Recently Armenia has been gaining fame as a burgeoning hub for technological innovation. This small but rapidly growing country has been making significant progress in information technology. Although IT as a sector grows around the world, Armenia’s recent focus on it is not by chance. Armenia seeks to diversify its economy and reduce reliance on traditional industries. IT is one of the most logical choices for a country with limited land access to international trade routes.
This post aims to highlight the top 10 IT companies in Armenia that I think are worth keeping an eye on. I studied the press, company websites, LinkedIn profiles, and other sources to make this overview for you. If you think I missed something, share your thoughts with me on Twitter or Instagram with #ArmeniaTravelTips. Let’s dive in!
These are the top 10 IT companies in Armenia:
- Digitain
- PicsArt
- ServiceTitan
- VOLO
- Renderforest
- Krisp
- Synopsys
- DISQO
- Synergy International Systems
- Cisco Systems Armenia
The growth of the Armenian IT sector
Armenia’s IT industry planted its first seeds during the final years of the Soviet Union. During that period, a lot of research and development centers specializing in electronics, computer science, and software engineering were present in the country. Armenia’s strong emphasis on education and technical training created a generation of tech-savvy professionals.
With the dissolution of the Soviet Union in 1991, Armenia faced political and economic challenges. A lot of professionals who were working in research institutions found themselves seeking new opportunities. This is how small software development companies came into existence.
The early 2000s was a pivotal shift for Armenia’s IT sector. The global software development boom was an excellent chance for the growth of tech startups. The country’s educated workforce and relatively low labor cost were attractive to many international investors and clients who were seeking to outsource their software development and IT services.
Keep in mind that Armenia was blockaded by Turkey and Azerbaijan at that time. So, traditional forms of cross-border commerce weren’t easily accessible for Armenian businesses. Therefore, the Armenian government focused on the IT sector and banking as the future of the country. Various initiatives were introduced to encourage entrepreneurship, including tax breaks, grants, and the establishment of IT education hubs like TUMO.
Today there are 2500+ registered software development companies according to 2019 official data. Armenia’s IT industry potential was noticed on the global stage, and Armenian startups are gaining recognition globally. The sector experiences an annual growth rate of about 20% and comprises a 5% share of the country’s total GDP as PwC reports.
Top 10 IT companies in Armenia
Digitain
Digitain is a sports betting and gaming platform technology. As one of many, once-small, Armenian tech startups, the company is now one of the largest B2B companies in Armenia with close to 700 employees and 200+ global partners. Digitain claims to be the Caucasian Silicon Valley. Everyone knows them in the capital city – Yerevan and many young professionals want to work for them. Its Sportsbook has it all – 100,000 live events and 50,000 pre-match monthly events. Giant for our small country!
Not only does Digitain succeed in its own field, but it also actively develops and fosters the IT startup ecosystem in Armenia. It runs DigiTown, a well-known startup acceleration program that supports innovation and development of the talent pool in Armenia.
| Company/link | Revenue | Taxes paid | Employees | LinkedIn audience | Ratings |
|---|---|---|---|---|---|
| Digitain | $182 million | $14,2 million | 670 | 28K+ | Facebook: 4.9/5 |
PicsArt
PicsArt is an Armenian-American IT company known, above all, for their app with the same name. It is based in Miami, Florida, and, of course, in Yerevan, Armenia. The tech company specializes in online photo and video editing applications used by social media users and creators around the world. Today, the company has over a billion downloads. PicsArt is available in 30 languages for free. On iOS, Android, and Windows devices it is subscription-based for those who want to use its premium features. SoftBank, Sequoia Capital, DCM Ventures, Tribe Capital, and many other large venture capital funds back the company.
| Company/link | Revenue | Taxes paid | Employees | LinkedIn audience | Ratings |
|---|---|---|---|---|---|
| Picsart | $30 million | $7.2 million | 204 | 14K+ | Glassdoor reviews: 3.2/5 |
ServiceTitan
ServiceTitan is the first tech unicorn founded in Armenia. It started with the simple idea of founders to streamline their fathers’ home service businesses. Now it is transforming the entire home services industry, including plumbing, HVAC, garage doors, etc. The company services include dispatching, custom reporting, marketing automation, etc. Today, ServiceTitan is the world’s leading and fastest-growing software technology platform for the trades. The company’s worth is a whopping trillion dollars.
| Company/link | Funding via Crunchbase | Taxes paid | Employees | LinkedIn audience | Facebook followers |
|---|---|---|---|---|---|
| ServiceTitan | $200 million | $2 million | 22037 globally | 50K+ | 8.2K |
VOLO
Volo is a software development company. The company was established 16 years ago and has close to 300 employees in 3 different countries. It is one of the leading players in the Armenian tech market. Services include tech consulting, software development, cloud enablement and DevOps, etc. Not the most desired employer on the market since the results of their work are only visible in the B2B world, so people don’t get how cool is what this company can do. But I think they’re definitely worth looking at if you’re looking to understand our IT industry.
| Company/link | Revenue | Taxes paid | Employees | LinkedIn audience | Ratings |
|---|---|---|---|---|---|
| VOLO | $19.4 million | $1.4 million | 276 | 18K+ | Facebook rating: 4.9/5 |
Renderforest
Renderforest offers powerful tools to digital creators for editing and processing amazing video content. The company started in 2013 as a small team. Since that time, the number of signed-up users grew to 3 million and over 6 million videos were created. Renderforest is becoming a name globally with such companies as General Electric, Vodafone, PepsiCo, and Ericson using their services. This is clearly one of the most exciting IT companies in the Armenian ecosystem because the future is in video when it comes to online content.
| Company/link | Revenue | Taxes paid | Employees | LinkedIn audience | Ratings |
|---|---|---|---|---|---|
| Renderforest | $10.2 million | $1.5 million | 113 | 10K+ | Facebook rating: 4.8/5 |
Krisp
Krisp is an AI-powered noise/voice and echo cancellation technology provider. Their extension can be used by anyone who uses apps like Teams, Skype, Zoom for online meetings. The coolest thing about Krisp is that if you have it, with a click of a button you can cancel the background noise at both ends of the call – from your side as well as from the side of the person you’re calling.
Since it helps people and businesses to be heard clearly during online meetings, and given the increased popularity of remote work since 2019, it’s clear that their software solutions are in great demand around the world. Krisp services are free for individuals and cost $8 per month/seat for professionals. And their integration with all the major online meeting software providers allows them to seamlessly step into more or less any corporate business.
| Company/link | Revenue | Taxes paid | Employees | LinkedIn audience | Ratings |
|---|---|---|---|---|---|
| Krisp | $9 million | $1.6 million | 235 | 31K+ | Facebook rating: 4.1/5 |
Synopsys
With over 850 employees, Synopsys Armenia is one of the largest IT employers in Armenia. Their office in our country is also one of the largest Synopsys sites outside the USA. Its services include R&D and product support for electronic design automation (EDA), design for manufacturing (DFM), and semiconductor intellectual property (IP). In 2010 The US Secretary of State recognized Synopsys Armenia with an Award for Corporate Excellence among only 12 other finalists worldwide. Without a doubt, this played its role in the industry in putting Armenia on the IT map of the world.
| Company/link | Revenue | Taxes paid | Employees | LinkedIn audience | Facebook followers |
|---|---|---|---|---|---|
| Synopsys | N/A | $10 million | 850+ | 1.1K+ | 6.7K |
DISQO
DISQO is an audience insights platform that has the largest first-party consumer panel in the USA. The number of lifetime consumer members is more than 20M. DISQO offers automated and managed services to query consumers and learns from their opinions. Notably, it conducts more than 10 million surveys a year and is considered the world leader in this field. The company is a data provider for the world’s largest market research agencies, think tanks, and Fortune 500 brands. DISQO is among America’s best startup employers according to Forbes and Statista. The company was founded by three Armenians in Glendale in 2015, where its headquarters are currently located. In Armenia they have a large office attracting some of the most dynamic talents in the country.
| Company/link | Revenue | Taxes paid | Employees | LinkedIn audience | Facebook audience |
|---|---|---|---|---|---|
| DISQO | N/A | $1.05 million | 354 | 18K+ | 7.2K |
Synergy International Systems
Synergy is an international software company with a headquarter in Washington, D.C., and a Development and Global Learning Center in Yerevan, Armenia. Interestingly, it has worked in more than 80 countries, and I’m extremely proud that they decided to centralize their Global Development work in Yerevan. Synergy provides domain-focused solutions for justice, monitoring and evaluation, public finance, and social protection to help government and nonprofit institutions worldwide.
| Company/link | Revenue | Taxes paid | Employees | LinkedIn audience | Facebook audience |
|---|---|---|---|---|---|
| Synergy | $14.8 million | $1.8 million | 257 | 8K+ | 14K |
Cisco Systems Armenia
Cisco Systems, Inc. (known as Cisco) is of course not an Armenian startup, but it plays a significant role in our IT sector. It’s an American multinational technology corporation headquartered in San José, California that develops, manufactures, and sells networking hardware, telecommunications equipment, and other high-technology services and products. It has an office in Yerevan, Armenian located in the same building as the American University of Armenia. Unsurprisingly, they manage to attract some of the best professional talents in the country.
| Company/link | Revenue | Taxes paid | Employees | LinkedIn audience | Facebook audience in Armenia |
|---|---|---|---|---|---|
| Cisco | $56.99 billion | N/A | 99327 globally | 6 million+ | 1.5K |
Wrapping up
Considering the favorable local and global environment, the IT sector in Armenia is very prospective. As you may have noticed, lots of local IT companies in Armenia have global origins. Notably, the number of those headquartered in the USA is notable, but they open local offices in Armenia and pay local taxes, and that is great. If you yourself are in the IT industry, and you’re considering relocating your business (or its part) to Armenia, I think you may want to reach my post about Armenian citizenship by investment. If Armenia is just a place to visit for you, take a look at 7 hidden places in Armenia that are absolutely worth a visit. Build your business and enjoy Armenia! And as always, feel free to ping me on Twitter or Instagram with #ArmeniaTravelTips.
Please help me make Armenia more popular!
