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Recently, Uptime was reviewed as being open to acquisitions.
Uptime to consider acquisitions – CEO
Uptime, an Estonian software developer and IT consultant, will consider opportunistic targets in Estonia and foreign markets, CEO Eero Tohver said.
The company would look at peers with 10-50 employees. Uptime is keen on targets in existing markets that include Estonia, Sweden, Norway and Switzerland. It would also look at Denmark or UK-based offers, Tohver said.
Uptime is likely to hire financial and legal consultants in case of a deal. It would finance potential acquisitions from a combination of its own resources and bank loans, he said, adding that private equity funding is also among possible options.
The company reported revenues of EUR 6m, with a net profit of EUR 0.6m in 2015. It expects a 10-15% revenue and profit growth in 2016, Tohver added.
Uptime has been active in terms of M&A over the past months having sold its IT infrastructure subsidiary, Uptime Systems, to domestic telco Unitcom earlier this month, and acquired Norwegian peer Comperio in December, Tohver added.
It now plans to focus on organic growth, but may reconsider its strategy in case of a good opportunity, he said.
Uptime is concentrating on growth in its existing markets, where it looks to expand its teams along with the client base and integrate its new Scandinavian offices.
Around 45% of Uptime’s revenue comes from Estonia, around 30% from Norway, 15% from Sweden, and the remainder from Switzerland, he said.
Uptime occasionally hears from potential investors, but it is not looking to sell, according to Tohver.
The company is owned by its management, Tohver added.
Uptime specialises in providing software development, application maintenance, system support, IT-outsourcing services, as well as document management systems and solutions. It focus on clients in telecommunications, financial, media, services and public sectors, according to a company presentation.
