TALLINN – Estonian software company Helmes has signed an agreement with the Latvian technology and entertainment company Tet to purchase all the shares of their development services subsidiary T2T.
The purpose of the transaction is to accelerate growth and attract new employees and strategic customers, Helmes said. By agreement of the parties, the price of the transaction will not be disclosed.
T2T is a software development company that has been operating independently of Tet, formerly Lattelecom, for some time now and which, in addition to the services provided to Tet, has carried out major projects for both public and private sector clients.
T2T's offices in Riga and Vilnius employ a total of about 100 people, with sales totaling 6.5 million euros and a net profit amounting to 700,000 euros in 2019.
In addition to Tet, the company's major customers include, for example, the Latvian State Treasury, the Latvian state passenger train operator Pasazieru vilciens, the Latvian tax authority, the Latvian gas distribution network operator GASO and the food industry Orkla Latvija.
Helmes is an international software house, whose major clients include international organizations the OECD, International Energy Agency, Kuehne + Nagel, SEB, Telia Company, Solera, ServiceChannel.
The revenue of Helmes increased 34 percent on year to 41.8 million euros in 2019, while the company's net profit increased 21 percent to 5.4 million euros.
Helmes is headquartered in Tallinn, with branches located in Minsk, Brest, Mumbai, San Diego and New York as of the end of last year.