11 Sep Asseco Lithuania acquired Lithuanian software development company Saikas
As a result of its development strategy to strengthen position on a market of insurance software solutions, information system and software development company Asseco Lithuania has acquired 100 percent of Lithuanian company SAIKAS shares. Financial transaction details are not announced.
„We have acquired the company with 25 years of experience in providing financial accounting and insurance business management IT solutions, having high-level competencies and time-approved products. With this transaction we seek not only to increase our insurance solutions portfolio and attract new customers, but also expand our activity as an insurance solution competency centre, also offer our customers new and diverse products and services“, says Albertas Šermokas, General Manager of Asseco Lithuania.
After this acquisition it is expected Asseco Lithuania to become the largest IT solutions for insurance business provider in the Baltic states, servicing more than 10 insurance companies and its affiliates and having IT solutions for life and non-life insurance companies. SAIKAS will continue its activity and assure fulfilling its obligations to its employees and customers. SAIKAS will be led by Violeta Makauskienė, who has been managing the company before. The chairman of the Management Board will be Albertas Šermokas, General Manager of Asseco Lithuania.
According to SAIKAS Director Violeta Makauskienė, becoming a part of Asseco Group will allow SAIKAS to use more technical, financial and marketing possibilities in order to further develop innovative technologies, increase a range of the provided services and products and expand a geography of the provided services.
SAIKAS has been established in 1992 and has now almost 20 employees. Its turnover in 2016 was 633 thousand euros and net profit reached 83 thousand euros. The bigger part of its revenue is generated from the non-life insurance solution business, other part of the revenue comes from sales and support of accounting and ERP software.
Asseco Lithuania is an information systems integration company belonging to Asseco Group. The company has been operating since 1991 (formerly under the name of Sintagma). Asseco Lithuania develops information systems, software and specialized software solutions for automation of company business processes. Since 1999 it has been developing and deploying insurance business management solutions for life and non-life insurance companies, pension funds in Lithuania and other Baltic states.