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Latvia’s Tet sells T2T software unit to Estonian Helmes
The Latvian telecommunications, internet and home entertainment services company Tet has sold its software solutions subsidiary T2T to the Estonia-based software company Helmes for an undisclosed sum, both companies announced August 3.
Tet (formerly Lattelecom) CEO Juris Gulbis said T2T had been operating independently of the parent group and would be in good hands when owned by Helmes. The company will be able to expand further into participation in large international projects while still keeping Tet as a customer, Gulbis told journalists.
According to a press release T2T’s offices in Riga and Vilnius employ a total of about 100 people, with sales totaling EUR 6.5 million and a net profit of EUR 700,000 in 2019.In addition to Tet, the company’s major customers include, the Latvian State Treasury, the Latvian state passenger train operator Pasazieru vilciens, the Latvian State Revenue Service, the Latvian gas distribution network operator GASO and the food industry company Orkla Latvija.
Going full circle
The sale of T2T to an Estonian company brings it in a full circle to its roots. Although founded in 1991 as Fortech an assembler and seller of personal computers, T2T (Fortech) by then a partner of the German SAP business software group was acquired in 2000 by the…
