"The purpose of the transaction is to increase the company's service delivery capacity for customer service in the Baltic and Central European region and to create a platform for further acquisition and merger transactions," said a release. The size of the deal was not disclosed.
Since its inception in 2005, Digital Mind has been a provider of customized business application solutions to both large and medium-sized organizations in various industries. The main competence of the company is related to enterprise resource planning (ERP), enterprise content management (ECM), and intelligent process automation (RPA cloud business applications).
The company has offices in Riga, Vilnius, Warsaw and Tallinn and currently serves more than 350 organizations in the region with around 180 employees and income in 2023 estimated at 14 million euros. In the markets of Lithuania and Poland, the company operates under the brand name Alna Business.
"The acquisition of EIP Dynamics and the strategic investment of "Livonia Partners" mark a historic turning point in the development of our company. Also in the future, in cooperation with Livonia Partners, we plan to acquire other companies in the region in order to become a leading provider of Microsoft Dynamics and Azure solutions in the Central and Eastern European region... The competence and entrepreneurial spirit of the employees of the Polish company coincided with our vision of sustainable growth and innovation, so I am sure that this strategic move will have a positive impact on both company teams and customers," said Rinald Sluckis, CEO of Digital Mind.
The Polish company is one of the largest providers of Microsoft Dynamics ERP solutions serving large companies both in Poland and abroad, including in Germany, the Czech Republic and Great Britain.
"I believe that the further expansion of the company will contribute to the growth of employees on a more international scale. Since its foundation, I have created EIP Dynamics as a development environment for ambitious professionals, and I am sure that the company will continue to succeed within the Digital Mind group," said Pawel Prasula , CEO of EIP SA.
The consolidated turnover of the newly established group in 2023 is estimated at around 24 million euros, and the number of employees will exceed 300.
The investment transaction still needs to be approved by the Competition Council of Lithuania, and it is expected to be concluded at the beginning of 2024.
