Ciklum Makes It to Ukraine’s Top 3 Software Development Companies

Kiev, Ukraine, August 15, 2012 --(PR.com)-- According to a recent survey of Top 100 Ukrainian companies conducted by Investgazeta, Ukraine’s most authoritative finance newspaper, and Ekonomika, one of Ukraine’s leading business publish houses, Ciklum ranks 3 in a software development industry rating with the net revenue of USD 38 mln (as est. in 2011). This marks a 60% increase from 2010. The Top 100 Rating evaluates companies in all industry sectors based on such criteria as a net revenue, a net profit, export and import volumes, etc.

Commenting on the company’s success, Roman Khmil, Ciklum’s COO, says: “Today’s growth rate demonstrated by Ukrainian software industry leaders is remarkable. This proves a very high demand for IT and software development services from both within and outside the country. We’re also observing a stable stream of backsourcing orders [when customers transfer their development work from India to Europe] which proves a high quality of services provided by Eastern European vendors. One of the key challenges at this point is the ability of Ukrainian IT industry to scale appropriately to meet this rapidly growing demand.”

The researchers admit that IT market has become one of the most dynamic sectors of the Ukrainian economics with an average annual growth of 30%. None of the country’s other industries develops at such a fast pace. According to the experts, the future outlook is quite positive. In the best case scenario (if the government prioritizes it and creates favorable conditions for transparent business and attracting foreign capital) the Ukrainian IT industry will most likely see a 60% growth rate and will be estimated at USD 7 bln or more in 3 – 5 years.