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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 17:29

Estonia's Helmes buys majority shares in Belarus IT firm SolbegSoft

BC, Tallinn, 08.10.2018.Print version
The Estonian software company Helmes has acquired a majority holding in the Belarus company SolbegSoft, a business software developer with a workforce of 250, informed LETA/BNS.

The CFO of Helmes, Andres Kaljo, described SolbegSoft as a financially strong and fast-growing company which generates over 70% of its revenue on the U.S. market. "SolbegSoft has offices in the United States, Belarus and India. The majority shares were sold to Helmes by the company's founders, who will continue to be co-owners and stay on as managers of the company. They will also become partners of Helmes, Kaljo said.


"Since our know-how and sales possibilities are complementary, the consolidation will create additional opportunities for both companies. Looking from Helmes, we will obtain strong presence on the U.S. market. The joint company will have over 550 workers, which will make participation in big and world-changing projects easier," Helmes manager Jaan Pillesaar said.


SolbegSoft manager Pavel Mironchik said that joining Helmes will offer the company new growth opportunities and enable them to use the models for the management of software teams that have made Helmes successful on global markets.


Helmes announced in May the launch of an option program enabling longtime employes to become shareholders of the company. The acquisition of majority shares in SolbegSoft will benefit also the employees involved in the option program.


The estimated consolidated annual revenue of Helmes and SolbegSoft following the merger is 35 mln euros and earnings before interest, tax, depreciation and amortization (EBITDA) five million euros. The biggest customers of the two companies include the OECD, Solera Inc, Kuhne+Nagel, Telia Company, SEB.






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