Webmedia seeking growth in Middle East and Africa11.02.2009, 11:21
Webmedia Group, Estonia’s largest computer
software maker, aims to weather a slump in its home Baltic markets by tapping
demand from governments in the Middle East and Africa.
The closely held Tallinn-based company aims for a more than 30 percent
increase in net profit and sales this year, writes Bloomberg, quoting Chief
Executive Officer Priit Alamäe.
“We definitely did not foresee this crisis but we have been reinvesting all
of the profits in the last three years,” Alamaee said. “We have consciously
invested in markets and products that are not cyclical. Eastern Europe is
already a maturing market and we are looking a lot more at Africa and the Middle
Webmedia’s net income rose by “about” 30 percent to “somewhat below” 2
million euros last year on revenue of about 14 million euros, he said.
The effect of the global turmoil has begun to feed through to the Baltic
software sector with a six-month delay, as “many companies” have started a price
war, Alamaee said.
Webmedia, with about 350 staff in five countries, seeks new growth by
utilizing Estonia’s success in the nationwide use of information technology
services such as Internet banking or E- school, a solution used by almost half
of 1.3 million Estonians which Webmedia helped to launch.