IDAP Group, a Ukrainian developer of web and mobile applications, has been acquired by Globaldev Group, an international IT company. This was reported to Forbes Ukraine by the press service of Mergewave Capital, which represented Globaldev Group in the deal. IDAP’s clients include Coca-Cola, Red Bull, Mitsubishi, and Turk Telecom.

Details:

• Globaldev Group expects the IDAP team to strengthen the company’s position in the mobile development market, complementing its key areas of web development, data processing and artificial intelligence, said Dror Haar, CEO of Globaldev Group.
• This acquisition is the third investment by Globaldev Group since the beginning of the Russian invasion of Ukraine.
• “The deal is an important step for both companies. IDAP’s valuation was based on the market average EBITDA multiple. The structure of the deal provides for the gradual integration of IDAP into Globaldev Group with a full buyout within a year,” Artem Mirgorodsky, investment director at Mergewave Capital, told Forbes.
• According to him, the deal was closed in record time – in three months, including due diligence.
• The M&A market in software outsourcing is reviving, and new deals may soon appear, said Vladimir Pirozhenko, managing partner at AVentures Capital, which acted as an advisor to IDAP Group.

Context

IDAP Group, a Ukrainian company founded in 2013, has offices in Kryvyi Rih and Kyiv. The company specializes in developing mobile and web applications for such industries as healthcare, fintech, logistics, and media, with a strong track record and client portfolio. The company employs about 100 people and is actively developing its iOS business.

Globaldev Group, founded in 2009, provides software development services, including engineering, design, custom solutions, reengineering, support, and updates. The team consists of more than 450 specialists.

Since 2021, Globaldev Group has included four Ukrainian companies – X1 Group, Skywell, Steelkiwi, and Worknest. Since 2022, the company has had technology hubs in Ukraine, as well as in Portugal and Poland.