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International Internet Magazine. Baltic States news & analytics Friday, 18.06.2021, 00:14

Merger of IT companies Tieto Latvia and EVRY Latvia launched

BC, Riga, 31.07.2020.Print version
The sole shareholder of Tieto Latvia and EVRY Latvia IT companies, Finnish-registered company TietoEVRY has decided to merge both companies, according to a statement published in Latvian official gazette Latvijas Vestnesis, cites LETA.

After the merger, Tieto Latvia is the acquiring part, while EVRY Latvia will cease to exist as a legal entity, all rights and liabilities taken over by Tieto Latvia.

Creditor may apply within a month since the announcement has been published on July 31.

As reported, in January IT companies Tieto Latvia and EVRY Latvia launched the legal merger procedure in relation to the global merger of both companies, forming a new company TietoEVRY.

The company's spokeswoman Inga Grencberga said that after the merger, TietoEVRY Latvia will become one of the largest IT companies in Latvia.

TietoEVRY has almost 24,000 specialists across the world. The company serves customers in more than 90 countries, and the company's annual turnover of about EUR 3 billion. The company's shares are quoted on NASDAQ Helsinki and Stockholm, as well as Oslo Bors.

Tieto Latvia in 2018 posted EUR 40.902 million in turnover and EUR 5.511 million in profit.

Tieto Latvia was registered in 1994, and its share capital is EUR 442,000. Its sole owner is Finland's Tieto Corporation.

Evry Latvia in 2018 reported EUR 5.551 million in ales and EUR 317,191 in profit. Evry Latvia was registered in 2012 and has a share capital of EUR 2,828. Its belongs to Sweden's EVRY.

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