Prime Investment, one of the leading investment banking companies in the Baltics, has issued semiannual report Baltic ICT* Market News. The report outlines important corporate and M&A events of Baltic ICT market and provides proprietary rankings of the leading Baltic IT service companies.
Combined revenues of Prime’s Top 20 companies grew by 21% in the first half of 2008 or 8 percentage points less than 2007 H1, when ICT sector grew by 30%. This is because the growth of 7 companies in the ranking was slower than the year before and the sales of three other companies fell compared with the 1H 2007. Still, most expect to improve results after the completion of large-scale projects by the end of the year.
Exigen Services, a programming services provider, again secured the 1st place. The group companies Exigen services Latvia and Exigen services Lietuva earned IT services revenue of EUR 14.9m. The second position goes to Alna group (Lithuania) with revenue of EUR 8.9m in 1H 2008. Third place belongs to Webmedia group (Estonia), with software development revenue of EUR 6.5m.
Prime TOP-20 ranking is compiled every half a year since 2002. It is 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 2008, will be published in June 2009.
* ICT – information and communication technology
