EU – Baltic States, Financial Services, Lithuania, Mergers and take-overs, Technology

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 06:06

Fitek buys Lithuania's SIS

BC, Vilnius, 08.01.2018.Print version
The financial technology company Fitek has acquired a majority shareholding in the Lithuanian company UAB Sistemu Integravimo sprendimai (SIS), which operates in the Baltic and CIS countries, informs LETA/BNS.

Fitek Grupp will start offering electronic data interchange (EDI) both in the Baltic countries and elsewhere in Europe, Fitek said.

 

"We expanded to the electronic data interchange market. It is a service, which our customers ask for the most along with electronic sales and purchase invoice solutions.  This is why we decided to make an investment in the Lithuanian IT solutions company SIStemu Intergravimo sprendimai. This company has years-long electronic data interchange business experience in retail and wholesale, the food industry, logistics and in the field of HoReCa," Mait Soaaru, head of Fitek Grupp, said.

 

Cooperation between Fitek and SIStemu Integravimo sprendimai will strengthen the existing products portfolio and expand the customer base both in the Baltic countries as well as on the global market as well as compete with other companies offering similar services.

 

"The strategy and values of the two companies are very similar, bringing together years' worth of experience and technological and human resources. We have a unique joint vision concerning the automatization of accounts management," Sooaru said.

 

Fitek is a provider of financial automation processes. Its services lower the costs for customers by optimizing and accelerating their financial processes. Fitek employs a total of 170 people and operates in Estonia, Latvia, Lithuania and Slovakia. The revenue of Fitek Group in the Baltic states in 2017 amounted to 14.4 million euros.

 






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