The longlist of IT subsidiaries of Ukraine’s largest companies was compiled based on Forbes Ukraine’s “30 Champions of Digitalisation” and “202 Largest Companies” ratings. The top ten included those with the highest revenue in 2024, according to YouControl, Ukraine’s leading online company verification service.
According to the publication, the total revenue of the ten IT subsidiaries of Ukraine’s largest companies amounted to UAH7 billion (US$174 million) in 2024. In US dollar terms, this represents a 160% increase compared to the pre-war year of 2021 and a 49% rise compared to 2023. IT subsidiaries are IT departments that have been spun off into separate companies. They are primarily responsible for the internal digitalisation of the business.
The top ten also included Modus X (parent company of DTEK), Nova Digital, Kyivstar.Tech, TemaBit (Fozzy Group), Naftogaz Digital Technologies, IT SmartFlex (Vodafone), Kernel Digital, Mint Innovations (Modern Expo) and Foxteam Digital (Foxtrot).
Metinvest Digital ranked fourth in the rating. The company was founded in 2018 and employs over 800 people.
According to Forbes Ukraine, 2024 was the first year since the start of the full-scale war in which Metinvest Digital showed growth, with revenue increasing by 8% year-on-year to UAH801 million.
For Metinvest Group, the company developed the SPAIS production safety monitoring system, the myOCR document processing software, the Application Warehouse corporate platform for automating business processes, and more.
The most challenging task was the implementation of the SAP ERP system at Metinvest B.V. in the Netherlands. The reason was the unusual nature of the legal processes and the stringent personal data security requirements.
Responding to Forbes’ request for information, the company said: “In the first half of the year, we implemented over 30 projects, both at Metinvest enterprises and for external clients.” The latter include fixed-line provider Ukrtelecom, FUIB bank, the state-owned Medical Procurement of Ukraine, and others.