Altic IT Turnover More Than Doubled Last Year
Altic IT is artificial intelligence and IT support solutions company that ended the year 2021 with a turnover of € 1.62 million or 2.5 times more than the € 0.65 million in 2020, and a profit of € 0.24 million.
In the press release, the company’s manager states that the growth was driven by innovative IT service solutions, successes in tenders held by Lithuanian businesses, and the growing interest in the possibilities of artificial intelligence implementation.
‘Smaller than others, but faster, more flexible and unique, bringing together the best in the field – that is how we are entering the new year. Last year was thoroughly successful – we have refined our operations and services, restructured our company, and ensured successful business procurements,’ says Marijus Strončikas, the CEO of Altic IT.
According to Strončikas, the portfolio of the company’s largest clients more than doubled last year.
Strončikas explains that last year was very significant for the company with the founding of the Artificial Intelligence and Performance Analysis Solutions Branch offering IT innovations. The Branch is already serving companies such as Exleasingcar, cargoGO Logistics, and other Lithuanian companies.
The CEO predicts that an increasing number of companies will be using artificial intelligence (AI), from those managing online stores to those dealing with large data streams in other activities.
Altic IT currently employs 24 IT and AI specialists in Lithuania, with their numbers having increased by nearly 50% since the beginning of the year. The company outsources some of its expertise from external EU markets. According to Strončikas, this business model enables extremely efficient project management and implementation across different situations and countries.
Altic IT Ltd is part of the Altic Group, which is a joint company group based in Lithuania and Sweden. The group also offers information technology (IT) support services, artificial intelligence (AI), data platforms, and business analytics services in Sweden. The group expects to achieve a turnover of € 5 million and create 40 new jobs within three years.
01 02 2022
Microsoft Gold Analytics Partner level achieved
Last year was truly special. We were successful in more than 80 percent of tenders and managed to bring together talents (there are over 24 talents in our Lithuanian office alone). We have also set up the AI department and merged Lithuanian and Swedish businesses into a joint Altic Group.
The second Microsoft Gold Partner award in Gold Data Analytics was a nice wrap-up of the good year. We also claimed first Microsoft Gold Partner award for the Gold Cloud Platform at the beginning of the year.
We don’t know if any other IT company in Lithuania has more competency awards, but the most important is that our customers can gain even more benefits from Cloud solutions.
01 01 2022
We became a member of the Lithuanian Artificial Intelligence Association
It is an honor for us to join the Artificial Intelligence Association of Lithuania. Understanding the growing significance of the AI field, together with the entire Lithuanian artificial intelligence community, we want to contribute to the creation of a better environment in the country by developing research that will allow the adoption of AI solutions in business and the public sector.
3 01 2022
AI Awards 2021
We were nominated for the award in the category “Artificial Intelligence Company of the Year” at the ceremony “AI Awards 2021” organized by the Artificial Intelligence Association of Lithuania.
28 12 2021
Microsoft Gold Partner level achieved
With achieved the highest Microsoft Gold Partner level for Cloud Platform competency, ALTIC is yet more capable in deploying, migrating, and maintaining cloud applications and services on Microsoft Azure, helping our customers make use of secure, scalable, and reliable cloud solutions.
11 10 2021
Lithuanian and Swedish Alantic businesses have merged to become the Altic Group
UAB Alantic not only offers information technology (IT) support services to the clients, but also artificial intelligence (AI), business analytics, and other innovative products and has now merged its growing businesses in Lithuania and Sweden. The company has changed its name to become the Altic Group and has plans for further development in other European Union countries and further growth aiming for a turnover of 5 million euros in three years and 40 new jobs.
‘More and more of our clients use not only the classic IT support services, but also AI and business analytics solutions. We are growing by creating the best tools and by constantly automating our processes and services. The Group of companies onboards highly qualified experts only, both in Lithuania and Sweden,’ says Marijus Strončikas, CEO of Altic.
According to Strončikas, the Altic brand consolidates the Group's experience and knowledge in implementing extremely complex projects. ‘Some of these projects had to be implemented in a very short time, and some were completed in extreme circumstances, such as during the first quarantine in Lithuania last spring, when the key establishments and institutions of the country required emergency assistance,’ remembers the Head of the Altic Group.
The Head of the Company states that merging the operating companies into the Group creates the opportunity to develop much more quickly, to exchange knowledge and share experts, and to move into new markets abroad in the near future.
We believe that the future belongs to those who are able to combine the latest technologies and the best human qualities. This is the path we take. We understand that modern business needs are constantly changing. Accordingly, we have chosen a technology infrastructure that adapts to the changes, and we use flexible cloud computing solutions. Finally, we are not afraid to take risks in order to achieve the best results for our clients. This business integration is a new stage for us,’ says Strončikas.
According to him, the company’s office in Sweden has already been renamed Altic, and the registration of the new brand in Lithuania is nearing completion.
Altic currently employs 22 highly qualified IT specialists in Lithuania and 15 in Sweden. In the next few years, the total number of employees is expected to increase to 70.
The company managed to reach the turnover of the whole previous year in the first six months of this year in Lithuania. It plans to increase it 2.5 times by the end of the year. Its 3-year plan is to grow into a company group with a turnover of 5 million euros.
The average salary of Altic IT employee is EUR 3 412 per month (June 2021 data).
Altic Group clients in Lithuania: Mitnija, MODUS Group, CityBee, Kemi, Optikos Pasaulis, Vilnius International School, Exleasingcar, State Enterprise Turto Bankas, Vilnius City Municipality Administration, Public Institution Greitosios Medicinos Pagalbos Stotis; and Swedish clients: Tele2, Vattenfall, Comhem, Eon.
14 09 2021
Artificial intelligence – against illegal labour
It was our first time participating in the GovTech Challenge Series that brings together public sector challenges and innovative teams with their ideas and solutions. We demonstrated what we have achieved in the virtual GovTech Demo Day event where the latest technological solutions developed in Lithuania were exhibited.
We presented the solution we have implemented for the State Labour Inspectorate under the Ministry of Social Security and Labour to identify the cases of illegal labour using the possibilities offered by artificial intelligence.
Without delving into the technicalities, our tool simply combines data from a variety of public and private sources, then links them together and displays the existing connections visually. This allows the specialists at the Inspectorate to identify the risks and to take specific actions significantly faster.
It is a tool that the inspectors can successfully and productively use in their daily activities.
The development of this tool posed many challenges starting with the technological solutions to the human factors, for example, having to gather all the necessary people involved in implementing this solution at one table during the holidays and on hot summer days. However, we managed to overcome everything, and the prototype of the tool has been put to work in real life. The Inspectorate specialists can now identify and solve the pressing issues faster and with more information at their disposal, which means increased efficiency.
We believe that once this project is fully implemented, it will help make Lithuania stronger and more innovative.
28 07 2021
AI advantages targeted Scandinavians but attracted Lithuanians too
Increasingly more companies require products based on artificial intelligence (AI). UAB Alantic, which does not save on specialists, first developed such products for the Scandinavian countries, but recognised a similar need in Lithuania as well.
Many company executives still think that AI is irrelevant to them. There is a notion that it is only used by high-tech companies or by very large companies in some faraway lands. However, practice shows that AI can be applied in a wide variety of activities right here in Lithuania and in many companies that engage in many different activities.
‘When we meet with company executives and founders and demonstrate to them the possibilities of AI, many cannot believe their eyes and say that it looks very space-age. When they see what can be achieved using the solutions we have developed, these companies usually become our clients,’ says Marijus Strončikas, Co-owner and CEO of Alantic.
He states that no advertising was needed even at the very beginning when he first started the business with his like-minded colleague, Martynas Špokas – sales transactions began with companies they had already collaborated with previously whose managers and owners trusted the young entrepreneurs. Soon, these clients recommended them to others.
‘We were working in IT and telecommunications and we both saw many uncharted niches, especially when it came to innovative, modern and automated services. As a result, we were convinced that we needed to build our business to claim them,’ says the Strončikas.
Alantic was founded in 2018, but the key breakthrough came last year. The company's revenue from IT services in 2020 was over EUR 650 000, whereas in 2019, it amounted to EUR 89 000 only. It grew more than 7 times. This year, the growth is expected to be 2.5 times bigger.
This leap was possible for several reasons that are all connected.
‘We focused on services that would provide more value to our clients and significantly expanded our team. We are able to adapt to the needs of our clients more quickly when we have a larger team of experts,’ says Strončikas.
Our company’s executives try to invite the best professionals possible, regardless of the fact that their work costs more. The average salary in the company in February was almost EUR 3 200. Currently, we have 15 people working here, but the team is expected to become even larger due to the planned expansion abroad.
‘When a person is a professional, they will find a solution in an hour or a few, whereas others might take a couple of days. The competencies of our employees cost a lot, but the speed at which they complete the work and their professionalism ensure greater efficiency and bigger revenues. We could not be as competitive as we are without our extremely experienced employees,’ says Strončikas with confidence.
It is precisely because of the fast and innovative solutions that many clients choose Alantic. According to Strončikas, large companies are not as flexible, sometimes they do not consider the specific needs of their clients and how to solve their client’s problems, how to improve their performance – all you get is a standard package.
The entrepreneur has no doubts that the growth of the company is determined by the strategy chosen from the very beginning.
‘We have never been just a regular service provider. That was never enough for us. How do IT service companies usually operate? When something goes wrong for a client, they rush to fix and resolve the issue. We work differently: we offer a product that is reliable from the beginning, and we take constant preventive actions to anticipate any risks, detect impending disruptions, and resolve these before they even happen,’ explains Strončikas.
The company aims to use automated systems and IT tools as well as AI as much as possible when it comes to their products.
‘There is a lot of talk these days about the importance of data analytics and AI, but we are not talking – we are doing. By taking advantage of what the modern cloud can do, we can offer specific solutions to our client in a short time,’ says the CEO of Alantic.
For example, the specialists from Vilnius have developed a solution for a Swedish telecommunications company where the AI can provide their customers with better offers than a sales manager, thus improving the probability of a sale and larger revenue.
Another example is a solution where the AI predicts the price at which the seller will agree to sell, or the buyer to buy, a car on a vehicle trading platform. AI can also help to select customers that are more likely to make the purchase first. Such recommendations increase the speed of transactions, thus saving the sales team some time.
‘Currently, we are also implementing innovations in the Lithuanian emergency medical services system to help the physician on call to diagnose the patient based on their symptoms and to choose further actions during their visit. It is rewarding to know that we can contribute to solving the challenges that our health system is facing at such a difficult time,’ says the CEO of Alantic.
He has no doubts that AI will move into many areas of life and business in the future. The sooner companies start using it, the more powerful their competitive message will be.
16 04 2021