Kyivstar buys Ukrainian cloud provider GigaCloud for up to $50M
What's the deal? KyivstarDealroom has a profile for this one. Try Dealroom →, Ukraine's Nasdaq-listed digital operator, has agreed to acquire GigaCloudDealroom has a profile for this one. Try Dealroom →, one of the country's leading cloud infrastructure providers, in a deal valued at up to $50 million. The transaction combines Kyivstar's connectivity with GigaCloud's cloud and cybersecurity services, and completion is subject to customary closing conditions.
What each side brings: Founded in 2016, GigaCloud serves more than 1,800 enterprise customers across Ukraine and Poland. Kyivstar, part of VEON GroupDealroom has a profile for this one. Try Dealroom →, adds an established cloud business to its growing digital portfolio.
The numbers: On unaudited management accounts, GigaCloud reported roughly $14 million in revenue and $4.7 million in EBITDA for 2025 — a margin near 34%. The purchase comprises a $41 million acquisition price, up to $4 million in deferred debt, about $3 million in performance-related consideration, and up to $2 million in capital expenditure reimbursement.
Why now? Kyivstar has been building beyond telecoms through acquisitions including ride-hailing platform UklonDealroom has a profile for this one. Try Dealroom → and healthcare platform Tabletki.uaDealroom has a profile for this one. Try Dealroom →. Its own cloud business grew 34% year over year in the second quarter of 2026, and in June it agreed with Ukraine's Economy Ministry to explore a sovereign, AI-ready data center.
What's the endgame? The deal strengthens Kyivstar's sovereign cloud capabilities and creates a platform for AI-enabled services aimed at Ukrainian businesses and public institutions. GigaCloud will operate as a separate unit, keeping its brand, management, and founders.
"By combining these capabilities with our connectivity, customer reach and investment capacity, we can help more businesses modernize their operations and build a larger enterprise technology business," said Oleksandr Komarov, president of Kyivstar Group.
What could go wrong? Ukraine's competition authority approved the control transaction in July, but required that GigaCloud services remain available regardless of a customer's internet provider. The payoff hinges on whether Kyivstar can cross-sell services while honoring that condition.
The signal: Rather than building organically, Kyivstar is buying an operating cloud business — a bet that controlling critical infrastructure will anchor its shift from telecom operator to digital services group as demand for sovereign cloud grows.
Read more: centralcharts.com
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