Last Swedish IT-Company From Forbes Top-2000 Rating Leaves Belarus

It was the last global IT business in the Belarusian market.

A Swedish company - the developer of gambling software Evolution Products Development - liquidated in Belarus at the end of February. According to Plan B., it was the last global IT-business of the Forbes top-2000 level present in the Belarusian market. And, at the same time, it was the ‘daughter’ of the last Swedish company from this global rating in Belarus - Evolution Gaming Group.

Currently, the value of Evolution Gaming Group business, owned by Cayman billionaire Kenneth Dart and a group of institutional investors, is $23.3 billion. In terms of revenue, Evolution is at the top of the second thousand largest public companies in the world.

Both sales and capitalisation of this business, which has made a mind-boggling leap on the back of the growing popularity of online casinos, were somewhat smaller five years ago. It was about five years ago, in 2019, that Evolution Gaming Group decided to start a business in Belarus. It registered a legal entity, entered the Hi-Tech Park, opened an office and recruited about 80 people.

The prerequisites for Evolution Gaming to leave Belarus appeared in the spring of 2023. The company announced a large-scale reorganisation of work. As a result, the position of Process Master was eliminated in the engineering departments of the group of companies. This position was held by about 20 employees, some of whom worked in Belarus. At the same time, the Minsk office started to transform gradually. Some employees were relocated, others were dismissed. In particular, about 20-25 people from QA teams were cut down. The office of the Belarusian subsidiary of Evolution Products Development was closed by the beginning of 2024. Over the past year, the legal processes of leaving Belarus were underway. They finally ended at the end of February 2025.

The company's departure became symbolic. Evolution Gaming Group, according to the current Forbes top-2000, is the last Swedish company that was still on the Belarusian market.

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