Web Development Companies in Latvia: Revenue, Team Size, and Specialization
Latvia is home to dozens of web development agencies, from international firms with 200+ employees to individual freelancers. In this article, we compare 11 well-known web development companies in Latvia using publicly available financial data: revenue, profit margins, and team size.
All financial data comes from the Latvian Commercial Register (public annual reports for 2024). This allows an objective comparison rather than relying on self-reported claims.
Enterprise: €10M+ Revenue
Scandiweb
AS Scandiweb (scandiweb.com) is the largest web development company in Latvia and one of the leading Magento/Adobe Commerce partners in Europe. Founded in 2003, the company employs 221 specialists.
2024 revenue: €17.57M (+85% year-over-year). Profit: €2.06M (12% margin). Specialization: Magento, Shopify, e-commerce solutions, SaaS products.
Mid-Size Leaders: €1M–5M Revenue
Five companies operate in a similar revenue range but with distinct specializations and growth trajectories.
Mitigate
SIA Mitigate (mitigate.dev) specializes in custom enterprise software development. Founded in 2011, the team has 48 specialists. Technologies: Ruby on Rails, Node.js. Recently expanding into AI solutions. ISO 9001 certified.
2024 revenue: €3.41M (-17%). Profit: €50.51K (1% margin).
Chili Labs
SIA Chili (chililabs.io) is a mobile app development company founded in 2016. Team of 39 specialists. Specializes in Flutter, iOS and Android development, plus ML/AR solutions.
2024 revenue: €2.24M (+28%). Profit: €434.18K (19% margin, the highest among mid-size companies). Partially owned by Swiss investors (KeyPeople AG).
iConcept
SIA iConcept (iconcept.lv) is a full-service digital agency founded in 2011. Team of 47 specialists: developers, designers, and project managers. Over 160 clients across 10 countries.
2024 revenue: €1.90M (+21%). Profit: €214.26K (11% margin). Fastest growth in the industry: from 10 employees and €876K revenue in 2022 to 47 employees and €1.9M in 2024.
Specialization: website and e-commerce development, CRM/ERP systems, mobile apps, UI/UX design. Technologies: SvelteKit, React, Laravel, Shopify, WooCommerce. ISO 9001 certified, Clutch 5.0 rating.
Wunder Latvia
SIA Wunder Latvia (wunder.io) is the Latvian subsidiary of Finnish company Wunder. Founded in 2010, team of 31 specialists. Based in Valmiera, making it one of the few IT companies outside Riga.
2024 revenue: €1.67M (-1%). Profit: -€19.81K (operating at a loss). Specialization: Drupal CMS, open-source solutions. 100% owned by WunCo Holding Oy (Finland).
CUBE Systems
SIA CUBE Systems (cube.lv) is an interactive agency founded in 2010. Team of 21 specialists. Historically one of the strongest web development companies in Latvia.
2024 revenue: €1.57M (-18%). Profit: €46.70K (3% margin). Revenue declining for the second consecutive year.
Smaller Companies and Freelancers
Latvia also has many smaller web development businesses serving the local market with competitive pricing and a more personalized approach.
Datateks
SIA DATATEKS (siadatateks.lv) has been operating since 2002, one of the oldest companies on this list. Team of 15 specialists. Revenue: €674K (+2%). Specializes in websites and small e-commerce solutions.
webbuilding.lv (Qube)
SIA Qube (webbuilding.lv) is a small agency founded in 2019. 4 specialists, revenue: €170K (+11%). High profitability at 35%.
eCube
SIA INVILGA (ecube.lv) has been operating since 2000. 2 specialists, revenue: €94K. An experienced developer with a focused client base.
DIRcms
SIA WEB DIZAINI (dircms.lv) founded in 2019. 1 specialist, revenue: €65K. Offers a proprietary CMS platform with 140+ websites and 50+ online stores built.
WebProjekts
SIA WEBPROJEKTS (webprojekts.lv) founded in 2018 in Cēsis region. 1 specialist, revenue: €25K. Offers website development for small and medium businesses.
Summary by Revenue
All 11 companies, sorted by 2024 revenue:
- Scandiweb: €17.57M revenue, 221 employees, 12% margin
- Mitigate: €3.41M revenue, 48 employees, 1% margin
- Chili Labs: €2.24M revenue, 39 employees, 19% margin
- iConcept: €1.90M revenue, 47 employees, 11% margin
- Wunder Latvia: €1.67M revenue, 31 employees, operating at a loss
- CUBE Systems: €1.57M revenue, 21 employees, 3% margin
- Datateks: €674K revenue, 15 employees, 1% margin
- Qube / webbuilding.lv: €170K revenue, 4 employees, 35% margin
- INVILGA / eCube: €94K revenue, 2 employees
- WEB DIZAINI / DIRcms: €65K revenue, 1 employee, 47% margin
- WEBPROJEKTS: €25K revenue, 1 employee
How to Choose the Right Partner?
Company size is not the only factor. When choosing a web development partner, consider:
- Project scale: for larger projects (€50K+), choose a company with 20+ employees. For a smaller project, a team of 2-5 people may suffice.
- Specialization: need a mobile app? Chili Labs. E-commerce? Scandiweb or iConcept. Drupal? Wunder. Custom software? Mitigate.
- Budget: larger companies are typically more expensive. Smaller companies offer competitive pricing but with less capacity.
- Reviews: check verified reviews on Clutch.co and GoodFirms before making a decision.
Conclusion
The Latvian web development market ranges from Scandiweb with €17.57M revenue and 221 employees to individual developers with €25-65K revenue. Six companies exceed the €1M revenue mark, while smaller players offer quality solutions in narrower niches. The key is choosing a partner that matches your project scale, budget, and technology requirements. We recommend starting with Clutch.co reviews and consultations with 2-3 companies.
