A new player broke into the IT outsourcing market: blockchain development company Dexola. Currently, it employs 60 people with offices in Ukraine, Europe, and around the world, but its founders aim to increase the staff to 200 people in the next 5 years and then go public.
Dexola is incorporated in the United States as it has a strong focus on this market. It was established as a result of a partnership agreement between a large outsourcer Trinetix and the TechBand team, whose specialization was blockchain development.
TechBand ex-CEO Anton Vokrug shared the details of the partnership and the new company.
Please tell us about TechBand: your activities, type of product, number of employees, business model.
Anton Vokrug: TechBand is an IT outsourcing brand with a team of 40-50 people, founded in 2018. Our main domain was blockchain technologies and artificial intelligence. We developed DeFi projects, crypto wallets, NFT projects, and even games with different cryptocurrency mechanics, as well as a variety of AI solutions, etc. We are still under NDAs for some projects and partnerships.
We had enough work to do and were increasingly growing as there are few blockchain and AI specialists in Ukraine, as well as around the world. We gradually trained professionals within the company. Our work was highly rated.
How long did it take to conclude the deal and what kind of deal was it? Did Trinetix take over TechBand?
Anton Vokrug: In total, the whole process from the first commitment to the final signatures on the registration documents of the new US-registered corporation took 4-5 months, while the integration and coordination of all matters is still ongoing, which obviously takes time.
After the new company was established in partnership with Trinetix, the TechBand brand ceased to exist, with only the website remaining. Today, all operations and business activities are conducted through our new Dexola company.
I am not authorized to disclose the details and terms of the agreement of establishing the new company. This agreement was executed in compliance with the Western practice, so all partner shareholders are under NDAs. My business partner and I got shares in the new corporation. I cannot disclose what kind of shares.
Please share with us how the full-scale war affected the negotiations, actual signing of the deal and launching the new company.
Anton Vokrug: We had initiated some discussions about selling the team or partnering with someone even before the war in Ukraine started, and of course, the outbreak of the full-scale invasion slowed down these negotiations. However, when it became clear that the world had changed and things would never go back to the old days, we resumed negotiations. We agreed on the terms, got the first commitment, and started providing Trinetix-team with all the necessary information about customers, projects and products, technology stacks, business models, operational processes, introducing the team, etc.
I remember when the first attacks on the power infrastructure of Kyiv and the region started, I kept asking if we were still moving on (since the team was mostly located in Kyiv – ed.) The answer was always positive.
We were lucky to have such new partners who, like us, had guts and determination to enter this deal. The power outage definitely slowed down certain processes, but we already had large batteries that allowed us to work without power for a long time.
Our operational activities, delivery, and any other matters were at a high level, so the process was quite smooth and relatively quick. Overall, the negotiations and all the preparations for the establishment of a new partnership and corporation took about 4-5 months, which is typical according to statistics.
Could you tell us about Dexola: what kind of company is it, where is it registered, what is its staff, and what are your hiring plans?
Anton Vokrug: Dexola is a new TechBand with new partners who will support the company in building new management processes, achieving new goals, and entering new markets, such as the USA and Canada. These are the most attractive regions for IT companies.
By now, most of the team has already been relocated to the European Union and the United States, where our local offices have been opened, and we are working on attracting new enterprise clients.
Why does a company need an IPO?
Anton Vokrug: IPO is the dream of every IT business person, and I don’t even know what you can dream of more than going public successfully. This is a long-term goal.
Speaking of short-term goals, we aim to become one of the top 3 blockchain development companies in the world. The blockchain industry is not as competitive as standard IT outsourcing, so it is quite possible to become the leader in this market, overtaking others.
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