Estonia, Good for Business, Investments, Technology, Telecomunications

The full consolidation of Cgates and Kava in the first quarter of 2015 included, the quarterly revenue increased by 5.7% in annual comparison. Starman's revenue in Estonia grew by 5.3% and in Lithuania 6.6%, it appears from the quarterly report of East Capital Explorer.

EBITDA amounted to 6.4 million euros, down by 3.7% over the year. The fall was mainly due to increased operating costs in Lithuania.

The company's value is estimated to have increased 13.2% to 81.3 million euros.

East Capital Explorer announced in March it had agreed to sell its 63% holding in Starman to Providence Equity. At the beginning of May Polaris Invest, a company of Starman co-founder and minority shareholder Indrek Kuivallik, said it was exercising its right of first refusal to buy the entire stake of East Capital Explorer.