The IT systems development company “Codex” has successfully completed a merger with SIA “Visma Consulting”, strengthening its position in several IT solution areas, particularly in the business intelligence segment. As a result of the merger, the client portfolio has expanded, market share has grown by 2–3%, and the number of employees has increased by almost 50%. This will enable the company to implement ambitious projects not only in Latvia but also across the Baltics.
“Looking at the company’s development scenarios, there were two options – an organic but slower process, or the acquisition of another company with strong expertise. The IT sector is changing very dynamically, so we purposefully moved towards the second scenario. I am pleased that we managed to bring in “Visma Consulting”, which specializes in full-cycle development, maintenance, and consulting of custom information systems. Business intelligence was exactly the area where we wanted to strengthen our expertise,” explains Uldis Semeiks, Chairman of the Board of “Codex”.
Developing Business Intelligence IT Solutions
Following the merger, “Codex” gained sole decisive control over “Visma Consulting” and established a new subsidiary, SIA “Digitex”, with a new management board and registered office. This has expanded the client base, increased market share, and added new skilled employees, who will work alongside the “Codex” team on new projects and the development of tailored products for client needs.
“We will maintain our individual approach while expanding the technological and standardized solution base, enabling our clients to implement specific needs flexibly and effectively. Data warehouses, automation solutions, forecasting models, and real-time financial reporting will become the foundation of our new business intelligence strategy,” notes U. Semeiks.
Speaking about the future, he emphasizes that business intelligence is not just a technology, but a strategy that combines analytics, data visualization, and information management. “At present, many small companies are unable to recognize the added value of these products and are not ready to pay for them. However, in the long run, such solutions will be indispensable. They will help make smarter decisions, analyze financial data, and forecast development. Our goal is to help organizations in Latvia and the Baltics work smarter, make decisions faster, and leverage the latest technologies,” stresses the head of “Codex”.
Synergy of Experienced and New Specialists
Although the number of employees has grown significantly after the merger, the volume of projects continues to increase rapidly, so additional analysts, programmers, and other specialists will be needed. “We are, in a way, patriots of Latvia – when recruiting, we prefer local talent. At the same time, we recognize the importance of developing young professionals alongside experienced ones. They need to be given knowledge, integrated into teams, and allowed to realize their ambitions,” emphasizes U. Semeiks, adding that both “Codex” and the newly established “Digitex” will be located in the same office space, while teams will operate autonomously, creating synergies when working on joint or strategic projects.
In recent years, “Codex” has purposefully increased its turnover, which reached €6.73 million last year. Since its founding in 2018, the company’s projects have contributed to the implementation of Latvian and EU regulations, process automation, data structuring, and the development of new solutions. These projects have spanned security, environment, healthcare, finance and taxation, transport, property, social insurance, and many other fields.
Meanwhile, the “Visma Group” will continue to develop widely used software products in Latvia – “Horizon”, “Jumis Pro”, as well as offering various HR management solutions. “The software product market is currently developing very rapidly. The progress of artificial intelligence technologies opens up new opportunities that we also want to offer our clients in Latvia. To fully leverage these opportunities, a clear focus is required. Therefore, we have decided to transfer the part of the business related to custom development to a company group with a similar specialization,” says Antra Zālīte, Chairman of the Board of SIA “Visma Enterprise”.
As previously reported, on August 7, 2025, the Competition Council approved the acquisition of sole decisive control over SIA “Visma Consulting” by SIA “Codex”. After evaluating the impact of the transaction, the Competition Council concluded that several active and competitive companies remain in the market for custom information system development and related consulting services, ensuring effective competition. The Competition Council therefore determined that the merger will not significantly alter market structure, reduce competition, or create a dominant position, and the deal is therefore permissible.
