SLASKIE, POLAND – Euvic Group, one of Poland’s largest IT service companies, has acquired a 25.1% stake in WeExpert, a Ukrainian platform designed to help freelancers legalize their income from platforms like UpWork, Fiverr, and Toptal while minimizing taxes.
This acquisition, announced by WeExpert’s CEO Yurii Gulets in an interview with Forbes Ukraine, is part of Euvic’s ongoing expansion in the Ukrainian market.
WeExpert simplifies the freelancing process by allowing professionals to work with clients without needing to establish a formal business entity, thereby streamlining invoicing and compliance.
This strategic investment by Euvic marks their fifth acquisition in Ukraine since the onset of Russia’s full-scale invasion.
A strategic partnership to boost growth
Euvic’s decision to invest in WeExpert was driven by the platform’s innovative approach to supporting IT freelancers.
According to Łukasz Czernecki, vice president of Euvic SA, the company’s interest was piqued by WeExpert’s deep understanding of IT specialists’ needs and its ability to connect these professionals with business sector demands for high-quality services.
Founded in Wroclaw in 2022 by Gulets, Roman Bezzubchenko, Serhii Pronin, and Yehor Yehorov, WeExpert has rapidly grown, boasting a network of over 530 freelancers and more than 2,000 clients within just 18 months. The platform reported over $6 million in revenue in 2023, with an additional $4 million earned in the first half of 2024.
The investment, totaling $1.7 million, is expected to strengthen both companies. Gulets emphasized that the partnership with Euvic will not only enhance WeExpert’s business margin but also elevate its market presence.
“Now, all freelancers who have lost a customer or wish to change projects can secure new opportunities through Euvic,” Gulets stated.
Euvic’s expansion into the Ukrainian market has been significant, with previous acquisitions including Exoft, Artkai, 7Devs, and Lampa Software. The company’s revenue reached $320 million in 2022, nearly doubling from $184 million in 2020, showcasing its rapid growth and strategic investments in the region.
