29 May 2019
DataArt Secures Funding from DEG
Finextra publishes DataArt’s announcement that it raised equity funding from German development finance institution DEG.
“DEG co-invests alongside DFI-backed Da Vinci Capital, a CIS-focused private equity fund manager with a strong track record in the IT industry. DEG is part of KfW, the German state-owned promotional bank. With a presence of around 80 representative offices worldwide, KfW promotes sustainable finance both in its domestic market in Germany and in international markets, including developing and emerging markets.”
“With 22 locations globally, DataArt employs over 2,800 professionals with the majority located in Eastern Europe. The company is known for its state-of-the-art recruiting system and has several times been placed in the top three “Best IT employer in Ukraine” charts by the Ukrainian Association of Software Developers. DEG is investing to support DataArt’s IT engineering capacity in emerging markets, thereby strengthening technology communities providing high-value career opportunities and facilitating integration into the world economy.”
“DataArt achieved a record annual revenue of $140 million in 2018 with a compound annual growth rate of over 25% for a decade. DataArt has appeared on the Inc. 5000 List of America’s fastest growing private companies in every year since 2010. In 2018, the London Stock Exchange Group recognized DataArt as one of 1,000 Companies to Inspire Britain, a list that showcases some of the fastest-growing and most dynamic enterprises in the U.K. and Europe.Dr. Tilman Kruse, Head of Corporates & Funds for Europe, Middle East & Central Asia at DEG, said:
‘DataArt provides bespoke engineering services for complex IT software projects which can only be achieved by experienced IT personnel. DataArt´s footprint in emerging markets was pivotal to DEG´s investment decision. For example, more than 1,250 IT engineers in Ukraine are currently working for DataArt. We are excited to partner with a company that capitalizes on the strength of the Ukrainian IT sector and the high-quality skills of local engineers, mitigating brain drain risks in countries like Ukraine.‘"