Move to Thessaloniki helps DTCS

Deutsche Telekom Cloud Services' moving its software development team from St Petersburg to Thessaloniki proved beneficial to the company.

Moving its activities to Greece was not so unexpected for DTCS, whose parent company, Deutsche Telekom, controls Greece's largest telecoms services provider, Cosmote.

The move was made in June 2022, almost four months after Russia's invasion of Ukraine. Moving some 580 personnel and their families demanded rapid action by the Greek state, not known for its quick reflexes.

In 2023, the first full year of its operation in Thessaloniki, DTCS revenue rose 90%, to €90 million and earnings before interest, taxes, depreciation and amortization (EBITDA) rose 31%, to €4.2 million. Pretax profit was up 53%, to €3.2 million and after-tax profit leaped 93%, to €1.8 million.

DTCS has moved into three buildings, in Thessaloniki,...