In the modern competive situation on globalized market it is extremely important to find a comparative advantage that could place the company on the edge of rivalry on the market, either internal or international. Many companies face the issue of the lack or unaccessibility of resources. In such circumstances companies can find appropriate solution in outsourcing or offshoring their processes. In addition, many companies not only adopt outsourcing into the working process, but also build their business around Information Technology Outsourcing (ITO) as a core competency of the company. Outsourcing in Information and Communication Technologies (ICT) Industry becomes a leading trend in many areas of economy enabled by fast development of communication technologies.      In this paper we studied outsourcing in general, outsourcing in ICT sector as well as the modern  position of Ukraine on the global ITO market and its perspective of cooperation with Nordic companies.     Theoretical data were analyzed in static, reflecting modern state of affairs in this industry branch, and dynamic way, showing the outcomes of development of the industry in the country during the last few years. Empirical study was fulfilled through a case study. Ukrainian ITO industry was shown as an attractive outsourcing destination for companies from Nordic region, with some drawbacks.