Prime Investment, one of the leading investment banking companies in the Baltic region, has made a report on the Baltic ICT market, stating that Nexum IT had a largest revenue growth rate in the first half of 2009.

This is a semi-annual review of recent corporate developments in the sector of information technology, telecommunications and Internet access in the Baltic States. Prime’s TOP-20 is the proprietary ranking of the leading Baltic IT service companies by their revenues from in-house developed IT services and does not include any sales of hardware, distribution of software other than developed in-house, office equipment or other products. The ranking has been compiled since 2002.

According to the information provided in the Prime Investment report, in the first half of 2009 Baltic IT companies experienced a 19,1% drop in total revenues. However, performance varied among the companies as some managed to increase sales while others experienced a decline of up to 32% in IT services revenues. IT services market leaders (in terms of sales) on average underperformed smaller rivals. Top performer in terms of growth is Nexum IT, a Latvian specialized software provider for insurance and banking industry, which successfully expanded in Scandinavian and Russian markets and enjoyed 24,9% sales growth.

As a result of this considerable growth, Nexum IT has moved from the place 21st in the list of Baltic leading IT service companies to the place 18th.