Prime Investment, one of the leading investment banking companies in the Baltics, has issued semiannual report Baltic ICT Market News (attached to this letter). The report highlights important corporate and M&A events of Baltic ICT market and provides proprietary rankings of the leading Baltic IT service companies. The ranking is being compiled since 2002 according to IT service revenues (Prime TOP-20) 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.

 

IT service sector has contracted in 2009. The slowdown is most notable for companies specialized in public sector projects. IT service revenues of the companies, that provided data and got into TOP-20 ranking, have dropped by 8.7%. This is a notable contrast to 11.8% growth in 2008. 13 out of 20 companies experienced a decline in IT service revenues and for 5 of them the drop increased 20%. According to market participants, the loss of revenue is most notable for companies that specialized in public sector projects, while their peers with wider market diversification lost less or even sustained growth in 2009.

 

Exigen Services again secured the 1st place in the rating with IT services revenue of EUR 20.5m. It was followed by Webmedia Group and Alna Group with annual revenue of EUR 14.9m and EUR 14.8m respectively.

 

Next issue of Baltic ICT Market News, containing results for the first half of 2010, will be published in October 2010.

 

For more information please contact:

 

Justė Pačkauskaitė

juste@primeinvestment.lt

Mobile: +370 5 2487211

* ICT – information and communication technology