Half of Ukraine’s largest IT companies have reduced revenues due to the war and the need to relocate.

In 2023, 15 of the 30 largest IT companies in Ukraine recorded a decrease in revenue compared to 2022. This is due to the redistribution of business between legal entities of the same group, relocation to other jurisdictions, the departure of qualified personnel abroad, and a general decrease in business activity stemming from the war.

However, despite the difficulties, global players EPAM, GlobalLogic and Luxoft continue to generate the largest revenues in the Ukrainian IT industry. Growth was shown by EPAM Digital, thanks to the transfer of part of the business. The Fintech band, known for its Monobank brand, and the SoftServe group of companies also demonstrated positive revenue growth.

In terms of revenue per employee, Playtika became the leader with an indicator of $6,900 per month, while most other companies show results in the $3,000-5,000 range. The highest net profits were shown by Monobank, EPAM, and GlobalLogic, which together accounted for 47% of the profit by the companies on the top 30 list.

Last year, full-time employees in the largest IT companies numbered 10,500, compared to 8,500 in 2022.