Financial Services, Funds, Good for Business, Investments, Latvia, Technology

There are plans to organize joint events and meetings with representatives of IT startups as part of the cooperation. The companies also intend to identify possible participants of Microsoft BizSpark, a support program for startups, and to promote networking among IT companies, innovators and scientists.

"In Latvia, it is still quite difficult for IT companies to rise financing for development. Timely access to finances for the commercialization of innovative technologies, consultative support, as well as access to global markets are critical for the companies' fast international growth. The new partnership in this area will be a significant support tool," said Microsoft Latvia head Renate Strazdina.

The Innovation Center of the University of Latvia and Microsoft was launched in Latvia last September to enable Latvian companies and researchers to gain access to Microsoft resources for development of own innovative products and their worldwide distribution through the sales channels of the U.S. corporation.

Microsoft Latvia reported EUR 4.611 million in turnover for its last fiscal year that lasted from July 1, 2016 to June 30, 2017, up 6.8% from a year before. The company's profit grew by 19% to EUR 413,983, according to information available at Firmas.lv.

Microsoft Latvia was founded in 1999 as a representation of the Microsoft Group in the Baltic states.