Earlier this year, Apple identified the app as the “App of the Week” and named it an “Editor’s Choice” in 70 countries, which propelled it to the top of the app-charts in many countries.
An astounding number of American technology companies employ engineers in Ukraine, but you would never know it. Most don’t have formal offices in Kiev, preferring to hire people through intermediaries.
Many companies would prefer to not publicly acknowledge these employees exist given that “outsourcing” is a dirty word in in U.S. politics. But given the continuing crisis in Ukraine, now is the time to stand up and speak out. Many companies might think they are powerless to do anything but wait out the crisis – but they’re wrong.
During the first five months of 2014, the volume of services provided by entrepreneurs and organizations in the information and telecommunications sectors in Ukraine were valued at 28.8 billion hryvnias (approximately $2.42 billion), reports the State Statistics Service of Ukraine.
More specifically, telecom companies accounted for services valued at 19.78 billion hryvnias (approximately $1.66 billion), while “computer programming and other information services” accounted for 5.12 billion hryvnias (approximately $430.7 million).
Last week Ukrainian business angels announced the creation of the UAngel local and international association. UAngel will provide access to information on deals, encourage co-investment and organize events and training programs for association members.
“This is a super-important element of the startup ecosystem, which Ukraine was indeed missing. Just compare these numbers: in 2012, VCs invested 1.9 billion euros in early-stage startups, and business-angels invested 5.1 billion euros!” Viktoriya Tigipko, a prominent figure on the local venture scene, posted on Facebook.
Gill Business Systems (Gillbus), a company that develops inventory distribution systems (IDS) for the bus-transportation industry, has secured $3 million from a consortium of three venture funds – Intel Capital, InVenture Partners and FinSight – at an undisclosed valuation.
Launched in Ukraine in 2010, Gillbus aims to make distribution of tickets for buses “as smooth as tickets for airlines.” The company claims that the demand for its services and the volume of the transactions on its platform have increased ten-fold over the past two years.
According to an IDC report, total server shipments to Ukraine in Q1 2014 amounted to $10.6 million (in retail value), down 20% year-on-year. The volume of x86 server shipments halved to 1,633 units and sales revenues fell by 22.7%.
HP led the server market with a 44% market share, followed by Dell (14%) and Navigator (12%).
It’s a year since top Ukrainian venture capitalist Yevgeny Sysoyev produced his first overview of Ukraine’s top-100 startups. A lot has changed since then, and many more people are now familiar with the complicated geography, politics and economics of his country.
The Ukrainian startup ecosystem is still comparatively small, with a maximum valuation of just $2.5 billion. However, despite its infancy there are a number of reasons to pay attention to the Ukrainian startup scene.
Payment for goods and services using contactless payment cards is gaining popularity in Ukraine.
The Ukrainian Processing Center (UPC) has recorded a threefold increase in the turnover and the number of transactions using NFC-supported cards emitted by UPC’s five partnering banks. The average transaction value increased slightly from 48 hryvnias at the end of December 2013 to 50 hryvnias (approximately $4.2) today.
Apex VNT Limited, an international venture fund with offices in London and Kiev, has completed its first investment in the Ukrainian market, acquiring 10% of IT-outsourcing firm Epsy Soft for 2.3 million hryvnias (approximately $195,000).
In commenting on the deal, Apex VNT PR director Dmitry Chepur told Ukraine Digital News that this is merely their first move into the CIS, a region that they consider to be one of the most promising in the world.