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Helmes Acquires Latvian Software Developer T2T
The international software company Helmes signed a contract with the Latvian technology and entertainment company Tet (former Lattelecom) for the purchase of all the shares of T2T, their subsidiary providing software services. Through the acquisition Helmes aims to increase its business volume and expand its international team of experts.
Commenting on the deal, the founder and CEO of Helmes Mr. Jaan Pillesaar confirmed their ambition to continue growing and widen the global range of their operations even more in the coming years. „We strive to do it by acquiring likeminded companies and teams. We want to scale up our experience and our business by using and spreading our uniquely and R&D-based software team model. Like our other offices in Tallinn and Minsk, Riga boasts a historically strong IT cluster with highly qualified people, ambitious projects and possibilities to create synergies. We have high trust in T2T team and also the future of the Latvian IT cluster.”
According to chairman of the Tet management board Mr. Juris Gulbis they are handing T2T over to a strong strategic investor. „Tet and T2T will continue to work closely together, bringing our joint projects to a qualitatively new level,” he noted.
As commented by Mr. Andres Kaljo, Helmes partner and board member in charge of finances and M&A, the company’s growth strategy in recent years has produced excellent results. „The acquisition of T2T is another step in our international expansion strategy, adding qualified staff to our team and bringing along several important long-term customers,” he added. „We are really happy that this acquisition helps us to grow our staff in the Baltic states.” As usual, the parties have agreed not to disclose the price of the transaction.
T2T is a software development company which has been operating as a subsidiary of the largest Latvian technology and entertainment company Tet (former Lattelecom), owned by the Swedish Telia Group and the state of Latvia.
The company was founded in 1991 under the name of Fortech, which later became MicroLink Latvia.
In 2005 Lattelecom acquired Microlink Latvia and from 2006 onwards the company operated under the name of Lattelecom Technology. Whereas, in 2019 Lattelecom Technology changed its name to T2T.
Helmes is an international software consulting group with headquartered in Tallinn, whose major customers are international organisations and multinational companies, for example the OECD, International Energy Agency, Kühne+Nagel, SEB, Telia Company, Solera, ServiceChannel.
In 2019 Helmes made 42.0 million euros in turnover, a 34% increase in comparison with the previous year. The net profit of the financial year grew 23% to 5.4 million euros.
Helmes was founded in 1991. The company headquarters are in Estonia. Company also has offices in Minsk, Brest, Mumbai, San Diego and New York. The Helmes Group employs about 800 people.
T2T is a software development firm that has been operating independently from the Latvian technology and entertainment company Tet for some time now. „A new period has started in the history of T2T and we are prepared to start it together with the new owner, an internationally recognised expert in the field of software development," adds the executive director of T2T Viesturs Bulāns.
In addition to their services to Tet, they have carried out a number of large-scale projects for customers in the public and private sector. In 2019 T2T had close to 100 skilled employees in Riga and Vilnius offices, and made 6.5 million euros in sales and 0.7 million euros in net profit. Aside from Tet, their major customers include the State Treasury of Latvia, Pasažieru vilciens, which is the state-owned company operating passenger trains in Latvia, State Revenue Service of Latvia, the gas distribution system operator Gaso, the food manufacturer Orkla Latvija etc.
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