In the first three and a half months of 2026, Brent crude oil prices have already dropped to $56, surged to $119, and then returned to around $95. More than 200 loaded tankers are currently stuck in the Persian Gulf, unable to pass normally through the Strait of Hormuz.
The Hormuz Shock: Why the Strait Blockade Is Changing the Rules of the Oil Market Read More »
On February 26, 2026, Ukraine’s national electronic communications operator Kyivstar officially announced the acquisition of the regional Internet provider ISP SHTORM LLC (brand Shtorm). The transaction is aimed at strengthening Kyivstar’s fixed-line capabilities and expanding the geography of its digital services.
Analysis by Artem Shcherbyna, Investment Director at Capital Times
Global Markets at the Peak of Euphoria: What’s Next? Read More »
Donald Trump has stirred up the markets (once again) with his decision to postpone the introduction of tariffs above 10% on goods from around the world. Postponing does not mean canceling. China became the only country to receive ultra-high duties and, de facto, stopped any trade relations with the United States.
Trump’s tariffs: the way to fragmentation of the global economy Read More »
Traditionally, at the end of the calendar year, global investment banks publish their annual economic and investment forecasts for the upcoming year. These reports serve as a roadmap for many investors in international stock assets. An industry standard is forecasting the dynamics of the most well-known stock index, the S&P 500. We reviewed reports from
How to Invest in 2025: The Optimal Asset Portfolio Read More »
1. Gold will update historic highs Gold will update historic highs at $2800-2900 per oz. in 2025. Such expectations are based on strong demand from central banks, as well as existing economic and inflationary risks in the world.At the end of 2024, the all-in sustaining cost of gold (AISC) was $1,647 per ounce, which is
5 predictions for the global capital market in 2025 Read More »
What are the reasons for the weakening of the global IT market and is it worth investing in service companies? To answer these questions, Artem Shcherbyna, Chief Investment Officer at Capital Times, and Sofia Golubtsova, investment analyst at the company, conducted a study analyzing the latest quarterly reports of the world’s leading IT service companies and public comments by their CEOs. Here is the analysts’ conclusion
The victory of Donald Trump in the U.S. presidential election has led to a drop in oil and gold prices, while cryptocurrency has reached a new historical high. What’s going on, and how long will this trend last?
Capital Times acted as the exclusive financial advisor to Sirma Group Holding JSC, a leading publicly traded Bulgarian software development company, in acquiring a 51% stake in Roweb Development SA, a Romanian IT Services provider.
Capital Times acted as the exclusive financial advisor to Sirma Group Holding JSC Read More »
Capital Times: Supporting the Children of Heroes Together Serge Hancharevich 🇺🇦 , Managing Partner of Capital Times , has been a co-founder of the Children of Heroes Charitable Foundation since its inception.. To date, the Foundation cares for more than 9,500 children from all over Ukraine, and this number continues to grow. The Foundation’s mission
In the first half of 2024, Globalscope Partners Ltd, which unites 55 independent M&A companies, closed 71 deals with a total value of over 5.1 billion USD. We are proud to be a part of Globalscope Partners Ltd, as this result demonstrates the strength and efficiency of our joint efforts. We continue to strive for
Serge Hancharevich 🇺🇦, Managing Partner of Capital Times, participated as a speaker in the panel discussion “Investments and M&A in IT Business: Market Overview and Strategic Forecasts,” which took place as part of the IT Ukraine GR Conference. During the discussion, several key issues concerning the future of the IT market in Ukraine were addressed:✔
The award was granted by the international British magazine, Global Banking & Finance Review. The Global Banking and Finance Awards were established in 2011 to recognize significant changes in the global financial community. We congratulate our team on such a high recognition of Capital Times’ work in the Ukrainian market. This recognition is a result
Capital Times is the winner in the Best M&A Advisory Ukraine 2024 category! Read More »
Capital Times is a member of the Ukrainian Venture Capital and Private Equity Association (UVCA) Since 2014, the Ukrainian Venture Capital and Private Equity Association has been promoting investment opportunities, advocating for the interests of private and venture capital investors, and improving the investment and business climate in Ukraine. We are pleased to re-join UVCA
We are excited to share some great news! Capital Times has become a member of the IT Ukraine Association. For Capital Times, the IT sector is a priority for M&A in Ukraine. In recent years, deals in this sector have led in both quantity and value. Despite market transformations, we see significant potential and opportunities
Capital Times has become a member of the IT Ukraine Association Read More »
From the interesting:🔹Bank Lviv is the first Ukrainian bank to attract new equity capital from foreign investors during the wartime changes – There is a financial resource for Ukrainian business within Ukraine. This is especially important for energy efficiency 🔸Ukrainian business is growing, but is mostly on the verge of profitability. The cost component has
On June 28-29, the Mind Invest Summit was held in Lviv, with Capital Times as a partner. Read More »
Slavomir Troian, Director of the Polish office of Capital Times, participated in the Ukraine Tech Meeting held on June 26, 2024, at the Google Campus Warsaw. The meeting brought together key figures of the Ukrainian technology sector, including startups, well-known companies, government officials, and investors. The goal of the Ukrainian Tech Meeting is to foster
On June 25th in Chișinău, Serge Hancharevich , Managing Partner at Capital Times , conducted a workshop for owners and top managers of the Moldovan IT sector on the topic “Understanding M&A: When and Why IT Companies Need M&A Deals.” The meeting discussed the following issues:✔️ Benefits of M&A for IT companies✔️ Valuation of IT companies: key metrics✔️
Understanding M&A: When and Why IT Companies Need M&A Deals. Chișinău Read More »
In 2024, the technology industry will remain the most attractive for investors and a leader in the number of M&A deals. This year, approximately 60-70 deals are expected, with 19 already completed. For comparison, the real estate sector currently holds the second place with six M&A deals. Sergey Goncharevich, founder and managing partner of Capital Times, discussed this and much more at the webinar “When and Why IT Companies Need an M&A Deal” organized by the IT Ukraine Association. Mind took notes of the most interesting points.
During the Invest Talk Summit-2024, held in Kyiv on May 18, Artem Shcherbina, the Investment Director at Capital Times, shared insights on what to expect from investments in Ukraine and worldwide in the coming years.
What to expect from investments in Ukraine and worldwide in the coming years Read More »
The National Bank has recently announced the most significant easing of restrictions for businesses since the beginning of the full-scale war. Artem Shcherbina, the Director of Investments at Capital Times, analyzed for Mind how this will affect the latter and what implications it will have for the economy.
The NBU and its easing: what should businesses expect from these steps of the regulator Read More »
In February of this year, the volume of IT exports from Ukraine decreased by 5.3%. Analysts observe a devaluation of nearly all global IT giants. Under such conditions, M&A becomes arguably the only scenario for business development during challenging times.
Development Strategy. Subtle Signs that IT Companies Should Consider M&A Tools Read More »
Globalscope Partners closed a total of 178 deals last year with a combined value of $8,575,583,827 USD. Globalscope is a worldwide network of M&A firms specializing in middle-market transactions. According to Martijn Peters, Globalscope President, the number of transactions in 2023 was 14 percent lower than the volume of deals closed in 2022, reflecting a downturn
The National Bank has recently cut its key policy rate from 15% to 14.5%. The previous rate cut took place back in December last year, preceded by several rounds of cuts over the course of six months. Artem Shcherbyna, Chief Investment Officer at Capital Times, explains why the NBU took this step again after maintaining the discount rate at 15% in January 2024, how it will affect the Ukrainian economy, and whether we should expect similar steps from the regulator in the near future.
The trend of falling demand in the IT sector and, as a result, falling company values will continue in the coming years. Serge Hancharevich, Managing Partner of Capital Times, tells how to correctly assess the value of an IT business in a recession in his column for AIN.UA.
Can trees grow to the sky? How to correctly estimate the value of an IT business Read More »
Global stock indices have risen by 15-25% since November 2023. What is the reason for this optimism and why a possible stock market decline is a great opportunity for new investments in the capital market? Artem Shcherbyna, Chief Investment Officer at Capital Times, tells us.
The event showcased the incredible dynamism, resilience, and competitiveness of the Ukrainian tech sector. Ukraine continues to establish itself as a high-tech, skilled, and cost-competitive tech economy with a multitude of cutting-edge companies. The event had a primary objective: to highlight Ukraine as a thriving destination for both commercial and pro-bono opportunities. It also aimed to
The Supervisory Board of the Foundation will comprise the Managing Partner of Deloitte in Ukraine, the Co-Founder of Preply, and several other prominent community leaders. The Children of Heroes Charity Fund, dedicated to offering long-term support to children who have lost one or both parents due to the full-scale Russian invasion, commenced its operations in
Last year, in August, we presented our annual Macroeconomic Survey Ukraine 2022-2024. Capital Times was among the few organizations that dared to assess the current state of Ukraine’s economy and forecast the course of events both on the frontline and in the national economy. We would like to remind you that from the beginning of the full-scale invasion until the beginning of 2023, official statistics have hardly been published.
Macroeconomic Study Ukraine 2022. Expectations realized in 2023 Read More »
Carlsquare, our partner in the Globalscope Partners network, has been recognized as the best performer in the German M&A market in terms of deal activity in the first half of the year. According to the analytical agency Mergermarket, Carlsquare concluded the largest number of deals in the first half of 2023 and topped the table
Carlsquare recognized as the best company in the German M&A market Read More »
Looking back, we can confidently say that we have chosen the right direction, which has led us to become a strong player in the Ukrainian M&A market and actively explore new horizons abroad. Today, Capital Times is a reliable financial partner, a professional team of experts, advisors and analysts with many years of experience, qualitatively
Outsourcing is a critical strategy for companies that can statistically reduce costs by 30-50% and increase business efficiency by 50-70%, while providing a range of benefits: Therefore, outsourcing is an effective tool for achieving business goals, especially for companies operating in the financial sector. However, the guarantee of the best results is a thorough analysis
Advantages of Outsourcing: Increased Efficiency and Reduced Costs Read More »
Globalscope Partners Ltd., a worldwide network of M&A firms specializing in middle-market transactions, closed 203 deals last year with a combined value of $20.8 billion USD. The 2022 revenue tally is the highest in the network’s 35-year history.
Revenues came from a wide range of countries and diverse business categories, but the Life Sciences and Consumer sectors proved to be the highest-performing categories, while Industrials also performed well.
The Ukrainian IT market is in trend despite the overall decline.
Mergers and Acquisitions: Market Decline in 2022 and Opportunities in 2023 Read More »
On Jan. 4 in Dallas, U.S.-based J. Sloan & Co. announced the sale of Pumps and Controls, a U.S. wholesale water treatment equipment supplier owned by Peninsula Capital Partners and Ridge Capital Partners management. The buyer was an industry company with engineering expertise, technical support, and service capabilities for a wide range of products, including
Capital Times acted as analyst research expert in international M&A deal Read More »
After the party, comes the hangover. Rising interest rates, surging inflation and war in Europe have given global dealmakers a thumping headache. Worldwide, mergers and acquisitions totalled USD 3.6trn in 2022, down 38.8% from 2021’s record-smashing USD 5.9trn. Compare 2022 with the pre-pandemic five-year average (2015-19) – before the easy-money policies following Covid’s onset supercharged dealmaking in 2H20 and 2021 – then deal value this year is 9.3% lower.
A review of public Application Software company valuation metrics in Europe, UK and the US
Silverpeak Q4 2022 Benchmark report: Further stabilisation and the first signs of growth Read More »
Capital Times acted as an exclusive financial advisor to Biosphere Corporation, a leading Ukrainian manufacturer and distributor of household and hygiene products, on the acquisition of the well-known European brand ALUFIX and a plant in Romania.
Capital Times acted as an exclusive financial advisor to Biosphere Corporation Read More »
SteelKiwi has joined a big international IT group with offices in the US, Europe, and the Middle East and will work as an independent business unit, focusing on full cycle Web and Mobile applications development. With a team of 100+ professionals and many international customers, SteelKiwi will provide the additional capabilities for development of the international IT group.
Capital Times project team: Dmytro Baranovskyi (Vice President), Vladyslav Sharyha (Senior Investment Analyst), and Mark Reiter (Business Development Manager).
According to our core scenario* nominal GDP of Ukraine is estimated as $145 bn (muсh lower from $200 bn in 2021) and the real GDP could decrease by 34% in 2022. Looking forward, the Ukrainian economy will be developing between $130-160 bn in 2023-2024 and recieving great amounts of financial support from external funds for budget finacing and infrastructure reconstruction.
Ukrainian economy could return to pre-war levels not earlier than in 2026 Read More »
By February 24, 2022, about 37 million people lived in Ukraine, including 2.5 million citizens in the occupied territories of Donetsk and Luhansk regions and in Crimea.
According to UN data, 8.8 million Ukrainians have left Ukraine since the beginning of the war. 3.3 million have already returned. Therefore, there are still 5.6 million in other countries. Half of them are economically inactive: children under 18, men and women over 65. About 2.8 million Ukrainians can work abroad, but to date, only 25-30% of officially registered refugees have found employment.
Serge Hancharevich, a managing partner of Capital Times, was a speaker in the programme “Corporate Director” of CGPA – Corporate Governance Professional Association. He spoke about such questions as how to make a decision, how and where (which bank) to attract credit funds to a company for business expansion and entering related market segments. The
Capital Times Becomes Official Partner of the Children of Heroes Charitable Foundation The mission of the Foundation is to support children left orphaned during the war with Russia, provide them with care, warmth, and security, give them a good education and take care of their future happy life. All of Ukraine is indebted to them and their
Capital Times Becomes Official Partner of the Children of Heroes Charitable Foundation Read More »
Thousands of businesses worldwide rebounded during 2021 from the impact of the Covid-19 pandemic throughout 2020. Hundreds of those companies successfully utilized members of Globalscope Partners, a network of 55 international M&A firms, resulting in a new Globalscope record for M&A transactions. There were 226 transactions executed across a wide variety of industries and sub-sectors, valued
On April 27-30, Globalscope Partners held another Spring conference in Munich. Carlsquarewas the host. Meetings and discussions of M&A activities by sectors of the economy were traditionally held at the conference, as well as a review of transactions of companies participating in the network. Capital Times has recorded a video showing the truth about the
On April 27-30, Globalscope Partners held another Spring conference in Munich. Read More »
Highlights of the report: Activity in the M&A market of Ukraine at the end of 2021 has become a record one in recent times. The TMT sector remains the most active in the Ukrainian M&A market in 2021. The number of deals increased by 65% compared to 2020. The agriculture sector remains traditionally active in
The Capital Times team has prepared a report on M&A deals in Ukraine in 2021. Read More »
Key points: activity in the M&A market of Ukraine at the end of 2021 has become a record for the last time 205 deals were closed (together with deals in venture capital), with a total value of $2.5 billion+ business valuation in M&A transactions depends on the type of business and its sectoral characteristics the
The British international financial magazine Acquisition International has announced the winners of the M&A Awards 2021. Capital Times has been named the Best Investment Banking Firm in Ukraine. “M&A have become consequential in order to create wider opportunities for businesses who wish to stand out and escalate their growth in a rapidly changing and competitive
International experts named Capital Times the best investment banking firm in Ukraine Read More »
● Zelena Dolyna agricultural complex is raising a EUR 15 million loan from the European Bank for Reconstruction and Development (EBRD) to support eco-friendly expansion.● The project includes the construction of a new dairy farm compliant with EU standards, an increase of grain silo capacities, the land bank expansion, and the purchase of energy-efficient agricultural machinery.● EU-backed FINTECC
As a part of the forum topic “Prospects for the development of the Ukrainian economy in 2022”, Sergey shared his analysis of the M&A market for 2021, spoke about the possibilities of attracting investments for Ukrainian business owners, and gave a forecast for the development of the M&A market for 2022. The full video can
Serge Hancharevich Managing Partner of Capital Times, spoke at the final of the CGPA Corporate Director program Last week, the final of the CGPA Corporate Director program was held in the form of a simulation of a board meeting in which Sergey Goncharevich took part as a speaker. He invited participants to decide on the
What is the future of M&A advisory for Capital Times amid a concerning trend when medium-size businesses try to perform M&A deals in-house? Read the article in Forbes In March 2020, Serge Hancharevich, managing partner of Capital Times faced a new challenge. It wasn’t just the COVID-19 pandemic-related problems. Serge had to split the Company with his
This year’s Study by the investment bank Lazard focused both on challenges and expectations of industry leaders related to the pandemic and their overall strategic priorities for the pharmaceutical business. 171 C-level executives and 29 investors across 3 pharmaceutical sectors as Biopharmaceutical, Medical Devices and Diagnostics, and Healthcare Services were interview during the Survey. Read
Serge Hancharevich, Founder and Managing Partner of Capital Times, was a speaker in the CGPA Corporate Director program. With the program participants, Sergey discussed the company’s interaction with investors, the development of a business financing strategy. He spoke in detail about the existing sources of financing and what are the prerequisites for attracting capital. Capital
Capital Times served as an advisor for Ascet Shipping in a deal to raise financing for a purchase of self-propelled vessels for river-sea navigation under the NBL-90 project. The barges are 90 meters long with a total load capacity of almost 6,000 cubic meters each. They are designed for the transportation of general and bulk
Ukraine’s Finance Ministry has published an updated macroeconomic overview titled Ukraine: Investor Presentation September 2021 The document covered the following topics:– Performance of the country’s key economic indicators– Extensive governmental response to tackle Covid-19 impact– Status of cooperation between Ukraine and the IMF– Data for the external trade in January-July 2021– Economic data and forecasts related to Ukraine’s medium-term development. Please
Macroeconomic forecast. The Ukrainian economy is expected to follow the base case positive scenario in 2021-2022, while in 2023 there will be a period of rising risks for macroeconomic stability. Base case forecastThe Ukrainian nominal GDP will reach $183 billion for the full year of 2021, while real GDP growth is expected at 4.3%. The main
Ukraine in 2021-2024. How the Economy Will Perform? Read More »
Kyiv UKRAINE
Bohdana Khmelnytskoho St. 17/52 4th floor
+38 044 499 88 34
office@capital-times.com
Chisinau Moldova
+37 378 244 477
md@capital-times.com
Limassol Cyprus
+ 357 97 988 087
office@capital-times.com