Baltic Export, Estonia, EU – Baltic States, Good for Business, Technology

Of the sales revenue, approximately 2.5 million euros was generated in Estonia and 1.7 million euros in Norway, it appears from the annual report.

The biggest customer segments were telecommunications and media, and projects outside Estonia accounted for a major portion of sales. The company expects the volume of projects outside Estonia to grow also in 2017.

At the beginning of 2016, the company divested its IT services subsidiary Uptime Systems OU to focus more on the domain of software development. To better cover the Swiss market, a company called Uptime Systems GmbH was established in Winterthur with local partners, in which Uptime OU owns 51%.

Uptime Comperio AS liquidated its subsidiary Search Provider Sverige AB after the balance sheet date.

On the average 61 people worked at companies of the Uptime group in 2016, eight fewer than the year before. Wage costs including the remuneration of members of the management board grew 27% year over year to approximately two million euros.

The group's retained profit as at the end of the reporting period totaled roughly 1.6 million euros.

The biggest customers of Uptime in the field of software development last year were Aripaev, G4S, Mootor Grupp, Express Post, Elisa Eesti, ABB, and the Norwegian company Opus Systemer.

The group is made up of Freiherr Investments OU, Uptime Comperio AS in Norway, and the Swiss based companies Uptime Solutions GmbH and Uptime Systems GmbH. Uptime owns 100% of the shares in all the companies save for Uptime Systems GmbH, in which it owns 51%.

Uptime's international team works at offices situated in Tallinn, Tartu, Oslo, Winterthur and Skopje.