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International Internet Magazine. Baltic States news & analytics Saturday, 02.08.2025, 09:54

Tieto Latvia IT company raises turnover 8.3% in 2019

BC, Riga, 19.08.2020.Print version
Tieto Latvia IT company turned over EUR 44.303 mln in 2019, which is an increase of 8.3% against a year before, while its profit contracted 35.6% on year to EUR 3.547 mln, LETA reported according to information available at Firmas.lv

Last year, software maintenance generated EUR 14.078 mln in revenue, software installation, testing and adjusting brought in EUR 9.088 mln and outsourced services generated EUR 8.694 mln.


License sales generated EUR 6.294 mln, maintenance of partners' products provided EUR 1.736 mln, provision of training services generated EUR 117,657 and other revenue came to EUR 4.195 mln.


According to the company's management, last year, Tieto Latvia continued to work on projects in financial services, the public sector, energy and infrastructure, as well as in logistics and manufacture.


Finland's TietoEvry, which is the sole owner of Tieto Latvia and Evry Latvia, has decided to merge the two companies into one under the name of TietoEvry. After the merger, EVRY Latvia will cease to exist as a legal entity, all rights and liabilities taken over by Tieto Latvia.


Tieto Latvia in 2018 posted EUR 40.902 mln in turnover and EUR 5.511 mln in profit. Tieto Latvia was registered in 1994, and its share capital is EUR 442,000. Its sole owner is Finland's TietoEvry.




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