Lattelecom
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Lattelecom (previously Lattelekom) is a Latvian internet service provider and telecommunications company.
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[edit] Privatisation
Lattelecom is a former state-owned telecommunications company. In 1994, 49% of the company's stock was sold to two foreign investors, Cable and Wireless and Telecom Finland, which is now part of TeliaSonera. Cable and Wireless later sold its stake to TeliaSonera, which now owns 49% of the company. The remaining 51% of the company still belongs to Latvian government.
[edit] Monopoly
Until relatively recently, Lattelecom had a monopoly rights on fixed-line voice communications in Latvia, which ended on January 1, 2003.[citation needed] The Latvian fixed telecommunications market is now open to competition but Lattelecom still has an overwhelming share of the market, and the company is also one of leading internet service providers in Latvia and is one of the owners of Latvijas Mobilais Telefons, Latvia's largest cell phone operator.
The Lattelecom Group is the leading provider of electronic communications services in Latvia that offers electronic communication solutions for home, small and medium size businesses, state and municipal institutions, as well as for corporate clients.
The Lattelecom Group works in a dynamic environment and its work is oriented toward development, trustworthiness and professionalism. These are the values that allow us to be a step ahead of today, to take responsibility for what we have accomplished and to offer the most appropriate solution for client needs.
In May, 2006, the corporate brand and name was changed to Lattelecom. Changing the brand of the company produced many advantages - a unified and powerful brand not only strengthens the reputation of the whole concern, but also lifts the value of Lattelecom and helps the company to compete more successfully in different markets. In the long-term, the brand provides an added value for new products, fosters the development of partner relationships with other enterprises, helps human resource activities and serves as a symbol of quality, trustworthiness, and guarantee for customers.
The Lattelecom group is one of the most experienced companies in Europe that provides integrated and innovative IT, telecommunication and outsourced business process solutions that are insured by all of the companies of the group. Lattelecom Group is made up of six companies - SIA Lattelecom, Lattelecom BPO, Citrus Solutions, Lattelecom Technology with its subsidiary Baltic Computer Academy and LSS.
[edit] Profits and performance
As of 2003, Lattelecom employs about 3,000 people, has annual revenues of 140 million lats (approximately $310 million (US))and profit of 27 million lats (approximately $50 million (US)).
