Elko Grupa

ELKO Group (ELKO Grupa AS) is an international, Latvian-based distributor of IT and consumer electronics products in Europe and Central Asia.[1]

ELKO Group
TypePublic
IndustryIT products and consumer electronics distribution
Founded1993
HeadquartersRiga, Latvia
Key people
Egons Mednis - President, Svens Dinsdorfs - CEO
ProductsComputer hardware, software, services, consumer electronics, mobile communication
RevenueIncrease US$ 1883 million (2019)
7,900,000 euro (2018) Edit this on Wikidata
Number of employees
1500
Websitewww.elkogroup.com

The company acts as a consultant to partners and as a wholesaler of computer and electronic products.[2] ELKO operates in 31 countries, with sales offices in 13 countries - Latvia, Estonia, Lithuania, Ukraine, Romania, Slovenia, Slovakia, Czech Republic, Hungary, Croatia, Sweden, Poland and Kazakhstan. The headquarters of ELKO is located in Riga, Latvia.[3][4]

ELKO was the largest group in Latvia in 2018.[5]

ELKO is a member of the Global Technology Distribution Council (GTDC),[6] the Exporters Association "The Red Jackets" in Latvia,[7] the Latvian Logistics Association,[8] the Latvian Chamber of Commerce and Industry,[9]

History

In 1993, four young entrepreneurs from Latvia founded a business with the intention to provide local retailers with new and upcoming IT products.[1]

The next year ELKO expanded in Baltics and opens subsidiary companies in Lithuania (ELKO Kaunas) and in Estonia (ELKO Eesti). In further years ELKO continues 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).

In 2005 ELKO Group becomes the largest company in Latvia (by turnover). In 2007 ELKO Group becomes the first Latvian company to reach US$1 billion turnover.[5]

In 2017, ELKO entered the Nordic-region market by acquiring Gandalf, a distributor of computers and peripheral products in Sweden.[10][11] In 2018, ELKO acquired Absolut Trading Company, a Russian distributor of household appliances and electronics.[12] In 2019 the ELKO Group company WESTech, a distributor of IT products in Slovakia, completed the acquisition of ARAŠID.[13]

Listed among finalists for Distributor of the Year in European IT and Software Excellence Awards 2020.[14] In 2020 ELKO Group's turnover exceeds US$2 billion[15]

References
  1. "ELKO Group Becomes the Distributor of Palit Products in Russia". October 28, 2018.
  2. "ELKO Group at delfi.lv" (in Latvian).
  3. "Company profile". Lursoft (in Latvian).
  4. "Unaudited Consolidated Financial Statements For 12 months ended 31 December 2017" (PDF). Archived from the original (PDF) on 2018-07-12.
  5. "Elko Grupa the largest company in Latvian IT and computer technology industry in 2018". Dienas Bizness.
  6. "Members | GTDC". Retrieved 2020-12-07.
  7. "Treasures of Latvia. Outstanding export brands".
  8. "Members – Latvijas Loģistikas Asociācija". Retrieved 2020-12-07.
  9. "Members of the Latvian Chamber of Commerce and Industry".
  10. "ELKO iegādājas atlikušās Gandalf akcijas". db.lv (in Latvian). Retrieved 2020-11-15.
  11. "Press release".
  12. "ELKO closes the deal to acquire Absolut Trading Company (Press release)". GlobeNewswire. July 20, 2018. Retrieved 2020-11-15.
  13. "Elko Group acquisitions helped it towards €2bn sales". iteuropa.com.
  14. "Finalists. European IT and Software Excellence Awards 2020".
  15. "ELKO CEO on hitting $2bn in revenues, and the top challenge for distributors in 2021". channelpartnerinsight.com.


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