Proof IT

What Proof IT does

Proof IT is a private software engineering company founded in 2004 in Riga, Latvia, operating with a team of approximately 100 specialists across three countries (Latvia, Lithuania, and Poland). The company focuses on two product lines: a flagship Insurance Management Solution and a Custom Solutions practice serving private and public sector clients.

The Insurance Management Solution is a Java-based enterprise platform built on the Vaadin UI framework, using Groovy, Oracle DB, PostgreSQL, and Apache Solr, with clean architecture, GUICE-based dependency injection, REST/SOAP web services, and a plugin-based extension model intended for core insurance operations such as policy administration, claims processing, and billing. The Custom Solutions practice leverages a broader modern stack (Spring Boot, Angular, React, TypeScript, GraphQL, microservices, Docker, Kubernetes) and is enabled by an Industrial Safety Certificate that authorizes work with classified government information, serving as a key differentiator for public-sector and security-sensitive engagements.

Proof IT generates revenue through subscription and recurring maintenance on its insurance platform combined with professional services revenue from bespoke development projects, sold via direct enterprise sales engagement. Pricing is not publicly disclosed and is quote-based. The company is privately held with no disclosed external investors, no parent company, and no venture or private equity funding rounds on record, suggesting founder/employee ownership and organic growth financed by operating cash flow.

Name

Proof IT

Legal name

LTD Proof IT

Website

https://careers.proofit.lv

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

51–100 employees

Short description

Proof IT is a Baltic software engineering company in Riga, Latvia, with ~100 specialists across Latvia, Lithuania, and Poland, building a Java/Vaadin-based Insurance Management Solution for insurance companies and delivering custom software for private and public sector clients.

Ownership category

akta.pro rank

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Insurance Software Solutions: Licensing and implementation of comprehensive insurance management software for insurance companies, including ongoing maintenance and support services
2. Custom Software Development: Strategic customized solutions for private and public sector clients, including development, implementation, and maintenance of bespoke software applications

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Proof IT develops, implements, and maintains an Insurance Management Solution — a comprehensive, adaptable software platform for the core operations of insurance companies — alongside Custom Solutions, which deliver strategic, tailored software for private and public-sector clients including classified-information projects. The company serves enterprise clients across Latvia, Lithuania, and Poland with a team of 100 specialists.

Product overview

Proof IT is a Baltic software engineering company specializing in the development of insurance management and custom-tailored solutions for over 20 years. The company offers two main product lines: (1) Insurance Management Solution - a comprehensive, robust, and highly adaptable software platform for core insurance business operations, and (2) Custom Solutions - strategic customized solutions tailored for private and public sector clients, which can include handling classified information. Both product lines are supported by the company's core engineering team and leverage modern software architecture principles including clean code, component-based design, and plugin-based extensibility.

Differentiator

Problem solved

Functional benefit

Products and services

• Insurance Management Solution

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Regional players

• TietoEvry: Large Nordic-headquartered IT services and software vendor with deep Baltic presence across insurance, public sector, and custom development. Directly comparable to Proof IT as a regional competitor combining packaged software with bespoke delivery, but operating at vastly larger scale.
• Playtech: Estonia-origin large-scale software company with operations across regulated industries. Comparable to Proof IT only loosely — illustrates the scale and exit profile achievable by a regionally rooted, founder-built software firm but operates in gambling/fintech rather than insurance.

Direct peers

• Nortal: Estonian-founded software and digital transformation company operating across the Baltics, Europe, and the US, with insurance and government practice areas. Closely comparable to Proof IT in heritage (Baltic origin), services/split (custom + productized solutions), and target verticals.
• Helmes: Baltic-region custom software development and IT services firm with similar size profile (~500+ people) and a comparable mix of dedicated domain software and custom client projects. Operates in overlapping geographies and verticals (insurance, finance, public sector).
• Guidewire Software: Global vendor of core insurance software platforms (PolicyCenter, ClaimCenter, BillingCenter) — the same product category as Proof IT's Insurance Management Solution. Represents the dominant competitive threat for any insurance core RFP Proof IT pursues in Europe.
• Duck Creek Technologies: US-headquartered SaaS provider of insurance core systems for P&C carriers. Direct product-category competitor to Proof IT's Insurance Management Solution and a benchmark for where the insurance core software market is moving (cloud-native, SaaS).
• Sapiens International: Global provider of software solutions for insurance carriers (life, P&C, workers' comp, reinsurance). Competes head-on with Proof IT's Insurance Management Solution in the insurance core systems category, particularly for European mid-tier carriers.
• EIS Group: Provider of a digital insurance core platform for P&C and life insurers, positioned as a challenger to legacy and SaaS-first incumbents. Direct product-category competitor and a potential partner/acquisition target reference for Proof IT's Insurance Management Solution.

Broad incumbents

• CGI Group: Large global IT services and systems integration firm with established Baltic and Northern European delivery centers serving insurance and public sector clients. Comparable to Proof IT's custom solutions practice but at far greater scale and with broader geographic reach.
• Accenture: Global consulting and IT services giant with a major insurance industry practice and large Baltic delivery presence. Represents the upper bound of the competitive set Proof IT's custom solutions practice encounters for enterprise and public-sector engagements.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Proof IT