The polls are closed and the results are in.

(SOUNDBITE) (English) VICE PRESIDENT OF GFK POLLING COMPANY VADIM VOLOS, SAYING:

"The exit poll estimate of the presidential poll by candidate is: Margvelashvili 67 percent, Bakradze 20 percent, Burjanadze 8 percent."

Georgy Margvelashvili won the presidential election in Georgia Sunday, putting the Georgian Dream party in charge of both the presidency and the government.

His supporters celebrated outside the party's headquarters, waving flags and releasing blue balloons into the night sky.

In front of a big screen showing the exit poll results, the president-elect praised Prime Minister Bidzina Ivanishvili.

(SOUNDBITE) (Georgian) GEORGIAN DREAM PRESIDENTIAL CANDIDATE GEORGY MARGVELASHVILI, SAYING:

"I'd like to thank a person who is very important to me, who is and will always be a very serious authority, my friend Bidzina Ivanishvili."

The billionaire prime minister helped Margvelashvili rise to power.

His election brings an end to the decade-long rule of Mikheil Saakashvili, who called the election a setback.

(SOUNDBITE) (Georgian) GEORGIAN PRESIDENT MIKHEIL SAAKASHVILI, SAYING:

"I don't want to hide from you that the events of the past year and of today, and the results from today, are a serious setback for Georgia and for its future prospects."

Margvelashvili only needed one vote over 50 percent to secure the victory.