Estonian IT-company Helmes has acquired a Lithuanian software developer in a deal that, according to the company, makes it one of the biggest “digital innovation powerhouses in the Baltics”.
The company Helmes is buying, called TeleSoftas, is one of the “biggest product engineering houses in Lithuania with an annual turnover of” €15 million, Helmes said in a statement. In the deal, the Estonian company is acquiring 70% of the TeleSoftas’s shares.
Andres Kaljo, a partner and a management board member at Helmes, said that TeleSoftas was a growing company with a solid client base in Europe.
“We have a very similar company culture and value base with TeleSoftas – we both have an ingrained people-first approach to everything. We also appreciate their strong business model and focus on long-term collaboration both with employees and customers.”
The parties have agreed not to disclose the price of the transaction.
TeleSoftas has been providing product engineering services for over 18 years. The company is headquartered in Kaunas and employs close to 300 people.
Helmes is a digital innovation company headquartered in Tallinn, whose major customers are global organisations and multinational companies, for example, Airbus, SEB and Telia. It was founded in 1991; currently it has about 1,400 employees.