MODUS X Leads Among Corporate IT Subsidiaries in Ukraine: 2024 Revenue Reaches UAH 1.8 Billion

According to a joint study by Forbes Ukraine and KPMG in Ukraine, MODUS X topped the ranking of IT companies established by major businesses to drive internal digital transformation. In 2024, the company reported the highest revenue among its peers — UAH 1.8 billion, a 41% increase compared to 2023.

Over the past year, MODUS X has demonstrated rapid growth, evolving from an internal innovation hub into a fully-fledged IT company with export potential. Among its key achievements are the launch of new solutions for DTEK in the areas of power generation forecasting, digital document management, cybersecurity, process automation, and generative AI.

“What we develop for DTEK can be adapted and sold externally. At the same time, the Ukrainian market is slowing down — due to the broader economic downturn, expanding our portfolio locally is becoming increasingly difficult. That’s why we’re exploring new markets in Europe and Central Asia. It’s a challenge, but also an opportunity,” said Dmytro Osyka, CEO of MODUS X.

The company is actively growing its external client base. In 2024, MODUS X worked with 14 external clients, and in the first half of 2025 — 12 more. Clients include major players in the banking, agriculture, pharmaceutical, and retail sectors, with telecom next in focus.

As of the end of 2024, the combined revenue of the 10 largest IT subsidiaries of Ukrainian companies reached UAH 7 billion (approx. $174 million), up 49% from 2023. MODUS X held the largest share of this total.

Other companies featured in the ranking include Nova.Digital, Kyivstar.Tech, Metinvest Digital, TemaBit, Naftogaz Digital Technologies, among others.