Latvian Digital Mind acquires 100% stake in Polish EIP Dynamics
Digital Mind AS, a business process digitalisation specialist, has announced the acquisition of a 100% stake in Warsaw-based EIP Dynamics. The acquisition will be financed by Czech Livonia Partners.
- Established in 2005, Digital Mind delivers tailored business application solutions to both large and middle-sized organizations across finance, insurance, logistics, retail, telecommunications, manufacturing, construction, and public sectors. The company provides services to implementation and management of Enterprise Resource Planning, Enterprise Content Management, and Intelligent Process Automation.
- Digital Mind has offices located in Riga, Vilnius, Warsaw, and Tallinn. The company serves over 350 organizations. In 2023, the team forecasts revenue of €14 million. In addition, in Lithuanian and Polish markets, company operates under the Alna Business brand.
About the deal
The acquisition will be financed with equity investment provided by Livonia Partners, a pan-Baltic private equity investment firm.
- EIP Dynamics is a Polish provider of Microsoft Dynamics technology solutions, with a portfolio of projects utilizing Microsoft Dynamics 365 Business Central and a multitude of installations of Microsoft Dynamics NAV. The company serves clients across Europe, the US, and Canada. EIP Dynamics foresees 2023 revenue of €10 million. Its workforce exceeds 130 people.
This acquisition not only reflects our dedication to meeting the evolving needs of our clients but also signifies a significant step forward in our quest to become a leading Microsoft cloud solutions player in the CEE region. We are confident that this strategic alignment will bring about transformative results, reinforcing our commitment to excellence and positioning Digital Mind at the forefront of cutting-edge solutions in the business application landscape.Rinalds Sluckis, CEO of Digital Mind commented.
- The acquisition will allow Digital Mind to accelerate the development of Microsoft Business Applications in the Baltic and Central European countries. It will also enhance the company’s delivery capabilities and enable cross-border teams to serve large local and international clients.
- After the merged, the consolidated revenue for 2023 is forecast to reach €24 million with the team exceeding 300 people.