Sanoma News acquires Apollo, the second-largest online news service in Latvia
Sanoma News is expanding its digital business in the Baltics through the acquisition of Latvia's second-largest online news service, Apollo, from SIA Lattelecom BPO.
"The acquisition continues the growth strategy of Sanoma News in the digital media and strengthens our position in Latvia where we already operate a car classifieds service Auto24.lv. Sanoma's solid competence in online news and media sales will help Apollo to strengthen its position in the Latvian online news market. We are also confident that the integration of Apollo and Auto24.lv will support the rapid growth of Auto24 concept in Latvia following the great success of Auto24.ee in Estonia", says Pekka Soini, CEO of Sanoma News.
"I am convinced that Sanoma, as significant European media player, is the optimal owner for Apollo. Sanoma's competence enables considerable development of the Apollo news service in regard to content and media sales," says Juris Gulbis, CEO of SIA Lattelecom.
The net sales of Apollo.lv in 2010 was approximately EUR 500,000. The service has 450,000 unique visitors per month.
Operationally, Apollo.lv will be included in the organisation of Sanoma Digital Finland's Baltic operations, which in addition to its car classifieds services operates Kuldnebors.ee, the largest marketplace for general classified ads in Estonia.
"The staff at Apollo are committed and professional. By utilizing our competencies in the Baltic region and at the entire Sanoma level, we will be capable of challenging our competitors to a greater extent," says Margus Tomberg, Managing Director of Sanoma Baltics.