OREANDA-NEWS. May 20, 2011. Estonia's largest software developer, Webmedia Group, announced on May 16 that it has bought a 97 percent stake in the Finnish software company CCC.

According to a joint statement by both parties, the merger makes the group the leading software development provider for public administration in Finland and the Baltics.

In the statement, the Finnish company's CEO Jorma Kallio said that the companies were a good match as Webmedia's strong background in public sector software solutions could be matched with CCC's well-established customer base.

The price tag for the deal is not being disclosed, but Webmedia Chairman Priit Alamae has said that it is being financed partly from his company's own resources and partly with the help of bank loans.