A Swiss investment company has bought shares in international GlobalLogic, one of the three most profitable Ukrainian tech firms, and one the biggest employers in Ukraine’s tech sector.
The Ukrainian software developer has a market capitalization of around $2 billion.
Swiss Partners Group on May 23 announced it had acquired 48 percent of GlobalLogic shares, which, given the company’s price on the market, means the deal cost about $1 billion.
“Partners Group has a long and successful track record of working with high-growth companies, and we are very pleased to have an investor that understands our business and shares our vision of building an even stronger company,” said Shashank Samant, GlobalLogic’s CEO on May 23.
With Partners Group on board, the company now looks to continue to grow its business, especially in Europe.
Partners Group is reckoned to be one of the world’s biggest investment companies, with its capital reaching $74 billion. It bought the equity through its daughter Private Equity. The shares used to belong to a British private firm, Apax Partners, which obtained them in 2013.
Partners Group and another shareholder, Canada Pension Plan Investment Board, now have the same amount of GlobalLogic shares.
“Digital transformation throughout the economy is driving demand for next-generation product engineering services, a long-term trend we expect to continue for many years,” said Todd Miller, a managing director at Partners Group.
GlobalLogic, with its Ukrainian staff of around 3,500 people, is one of five biggest employers of the Ukrainian IT industry. It develops software and provides other tech services for automotive, healthcare-related, media, and telecom companies.
GlobalLogic headquarters in California, the United States and, apart from its four offices in Ukraine, has branches in India, Argentina, Poland, Israel, Canada, Slovakia, Croatia and the United States. It employs 12,000 people worldwide.
In 2017 the company showed 20 percent growth, earning $500 million; and has thus doubled revenues since 2013. In Ukraine, GlobalLogic is in one of three most profitable tech companies, alongside Infopulse Ukraine and EPAM.