Prime Investment, one of the leading investment banking companies in the Baltics, has issued semiannual report Baltic ICT Market News. The report enlightens important corporate and M&A events of Baltic ICT market and provides proprietary ratings of the leading Baltic IT service companies.
According to data analysed by Prime Investment, the income of IT companies rated in Prime TOP-20 grew by 12% in 2008. This indicates a decrease of growth by one third. Some companies managed to keep their growth levels by increasing the product range or establishing themselves in new markets. Meanwhile, others did not reach the sales levels of 2007 because of IT budget cuts and termination of new projects. One third of surveyed companies (7 out of 20 in „Prime Top-20“) earned less in 2008 than in 2007.
Number one in the rating still belongs to Exigen Services that earned EUR 28.7m in 2008 from IT services. 2008 is the year when the company earned more income in Baltic States rather than other markets. The second place in the rating belongs to Alna Group (Lithuania) and Webmedia group (Estonia). The revenue of these companies total EUR 20m and EUR 13.3m accordingly.
The ratings that are being compiled since 2001 are based on revenues from in-house developed IT services and value-adding efficiency. The ranking does not include any sales of hardware, distribution of software other than developed in-house, office equipment or other products.
Next issue of Baltic ICT Market News, containing annual results for 2009, will be published in November 2009.
For more information please contact:
Konstitucijos av. 7, Vilnius 09308, Lithuania
Mobile: +370 618 24729
* ICT – information and communication technology
