zielona Góra development, Architecture & Technical design, R&D, User experience & Design

Web application development, User experience & In4mates Sp. z o.o. http://in4mates.com/ ~50 Poland: Warsaw Design, Digital marketing, eCommerce development and sales support VIII BELARUS List of Software Development companies 167

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Global: Canada, Mexico,Austria, Bulgaria, EPAM Systems, Inc. Software Testing Services, www.epam.com >3 000 USA: Newtown, PA Australia, China, Ukraine (NYSE: EPAM) Web application development Belarus: Minsk

Technology consulting, IT infrastructure development and support, Cloud migration BelHard Group www.belhard.com 1 000-2 999 Belarus: Minsk and consulting services, Mobile application development, Software testing outsourcing

Global: USA, UK, Cyprus, Russia, Ukraine, South Support, Web solutions, Enterprise applications, Czech Republic: IBA Group www.ibagroupit.com 1 000-2 999 Africa, Slovakia, Bulgaria, Business analytics, Mainframe software, Mobile Prague Belarus: Minsk, Mogilev, Gomel applications, and Big Data

Global: USA Dedicated teams; Custom Software Development; iTechArt Group, Inc. www.itechart.com 1 000-2 999 USA: New York Belarus: Minsk; Brest; Vitebsk; Gomel; Grodno; QA and Testing Mogilev

Web application development, USA: Denver Global: Russia Mobile application development, Itransition www.itransition.com 1 000-2 999 UK: London Belarus: Minsk, Brest, Grodno, Mogilev, Polotsk Architecture & Technical design, Software Testing Services, R&D

Consulting, Full-Cycle Testing, Global: Netherlands, UK Web Application Testing A1QA www.a1qa.com 500-999 USA: Lakewood, CO Belarus: Minsk Mobile Application Testing Documentation Services

Mobile application development, Architecture & USA: Walnut Creek, Global: Belarus, Lithuania, Poland, Russia, Ukraine Exadel www.exadel.com 500-999 Technical design, Big Data, Analytics & Cloud CA Belarus: Minsk, Grodno, Gomel, Vitebsk Computing, R&D, Digital marketing VIII BELARUS List of Software Development companies 168

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Software Engineering, Manual QA and Automation, Global: UK Product Development, Business Intelligence, Godel Technologies www.godeltech.com 500-999 UK: Manchester Belarus: Minsk, Grodno, Brest, Gomel Mobile Development, IoT, Artificial Intelligence, and Machine Learning

Custom Software Development, BI & Big Data ISsoft issoft.by 500-999 Belarus: Minsk Belarus: Brest Consulting & SI, IT Managed Services

Global: Ukraine, Germany, USA, The Netherlands, Web application development, Software Testing SaM Solutions www.sam-solutions.com 500-999 Germany: Munich Latvia Services, e-Commerce solutions implementation, Belarus: Minsk, 30+ Regional cities Enterprise Application Development

Global: Finland Mobile application development, Big Data & ScienceSoft www.scnsoft.com 500-999 USA: McKinney, Texas Belarus: Minsk Analytics, Software Testing Services, Security, IoT

Web application development, Instinctools www.instinctools.eu 200-499 Belarus: Grodno Global: Germany, USA, Ukraine Mobile application development, Big Data & Analytics, Software Testing Services

Global: Norway, Finland, Denmark, UK, Argentina, Altoros www.altoros.com 200-499 USA: Sunnyvale USA Web application development Belarus: Minsk

Web application development, Mobile application Andersen www.andersenlab.com 500-999 Belarus: Minsk Global: Russia, Ukraine, Lithuania development, Architecture & Technical Design, Big Data, Analytics & Cloud Computing VIII BELARUS List of Software Development companies 169

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Global: Canada, USA, Germany, Mobile application development, Artezio www.artezio.com 200-499 USA: Princeton Russia, Ukraine Custom software development Belarus: Minsk, Vitebsk, Mogilev

Web application development, Belitsoft belitsoft.com 200-499 Belarus: Minsk Mobile application development, Architecture & Technical design

Global: UK Web application development, EffectiveSoft www.effectivesoft.com 200-499 USA: San Diego Mobile application development, Software Testing Belarus: Minsk Services, User experience & Design, IT-consulting

Architecture & Technical design, Epol Soft www.epolsoft.com 200-499 Belarus: Brest Software Testing Services, Custom software; IT-outsourcing and IT-consulting

Global: Germany, UK, Ukraine, Poland Web application development, Intetics intetics.com 500-999 USA: Naples, FL Belarus: Minsk Software Testing Services

Global: Russia, USA SAP application support, SAP consulting, SAP development, SAP implementation, LeverX www. leverx.ru 200-499 USA: Mountain View Belarus: Minsk SAP integration, SAP Solution Replication, Mobile and Web development

Web application development, Oxagille www.oxagile.com 200-499 USA: New York Belarus: Minsk Mobile application development, Online Video Platforms, Computer Vision VIII BELARUS List of Software Development companies 170

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Web Application Development, Front-end Development, Desktop Custom Software SCAND scand.com 200-499 Belarus: Minsk Development, Mobile Application Development, DevOps Services, QA Services

Enterprise Solutions, Cross-platform development, Softeq Development Low-level programming, Mobile apps, www.softeq.com 200-499 USA: Houston Belarus: Minsk Corp. Reengineering & Support, Data & application integration, Wearable Tech

Mobile application development, Custom SolbegSoft solbeg.com 200-499 USA: New York Belarus: Minsk Applications Development, Re-engineering and Cloud Migration, and IT Consulting

https:// Global: the Netherlands, UK Cloud Consulting & SICRM Consulting and SI, VRP Consulting 200-499 USA: San Francisco vrpconsulting.com/ Belarus: Minsk, Brest Enterprise App Modernization

AIS Novations aisnovations.com 100-199 Belarus: Minsk Web application development, Digital marketing

Web development, BelMobileSoft www.belmobilesoft.by 100-199 Belarus: Polotsk Mobile application development, Gaming

Concept & design, engineering Bylectric www.bylectric.com 200-499 Belarus: Minsk and operational services. ByLectric is a part of Colours. VIII BELARUS List of Software Development companies 171

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Web application development, Mobile application development, Software Testing Services. Global: Austria Cactus Soft www.cactussoft.biz 100-199 Belgium: Ghent Belarus: Minsk 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

Global: Poland, Pakistan, Spain, Ukraine, Israel Web application development, QA, R&D, Big Data, Ciclum www.ciklum.com >3000 Ukraine: Kyiv Analytics & Cloud Computing, Product development Belarus: Minsk & IT Consulting

Business Intelligence, Social Media и Web Belarus: Minsk Development, CRM, ERP, E-commerce, Data Mining ESI Ltd. www. esi-ltd.tam.by 100-199 Global: USA, Canada, Great Britain and Business Analytics systems

Websites, SaaS solutions, Enterprise systems, Global: Belarus, Germany, France, Ireland, Hong Corporate portals, Web apps, Big Data, Internet of Elilink Consulting www.elinext.com 200-499 USA: New York Kong, Vietnam Things. Elilink is a part of Elinext group

Creation of custom software solutions, Licensing solutions for ready-made software, Helmes www.helmes.com 500-999 Estonia: Tallinn Belarus: Minsk Integration of software and IOT Consulting VIII BELARUS List of Software Development companies 172

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Global: Russia, USA Web application development, Mobile application HiQo Solutions www.hiqo-solutions.com 100-199 USA: Richmond Hill Belarus: Minsk development, Big Data & Analytics

Global: UK, Ukraine, Norway Mobile application development, Big Data, Intellectsoft www.intellectsoft.net 200-499 USA: California Belarus: Minsk Analytics & Cloud Computing

Web Applications, Mobile Development, Enterprise IntexSoft www.intexsoft.com 100-199 Germany: Herford Belarus: Grodna Software, Design, Software Testing

Offshore Dedicated Team, Enterprise Solution Itos www.itosweb.com 100-199 Latvia: Riga Belarus: Minsk Development, Web Portals Development, Embedded Software Development

Global: USA, Ukraine Web application development, ITRex Group itrexgroup.com 100-199 USA: Santa Monica Belarus: Minsk Architecture & Technical design

Web application development, ITSupportMe www.itsupportme.by 100-199 Belarus: Gomel Big Data & Analytics

USA: North Miami Global: USA Klika-tech klika-tech.com 100-199 Big Data & Analytics, Internet of things Beach Belarus: Minsk VIII BELARUS List of Software Development companies 173

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Digital marketing, influencer marketing, Krios www.krios.by 100-199 Belarus: Minsk cryptocurrency, e-commerce, freelancer, and consultant

Web application development, Mobile application Neoviso neoviso.com 100-199 Belarus: Gomel development, Design, Voice apps, Game development

100-199 Belarus: Minsk Software development, Mobile application Nextsoft http://www.nextsoft.by development, Software Testing, Game development

Global: Belarus Mobile applications development, Web application Forte Group fortegrp.com 200-499 USA: Chicago Ukraine: Termopil development, Product Development & IT Consulting

Web application development, Mobile application OCSICO ocsico.com 100-199 Belarus: Minsk development, R&D, User experience & Design

IT services, ASP, SaaS, Custom Software Ozone www.ozone-oo.com 100-199 Belarus: Minsk Global: the Netherlands, UAE Development, Services & Solutions, Box Products/ Licensed Software

Services for several operating systems (Windows, Paralect www.paralect.com 100-199 Belarus: Minsk Linux) and software stacks (.NET, Node.js, Java) VIII BELARUS List of Software Development companies 174

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Promwad promwad.com 100-199 Belarus: Minsk Global: Russia, Lithuania Electronic engineering

Global: Russia, Croatia, Lithuania Mobile development, Enterprise software, Web Senla senlainc.com 100-199 Belarus: Minsk development, Systems integration, Quality Belarus: Grodno assurance, Software development outsourcing

Web application development, SoftTeco www.softteco.com 100-199 Belarus: Minsk Mobile application development

Web application development, Specific-Group specific-group.by 100-199 Austria: Vienna Belarus: Minsk, Grodno Mobile application development, Software Testing Services, Business analysis

Web applications development, UX & UI design, Texode texode.com 100-199 Belarus: Minsk Mobile applications development, Manual testing, QA Test automation, Dedicated development team

Global: Russia, USA Consumer Internet, especially Social/Digital Media, TulaCo www.tula.co 100-199 Belarus: Minsk Belarus: Mogilev Online Advertising, E-Commerce

Web Applications, Product Development, Offshore Warecorp www.warecorp.com 100-199 USA: Minneapolis Belarus: Minsk Software Development, Business Modeling VIII BELARUS List of Software Development companies 175

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Web application development, Mobile application XB Software xbsoftware.ru 100-199 Belarus: Minsk development, Software Testing Services

Web Application Development, Totec yotec.net 100-199 Belarus: Minsk Custom software development

Blockchain apps and dapps, Cryptocurrencies and ICO, Internet of Things, Payments, Digital asset Aetsoft www. aetsoft.by <100 Belarus: Minsk management, Compliance automation, Distributed data management

QA, Testing, Mobile Allied Testing www.alliedtesting.com 500-999 USA: New York Global: Serbia, Moldova, UK, Cyprus, USA

Global: Russia Mobile application development, Axamit www.axamit.com <100 Canada: Montreal Belarus: Minsk Big Data & Analytics, Digital marketing

Data analysis and active analytics, Drupal/PHP Dual Lab www.duallab.com <100 Belgium: Brussels Belarus: Minsk development services, Graphics arts and PDF solutions

Web application development, Mobile application development, Architecture & Technical design, Exposit www.exposit.com <100 Belarus: Grodno Software Testing Services, Backend software development VIII BELARUS List of Software Development companies 176

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Web Design, UI/UX, Web Application Development, Global: USA Mobile Application Development, IoT Application HDSoftware hqsoftwarelab.com <100 Estonia: Tallinn Belarus: Minsk Development, VR and AR Solutions, and E-learning Solutions

Isida www.isida.by 100-199 Belarus: Vitebsk Belarus: Minsk

Web application development, Mobile application Itexus itexus.com <100 USA: Florida Belarus: Minsk development

Bioinformatics, Information Technology, Software Itibo itibo.com <100 Belarus: Grodno Global: USA Development, Analytics, Big data, Machine learning, Scientific Software Engineering

Global: USA, Poland Web application development, Mobile application ITM House Inc. www.itmhouse.com <100 Canada: Toronto development, UX / UI Design, IoT Development, IT Belarus: Minsk Consulting, Quality Assurance

Mobile development, ITS Partner itspartner.net <100 Belarus: Minsk Web development, Cloud solutions development, UX/UI Design, Quality assurance

Web application development, Lightpoint www.lightpoint.by <100 Belarus: Minsk Mobile application development, IT Consulting, Testing, and Building a Data Warehouse VIII BELARUS List of Software Development companies 177

Number of Logo Company Website Employees Headquarters Other locations Activities in BY 2018

Custom product development, Dedicated Team, Logic Way logic-way.com <100 Belarus: Minsk IT Services, IT Consulting, RPA

Global: USA, Israel Mobile Applications, Publishing Systems, Enterprise Mainsoft LLC www.mainsoft.org <100 Belarus: Vitebsk Belarus: Minsk Resource Planning, Business Intelligence

Global: Poland, Russia, Ukraine Web application development, Mobile application Neklo neklo.com 100-199 USA: San Bruno Belarus: Minsk development, Cloud Computing;

Web application development, Mobile application pi-consult.by www.pi-consult.by <100 Belarus: Minsk development, R&D

Support and maintenance, IoT data analytics, Smart IT smart-it.io <100 Belarus: Minsk Infrastructure audit, Requirements analysis QA and testing

Software Development, IT Consulting, DB StyleSoft LLC www.stylesoft.by <100 Belarus: Minsk Development, and Mobile Applications Development

Provides logistics, technology, and dispatch XLogics xlogics.biz 100-199 Belarus: Minsk Global: USA solutions. XLogics acquired by MetaPack VIII ROMANIA List of Software Development companies 178

Number of Logo Company Website Employees Headquarters Other locations Activities in RO 2018 Romania: Cluj-Napoca, Iasi. Global: USA, Big&Data & Analytics, Cloud Computing, Netherlands, Germany, UK, Denmark, Serbia, endava SRL http://endava.com 2000-3999 UK: London User experience & Design, IoT, Software Moldova, Skopje, Bulgaria, Colombia, Argentina, development Uruguay Web application development, Architecture & Stefanini Romania Romania: Bucharest, Sibiu, Targu Mures https://stefanini.com/en/ 1000-1999 Brasil: Jaguariúna Technical design, R&D, Embedded software SRL Global: Present in 20 countries globally development, Backend software development Web application development, Mobile application Romania: Bucharest. Global: USA, Mexico, Luxoft Professional development, Software Testing Services, https://www.luxoft.com/ 1000-1999 Switzerland: Zug Canada, Russia, Poland, Romania, Bulgaria, Romania SRL eCommerce development and sales support, User Germany, UK, Sweden, Australia, China experience & Design, Cloud computing, ai, IoT Romania: Cluj-Napoca, Baia Mare, Bucharest, Web application development, Mobile application https:// Softvision SRL 1000-1999 USA: Austin Timisoara, Iasi. Global: USA, Canada, Argentina, development, Big Data & Analytics, www.softvision.com Brasil, India, UK, Australia, Ukraine User experience & Design, Cloud computing, AI, IoT

Web application development, eCommerce Metro Systems https:// 500-999 Germany: Düsseldorf Romania: Bucharest, Brasov, Cluj-Napoca . development and sales support, Mobile application Romania SRL www.metrosystems.ro/ development

Engineering, User experience & Design, Mobile Iquest Technologies https:// Romania: Brasov, Bucharest, Cluj-Napoca, 500-999 Germany: Hohe application development, Cloud Computing, IT SRL www.iquestgroup.com Craiova, Sibiu. Global: Poland, Switzerland Consulting, Software Testing Services

Romania: Cluj- Web application development, Mobile application Fortech SRL https://www.fortech.ro/ 500-999 Romania: Cluj-Napoca, Iasi, Oradea. Global: USA Napoca development, Software Testing Services

Arobs Transilvania Romania: Cluj- R&D, Web application development, Mobile http://www.arobs.ro/ 500-999 Romania: Targu Mures, Cluj-Napoca, Iasi. Software SA Napoca application development

Web application development, Mobile application Siveco Romania SA http://www.siveco.ro/en 500-999 Romania: Bucharest development, Architecture & Technical design, Software Testing Services Web application development, Mobile application Romania: Cluj- development, Software Testing Services, evozon Systems SRL https://www.evozon.com 500-999 Global: USA, UK Napoca eCommerce development and sales support, User experience & Design VIII ROMANIA List of Software Development companies 179

Number of Logo Company Website Employees Headquarters Other locations Activities in RO 2018

Keysight Romania: Bucharest. https://ixia.keysight.com/ 200-499 Calabasa: USA Security, IT Consulting, Cloud computing Technologies SRL Global: USA, Canada, UK

Web application development, Mobile application Visma Romania Romania: Sibiu, Timișoara. Global: Sweden, https://www.visma.com/ 200-499 Norway: Oslo development, Software development, User Holding SRL Denmark, Finland, Netherlands, Latvia, Lithuania experience & Design

Msg Systems http://www.msg- Romania: Web application development, 200-499 Romania: Targu Mures, Timisoara. Romania SRL systems.ro Cluj-Napoca SAP, IT Consulting

Software Testing Services, Architecture Selir SRL http://www.selir.com 200-499 Romania: Galati & Technical design

Accesa It Systems Romania: Romania: Oradea. User experience & Design, Web application https://www.accesa.eu/ 200-499 SRL Cluj-Napoca Global: Germany, Switzerland development

USA: New Jersey, Brno, Munich, Romania: Iasi, Timisoara. Ness Romania SRL https://www.ness.ro/ 200-499 Web application development, Engineering, R&D Budapest, Global: USA PragueLondon Web application development, Mobile application https:// Romania: Cluj- Pitech Plus SRL 200-499 Romania: Targu Mures. Global: France development, Software development, User www.pitechplus.com/ Napoca experience & Design, Software Testing Services

Web application development, Mobile application http:// Saguaro Print SRL 200-499 USA: Los Angeles Romania: Timisoara. development, Architecture & Technical design, www.saguarotech.net Software Testing Services

Romania: Cluj-Napoca, Iasi. Web application development, Architecture & Yonder SRL https://tss-yonder.com/ 200-499 Netherlands: Utrecht Global: Netherlands Technical design, Software Testing Services

Crys Computers SRL https://www.incrys.com/ 200-499 Romania: Timisoara Romania: Bucharest. Web application development, IT Consulting VIII ROMANIA List of Software Development companies 180

Number of Logo Company Website Employees Headquarters Other locations Activities in RO 2018

https://www. Romania: Cluj-Napoca, Iasi, Timisoara. User experience & Design, Web application 3Pillar Global SRL 200-499 USA: Fairfax 3pillarglobal.com/ Global: USA, UK, India development R&D, Engineering

Web application development, Mobile application Arnia Software SRL https://www.arnia.ro/ 200-499 Romania: Bucharest Romania: Brasov. development, R&D, Big Data & Analytics, eCommerce development and sales support

User experience & Design, Engineering, Rinf Outsourcing https://www.rinftech.com/ 200-499 Romania: Bucharest Global: Germany,UK, Ukraine, France, Bulgaria Web application development, Big Data & Analytics, Solutions SRL ai, IoT, R&D, Security, Blockchain

Centric It Solutions https://www.centric.eu/ Web application development, Mobile application 200-499 Romania: Iasi Romania SRL RO/Default development,

http:// Connections Consult www.connectionsconsult.r 200-499 Romania: Bucharest Global: Serbia, Bulgaria Web application development, Procurement (P2P) SRL o

Web application development, Mobile application development, Architecture & Technical design, Sii It & C Services SRL www.siiromania.ro 200-499 Romania: Bucharest Software Testing Services, Engineering, R&D, IT Consulting, Big Data & Analytics

Belgium: Hasselt, Romania: Bucharest, Iasi. Global: Austria, Czech Web application development, Mobile application Cegeka Romania SRL https://www.cegeka.com/ 200-499 Limburg Republic, Germany, Italy, Netherlands development, Blokchain, Cloud computing, ai, IoT

Web application development, Mobile application https:// QUALITANCE QBS SRL 200-499 Romania: Bucharest Global: USA, Australia development, Architecture & Technical design, Big www.qualitance.com Data & Analytics, User experience & Design

https:// Romania: Craiova. Web application development, Big Data & Analytics, Softelligence SRL 200-499 Romania: Bucharest www.softelligence.net/ Global: UK, Canada Software Testing Services, R&D VIII ROMANIA List of Software Development companies 181

Number of Logo Company Website Employees Headquarters Other locations Activities in RO 2018 Global: Romania, Brazil Web application development, OSF Global Services www.osf-global.com 200-499 Canada: Quebec Ukraine: Chernivtsi, Ivano-Frankivsk, Mobile application development Lviv, Odesa

Arezzo Sky SRL http://arezzosky.com/ 200-499 Romania: Bucharest Romania: Iasi, Pune. Cloud computing, Mobile application development

http://www.kepler- IT Consulting, Software Testing Services, Kepler - Rominfo SA 200-499 Romania: Bucharest Romania: Pitesti, Craiova. rominfo.com Architecture & Technical design

Software Testing Services, User experience & Tremend Software https:// Design, Mobile application development, 100-199 Romania: Bucharest Romania: Brasov. Consulting SRL www.tremend.com/ eCommerce development and sales support, Architecture & Technical design,

Sparkware Web application development, Mobile application http://www.sparkware.ro 100-199 Romania: Bucharest Technologies SRL development, Software Testing Services

Web application development, Mobile application https://assist- ASSIST Software SRL 100-199 Romania: Suceava development, Cloud Computing, Big Data & software.net/ Analytics

Web application development, Mobile application development, Architecture & Technical design, Zitec Com SRL https://zitec.com/ro 100-199 Romania: Bucharest Software Testing Services, Engineering, R&D, IT Consulting, Cloud Computing Web application development, Mobile application Romania: Cluj-Napoca. development, IT Consulting, User experience & Qubiz SRL https://qubiz.com/ 100-199 Romania: Oradea Global: Netherlands, UK Design, Architecture & Technical design, ai, Blockchain,

Romania: Bucharest, Galati. Web application development, Mobile application Computaris Romania https:// 100-199 UK: Essex development, Architecture & Technical design, SRL www.computaris.com/ Global: Poland, Moldova, Switzerland, USA, Malaysia, Philippines Cloud Computing, IoT VIII ROMANIA List of Software Development companies 182

Number of Logo Company Website Employees Headquarters Other locations Activities in RO 2018

IT SIX GLOBAL Web application development, Mobile application http://www.itsix.com 100-199 Romania: Craiova SERVICES SRL development, Software Testing Services

User experience & Design , R&D, eCommerce https://www.lateral- Romania: Oradea, Cluj-Napoca. Lateral SRL 100-199 Romania: Mures development and sales support, Mobile application inc.com/ Global: USA, UK development, Web application development

Web application development, Romania: Mobile application development, ArtSoft Consult SRL www.artsoft-consult.ro 100-199 Cluj-Napoca User experience & Design, Software Testing Services Romania: Bucharest. Netherlands: Ortec Cee SRL http://www.ortec.com 100-199 Global: Australia, Belgium, Brasil, Brasil, Denmark, IT consulting, IT operations, SAP Zoetermeer France, Germany, Italy, Netherlands, Poland, Singapore, UK, USA

Web application development, RomSoft SRL http://www.romsoft.eu 100-199 Romania: Iasi Mobile application development, Architecture & Technical design, Software Testing Services, R&D

Web application development, Romania: Romania: Bucharest. Yopeso Romania SRL https://yopeso.com/ 100-199 Mobile application development, Cluj-Napoca Global: USA, Moldova, Malaysia, Germany User experience & Design, Big Data & Analytics

Web application development, Beenear SRL http://www.beenear.com 100-199 Romania: Iasi Romania: Timisoara. Mobile application development, R&D

https:// Romania: Cluj- Mobile application development, Halcyon Mobile SRL 50-99 www.halcyonmobile.com/ Napoca User experience & Design

Romania: Cluj- Web application development, Mobile application Codespring SRL https://www.codespring.ro 50-99 Napoca development, Architecture & Technical design, R&D VIII ROMANIA List of Software Development companies 183

Number of Logo Company Website Employees Headquarters Other locations Activities in RO 2018

Romania: Cluj- Web application development, Mobile application Softech SRL https://www.softech.ro 50-99 Napoca development, Architecture & Technical design, R&D

Web application development, https://www.berg- Berg Computers SRL 50-99 Romania: Timisoara Romania: Lugoj, Oradea. Big Data & Analytics, Cloud Computing, software.com IT Consulting, User experience & Design

http:// USA: IT Consulting, User experience & Design, Small Footprint SRL 50-99 Romania: Cluj-Napoca. www.smallfootprint.com Winston-Salem Architecture & Technical design

Advantage Software Web application development, Mobile application http://www.asf.ro/ 50-99 Romania: Bucharest Factory SRL development, IT Consulting

Web application development, ISOFT SRL http://www.isoftware.ro 50-99 Romania: Brasov Mobile application development, User experience & Design

Web application development, Mobile application Exe Software SRL http://www.exesoftware.ro 50-99 Romania: Bucharest Global: Netherlands development, IT Consulting,

Levi 9 Global Sourcing Netherlands: Web application development, Mobile application https://www.levi9.com/ 50-99 Romania: Iasi. Global: Serbia, Ukraine Balkan SRL Amsterdam development, Software Testing Services

Thinslices https:// Web application development, Mobile application 50-99 Romania: Iasi Development SRL www.thinslices.com/ development, Software Testing Services

Web application development, Mobile application Ropardo SRL http://www.ropardo.ro 50-99 Romania: Sibiu development, Architecture & Technical design, Cloud Computing, Big Data & Analytics

Web application development, Mobile application Tellence Technologies http://www.tellence.net/ 50-99 Romania: Bucharest Global: Spain development, Architecture & Technical design, SRL Cloud Computing, Big Data & Analytics VIII ROMANIA List of Software Development companies 184

Number of Logo Company Website Employees Headquarters Other locations Activities in RO 2018

Clarisoft Technologies https:// Web application development, Mobile application 50-99 Romania: Bucharest Global: USA Rom SRL www.clarisoft.com/ development, R&D

Web application development, PSS - Prosoft Mobile application development, Architecture & http://www.pss.ro 50-99 Romania: Bucharest Solutions SRL 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

Web application development, Mobile application Eeu Software SRL http://www.eeusoft.ro 50-99 Romania: Bucharest development, R&D, Software Testing Services

https://silicon- Romania: Suceava. Web application development, Engineering, Silicon Service SRL 50-99 Romania: Iasi service.com/ Global: Moldova, Israel, China Architecture & Technical design, IT Consulting

Web application development, Mobile application development, Infobest Romania SRL http://www.infobest.ro 50-99 Romania: Timisoara eCommerce development and sales support, Architecture & Technical design, IT Consulting Romania: Bucharest. https:// Web application development, Printec Group www.printecgroup.com/ 50-99 Austria: Vienna Global: Greece, Albania, Bosnia, Bulgaria, Croatia, Mobile application development, Romania SRL en/ Cyprus, Czech Republic, Macedonia, Montenegro, Software Testing Services Serbia, Slovakia, Slovenia, Ukraine

SC Imprezzio Global http:// Romania: Web application development, 50-99 Romania: Oradea. Global: USA, Netherlands SRL imprezzioglobal.com/ Cluj-Napoca Mobile application development VIII ROMANIA List of Software Development companies 185

Number of Logo Company Website Employees Headquarters Other locations Activities in RO 2018

Web application development, Software Testing Trencadis Corp SRL https://trencadis.ro 50-99 Romania: Baia Mare Services, User experience & Design

Romania: Cluj- Mobile application development, Wayfare SRL https://wayfare.ro 50-99 Napoca User experience & Design

Web application development, Beler Soft SRL www.belersoft.com 50-99 Romania: Bucharest . Global: France Mobile application development, Architecture & Technical design, Software Testing Services

http://www.activesoft.ro/ Mobile application development, Active Soft SRL 50-99 Romania: Bucharest servicii Digital marketing

Allevo SRL http://www.allevo.ro 50-99 Romania: Bucharest . Architecture & Technical design, IT consulting IX METHODOLOGY AND SOURCES IX METHODOLOGY 187

Methodology (1/3)

COMPANIES INCLUDED GENERAL REPORT LISTING The report covers companies that specialize in software development to external clients The companies included in the also known as software development outsourcing. If the company provides both service Appendix of the report are ranked and product solutions, we include companies in which over 50% of revenue comes from based on the number of billable IT services. We include companies for which IT services such as web and mobile employees located in each covered application development, architecture & technical design, big data & analytics, software by the report country. 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 VERTICAL EXCELLENCE and R&Ds of large international product companies are not included in the report. A list of companies with deep vertical or technological focus in “Leaders by COMPANY SIZE vertical” section was formed based on The report includes companies with over 50 billable employees. However, smaller (i) data provided by the company and/ companies with very specific vertical or technology specialization are included into or (ii) an assessment by the report’s “Vertical expertise” section of this report. analytics team. To be included in the Vertical Expertise ranking, two must GEOGRAPHY be met: The report covers the following geographies: Belarus (led by Capital Times), Poland (i) revenue from the vertical should and Romania (led by Aventis Capital) and Ukraine (led by AVentures Capital). Companies exceed 15% (ii) 2+ multi-year included in the report (i) have an HQ office or/and (ii) a significant part of their contracts exceeding $1M in value from employee pool (50+) is in one of the covered regions. enterprise-level clients. IX METHODOLOGY 188

Methodology (2/3)

VERTICALS COVERED: 1) Confirmed data - data we got directly from the company For vertical expertise, we cover the following verticals: Auto & (by filling out the report’s questionnaire or providing the Transport, Fintech, E-Commerce, Blockchain, Security, data in a phone interview with the reports analytics Insurance, Healthcare, Manufacturing, Travel, Big Data, team). SalesForce, Media, Telecom, IoT, Energy, Logistics. 2) Official public data - data from the official public DATA COLLECTION: company interviews, official press releases, information In this report, we have sought to use only the most reliable on companies’ websites and official pages in social data. Most of the data on companies included in the report networks (Facebook, LinkedIn, Twitter); data given by was collected directly from companies or from reliable public Report partners (such as regional Tech Clusters) and sources, more specifically: 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. IX METHODOLOGY 189

Methodology (3/3)

M&A DEALS AND VALUATIONS DISCLAIMER The M&A section covers deals announced in 2015 - 2019 YTD. To The data in this report are provided for informational purposes establish the fact, the timing and a size of a deal we have relied on only and cannot be construed as an offer, proposal or information received from the founders, official press releases, media recommendation regarding any of the companies, records, etc., coverage and market reports. For more information, look up the source featured herein. AVentures Capital, Aventis Capital or Capital Times in “Sources and References” section of the report. The section on bear no responsibility for any consequences resulting from valuation of private and public companies was prepared using (i) for application of the data offered in the report or for any direct or public companies, publicly available data in the Investors Relations indirect damages (including lost profits) caused by such section of companies website or platforms such as finance.yahoo.com; application. All estimations, opinions, forecasts and conclusions (ii) for private companies, internally gathered data from founders herein are based exclusively on estimates by the authors of this interview and private meetings. Such data is displayed in aggregate report. While the information provided in the report has been form only and does not aim to reveal confidential information about a obtained from sources considered reliable the authors do not particular company. guarantee the accuracy and completeness of the data. Any financial/investment decisions made by users of this report are DATA CONFIDENTIALITY based exclusively on their own independent estimations of personal financial circumstances and investment aims. The We are bound by confidentiality and nondisclosure agreements with authors of this report draw attention to the fact that investment certain companies. Hence, we include the data provided to us in private and financial operations on the Internet market are associated communications by the company only in aggregate form without with business risk and require relevant knowledge and expertise. revealing the subject. We collect and store the requested information The opinions, estimations and forecasts specified in the present only for the purposes of this report and will not share it with the third research represent the authors’ knowledge at the time of parties in any shape or form. The data previously submitted in private publication only and are subject to change without notice. conversations, including the data protected by formal NDA agreements with the firms involved in this report, was not included in the report. IX SOURCES 190

Sources (1/2)

1. Gartner, Forecast: IT Services, Worldwide, 2015-2021, 4Q17 Update, 2017 17. Ministry of Finance of Ukraine, Investor Presentation, 2018

2. Gartner, Forecast: IT Services, Worldwide, 2016-2022, 2Q18 Update, 2018 18. IT Ukraine Association, Аналітичний звіт: Розвиток української ІТ-індустрії, 2018

3. Zinnov Zones 2016 – Product Engineering Services, 2016 19. Рейтинг вишів DOU 2018: Могилянка знову в лідерах, Львівська політехніка наприкінці списку, 2018

4. Electronics and Computer Software Export Promotion Council (ESC), 2018 20. Портрет ІТ-спеціаліста — 2018. Інфографіка, 2018

5. Ministry of Commerce, People's Republic of China, 2018 21. CEDOS Think Tank, 2018

6. The State of European Tech, 2017 22. Рынок IT-образования: курсы и учебные центры подготовили свыше 35 тыс. студентов в 2016 году

7. Зарплаты разработчиков, 2018 23. CIA World Factbook

8. Dev.by, Зарплата в ИТ, 2018 (Page 10, 15) 24. Bloomberg

9. Payscale, Salary Data & Career Research Center (Poland), 2018 25. Ease of Doing Business, World Bank (2018)

10. Payscale, Salary Data & Career Research Center (Romania), 2018 26. Central Statistical Office of Poland

11. The Global Sourcing Association (GSA), GSA UK Awards 2017 27. Economic Outlook Poland, 2018

12. International Mathematical Olympiad, 2018 28. Fitch Solutions, Poland Information Technology Report

13. The State of Software Development Outsourcing in Ukraine in 2018 29. Sedlak & Sedlak - evidence based HR, 2018

14. Ukraine International Airlines, 2018 (Page 20) 30. eGospodarka.pl, 2018

15. A.T. Kearney Global Services Location Index, 2017 31. Perspektywy University Ranking 2018

16. Global Innovation Index, 2018 32. World Bank, Doing Business 2019 IX SOURCES 191

Sources (2/2)

33. The Ministry of Communications and Informatization of the Republic of Belarus, Belarus has confirmed 48. Civil Code of the Republic of Belarus, 1998 its status as the regional leader in ICT development and maintained its position in the world ranking 49. Official Website of the Republic of Belarus, Legal requirements for setting up your business 34. Belarus 38th in World Bank's Doing Business 2018 report, 2017 (Page 59) 50. Official Website of the Republic of Belarus, Commercial law in Belarus 35. IAOP, The 2018 Global Outsourcing 100, 2018 (Page 59) 51. CIA World Factbook: Romania 36. Global Sourcing Association (GSA) Awards Shortlist 2018 (Page 59) 52. Romania posts fastest GDP growth rate in the EU in Q3, 2018 37. CIA World Factbook: Belarus (Page 59) 53. A.T. Kearney Global Services Location Index, 2017 38. HTP Belarus, Six HTP Companies on The 2017 Global Outsourcing 100® List 54. World Population Review, 2018 39. Ministry of Economy of the Republic of Belarus, 2018 55. Employer's Association of the Software and Services Industry (ANIS), Romania 40. Belavia 56. Stack Overflow 41. Belarus Hi Tech Park, 2018 57. Brainspotting 42. Dev.by 58. National Institute of Statistics 43. National Statistical Committee of the Republic of Belarus, Основные показатели образования

44. National Statistical Committee of the Republic of Belarus, Образование в Республике Беларусь (учебный год 2017/2018), 2017

45. EY, The IT Industry in Belarus: 2017 and Beyond

46. Учреждения высшего образования по областям и г. Минску, 2018

47. Jobs.tut.by. Рынок труда в ИТ: итоги 3 квартала 2018