The Latvian information technology systems programming company SIA Codex has completed a merger with the Visma Group company SIA Visma Consulting, which until now belonged to a Norwegian company.
After the merger, Codex obtained sole decisive control over Visma Consulting and established a new subsidiary, SIA Digitex, with a new management board and registered office. As a result, the client base has expanded, the company’s market share has grown by 2–3%, and approximately 30 employees have joined. The company is confident that this will make it possible to implement ambitious plans not only in Latvia, but also in the Baltics.
“Looking at the company’s development scenarios, there were two options – an organic but slower process, or the acquisition of another company with strong competencies. In the IT sector, everything changes very dynamically, so we purposefully moved towards the second scenario. I am pleased that we managed to add Visma Consulting, which specializes in full-cycle development, maintenance and consulting for bespoke information systems. It was precisely the field of business intelligence where we wanted to develop competence,” explains Codex Chairman of the Board and ultimate beneficial owner Uldis Semeiks.
The entrepreneur says that the company will retain its individual approach while expanding its base of technological and standard solutions, which will allow clients to implement their specific needs flexibly and efficiently. “Data warehouses, automation solutions, forecasting models and real-time financial reporting will become the foundation of the new business intelligence strategy,” notes U. Semeiks.
Speaking about the future, U. Semeiks emphasizes: business intelligence is not just a technology, but a strategy that combines analytics, data visualization and information management. “At present, many small companies still cannot see the added value of this product and are not ready to pay for it. However, in the long term it will not be possible to operate without such solutions. They will help make smarter decisions, analyze financial data and forecast development,” says the head of Codex.
Although as a result of the merger the number of employees has increased significantly, the volume of projects also continues to grow rapidly, so the new company will in the near future attract new analysts, programmers and other specialists.
“We are, in a way, patriots of Latvia – when attracting labor, we choose local people. Moreover, we are aware that alongside experienced specialists, the young ones must also be developed. They must be given knowledge, integrated into teams and allowed to pursue their ambitions,” stresses U. Semeiks, adding that both Codex and the newly established Digitex will be located in the same premises, but the teams will operate autonomously, creating mutual synergy when working on joint or strategic projects.
Codex ended 2024 with a turnover of 6.7 million euros and a profit of 1.5 million. Visma Consulting, in turn, had a turnover of 3.5 million euros and a profit of 0.35 million.
On 7 August, the Competition Council (KP) allowed SIA Codex to obtain sole decisive influence over SIA Visma Consulting. Assessing the impact of the transaction, the KP concluded that several active and competitive companies continue to operate in the markets for bespoke information systems development and related consulting services, which will ensure effective competition. Therefore, the KP found that the merger will not significantly change the market structure, will not reduce competition and will not create a dominant position, and thus the transaction is permissible.
Originally published at https://inc-baltics.com/latviesu-codex-parnem-norvegu-visma-consulting-vajadzes-vairak-darbinieku/
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