Tet sells subsidiary to Estonian software company

Latvian IT company Tet (formerly known as Lattelecom and before that Lattelekom) anounced August 3 it had decided to sell its ‘T2T’ subsidiary  to the Helmes international software company from Estonia.

The deal was concluded on August 3 for an undisclosed amount.

“The main strategic plan of Tet in the coming years is to develop its main operating activities and its complementary services, implement an extensive digital transformation process and invest in emerging technologies. Whereas, T2T is a software solution company that has been operating autonomously from Tet for some time. It has a desire and potential to grow and develop when participating in large international projects. T2T is left in good hands and an experienced strategic shareholder will ensure a more rapid growth while also carrying the name of Latvia into the world. At the same time, Tet and T2T will maintain close cooperation relations by implementing projects in a new quality level (sic),” said Juris Gulbis, chairman of the Tet board.

Helmes is an international software developer with around 800 employees and 28 years of experience in the industry. The company’s head office is located in Tallinn and as of the end of 2019 it also has regional offices in Minsk, Brest, Mumbai, San Diego and New York.

“T2T is a good software solutions company with a strong existing experience in extensive projects and great growth potential. We are pleased that they will join Helmes team,” said Helmes founder and CEO Jaan Pillesaar of the deal.

The company T2T was established in 1991 under the name Fortech, later becoming MicroLink Latvia. In 2005, the company MicroLink Latvia was acquired by Lattelekom and changed its name to Lattelecom Technology in 2006. The company has carried out a number of national IT projects, including those conencted to the changeover by Latvia and Lithuania to the euro.

As recently as 2019 Lattelecom Technology changed its name to T2T, presenting the new brand and a vision of company’s development. T2T customers include Tet itself, rail company Pasažieru vilciens, The Treasury of Latvia, State Revenue Service of Latvia, GASO PLC, Orkla Latvija and others.

T2T has nearly 100 employees and had a turnover of EUR 6.5 million in 2019.

LSM.LV

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