Type Public Revenue 1.252 billion USD (2015) | Headquarters Riga Founded 1993 | |
Industry IT products and IT solutions Key people Egons Mednis - President, Svens Dinsdorfs - CEO Products Computer hardware, software, services, solutions Website www.elkogroup.com,
www.solutions.elkogroup.com | ||
ELKO Grupa AS (ELKO Group) is one of the largest IT product wholesalers and IT solutions and services distributors in Baltic States and Eastern Europe, now also actively expanding to Central Asian market. The main two business divisions for ELKO are: providing expertise to partners regarding a variety of solutions and services, and wholesale of computer and electronic products.
ELKO operates in 10 countries - Latvia, Estonia, Lithuania, Russia, Ukraine, Romania, Slovenia, Slovakia, Czech Republic and Kazakhstan. The headquarter of ELKO is located in Riga, Latvia. ELKO Group is one of the largest companies in Latvia. ELKO represents more than 120 IT vendors and sells their goods to more than 6500 retailers, local computer producers and system integrators. ELKO offers more than 20000 product titles from the most famous suppliers - Acer, AMD, Asus, HGST, Intel, Lenovo, Microsoft, Seagate, Sony and Western Digital and others. ELKO Group employs more than 700 employees. ELKO Group belongs to several legal entities and investment fund Amber Trust. In 2015 the group’s turnover was 1252 million USD. ELKO Group is going to be listed on the Nasdaq Baltic Bond List by Nasdaq Riga on March 21, 2016.
History
In 1993, four young entrepreneurs from Latvia founded a business with the intention to provide local retailers with new and upcoming IT products. The next year ELKO expands in Baltics and opens subsidiary companies in Lithuania (ELKO Kaunas) and in Estonia (ELKO Eesti). IN further years ELKO continue its expansion by entering Russian market (office in Moscow), Ukrainian market (office in Kiev), opening subsidiary companies in Romania (Bucharest) – ELKOTech Romania, and Slovenia (Ljubljana) – ELKOTex Slovenia. Further expansion takes place also in Russia, with the foundation of a new subsidiary in St. Petersburg. In 2000 the new subsidiary company was open in Slovakia (Bratislava) and ELKO Latvia Ltd. is founded in Latvia.
In order to reorganize the Group's structure and improve corporate governance ELKO creates holding company ELKO Grupa AS (ELKO Group). The 1st global partnership event ELKO Convention takes place in Riga in 2002, which brings together the world's leading manufacturers, the media and the company's management. The event becomes a tradition and is held every two years.
In 2005 ELKO Group becomes the largest company in Latvia (by turnover). Private equity firms Amber Trust and East Capital acquire 25.5% stake in ELKO Group. In 2007 ELKO Group becomes the first Latvian company to reach 1 billion USD turnover. In 2013 ELKO Group celebrates its 20th anniversary in traditional ELKO Convention. ELKO continues market expansion and opens subsidiary company in Kazakhstan (Almaty) and add Czech Republic as its 10th country.