Technology company Tet Ltd. aims to reach a valuation of more than one billion euros by 2030, Tet CEO Uldis Tatarčuks said on Thursday at the event “Tet Vision 2030.”
Tatarčuks noted that Tet has developed eight strategic directions to turn its ambition of becoming a “unicorn” by 2030 into reality.
At the same time, he pointed out that changes are already underway and expressed hope that the memorandum of understanding signed by Sweden’s Telia Company with Latvia, Latvenergo, and Latvijas Valsts radio un televīzijas centrs (LVRTC) on the sale of all its shares in Tet and Latvijas Mobilais Telefons will provide momentum for broader company growth.
According to Tatarčuks, Tet has evolved from a telecom operator into a diversified, multi-sector company.
The Nasdaq Riga and Prudentia “Top101 Most Valuable Latvian Companies” ranking shows that
Tet’s valuation was 380.62 million euros in 2024,
429.32 million euros in 2023, 452.81 million euros in 2022, and 438.06 million euros in 2021.
Tet’s Chief Commercial Officer and Management Board member Edgars Grandāns said that data centers will remain one of the company’s focus areas. He emphasized that demand for data is growing exponentially, with consumption now twice as high as before the Covid-19 pandemic.
Tet currently operates six data centers, and topping-out celebrations will soon be held for its seventh, DC7, located in Salaspils. Grandāns noted that Tet’s data center turnover grows by around 15% annually, with exports accounting for 62% of the segment’s revenue.
Tet will also continue strengthening global connectivity, for example by developing 5G infrastructure along the Via Baltica highway. Plans also include testing optical infrastructure to enable data analytics for road networks.
Tet Chief Technology Officer Dmitrijs Ņikitins highlighted cybersecurity as another key strategic direction. He noted that since Russia’s invasion of Ukraine, the volume of cyber incidents in Latvia has increased by 40%, with attacks against government institutions and critical infrastructure rising fourfold.
Ņikitins explained that IT security requires a comprehensive approach,
and Tet is working on network protection against future distributed denial-of-service (DDoS) attacks. The company is building capacity and resilience across all network layers, developing AI-based defense algorithms, and testing quantum technologies. He stressed that future challenges will require advanced defense systems based on quantum algorithms.
Tet also contributes to national security, including by participating in the Locked Shields 2025 cyber defense exercise and planning to co-organize the event in 2026.
Ņikitins added that Tet is actively working on various artificial intelligence solutions, having developed 25 AI tools so far. The company will soon launch Tet GPT, an AI assistant for businesses. Initially created for internal data security needs, it will also be offered to Tet clients.
Head of Research and Business Development Guna Soloveja noted that
Tet has invested 300 million euros in development over the past 10 years.
Meanwhile, Director of Marketing and Corporate Communications Inese Kalveite said that Tet will continue supporting initiatives that promote children’s growth, education, and well-being, as well as investing in the Latvian film industry and supporting people who represent Latvia internationally.
As reported, the Tet Group posted 321.365 million euros in revenue last year, up 10.2% year-on-year, while group profit rose by 63.2% to 18.027 million euros. The parent company Tet recorded 185.389 million euros in revenue, down 1% from 2023, with profit falling by 35.3% to 12.288 million euros.
Tet is owned by the Latvian state through Publisko aktīvu pārvaldītājs “Possessor” (51%) and Tilts Communications, a subsidiary of Sweden’s Telia Company (49%).
In mid-July this year, Telia signed a memorandum of understanding with Latvia, Latvenergo, and LVRTC on the sale of all its shares in Tet and LMT.
The parties aim to sign a final agreement by the end of 2025, with the deal expected to close in the first half of 2026.
According to Latvenergo CEO Mārtiņš Čakste, more specific details of the transaction could become available within six months. The parties will conduct due diligence and other preparatory work to assess the feasibility of the deal.
As a result, Latvenergo and LVRTC, together with Possessor and an international technology investor, would gain full control of both telecom companies. Each of the four shareholders would hold 25%. To achieve this, a major international investor with strong expertise in the technology sector is expected to be brought in.
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