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DateStartupExit typeFoundersInvestorsCapital raised on market EURGovt grants and subsidiesExit valuation EURLink to newsComments Transaction advisers (in Estonia)
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February 2026VespiaAcquired by VeriffJulia Ronthttps://www.aritehnoloogia.ee/uudised/2026/02/05/veriff-omandas-eesti-iduettevotte-mis-automatiseerib-taustakontrolli
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January 2026EnvoiceAcquired by ScoroJaanus Põder et alhttps://www.scoro.com/blog/scoro-envoice/
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December 2025UsetifulAcquired by FullstoryOndrej Dobias + others"multimillion"https://www.e-resident.gov.ee/blog/posts/how-usetiful-scaled-to-multi-million-acquisition/
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December 2025Ready Player MeAcquired by NetflixTimmu Tõke, Rainer Selvet, Kaspar Tiri, Haver JärveojaAndreessen Horowitz, Skaala, Trind€62,300,000https://techcrunch.com/2025/12/19/netflix-acquires-gaming-avatar-maker-ready-player-me/
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December 2025Defendec Holding + Defendec + Defendec ServicesAcquired by Vosker (Canada) through VKX OÜTera Ventures, Trindhttps://www.superia.lt/news/sale-defendec-vosker + Äriregister
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October 2025StrigaAcquired by LightsparkPrashanth Balasubramanianhttps://www.lightspark.com/news/lightspark/lightspark-acquires-striga
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September 2025RangeforceAcquired by CyberbitJaanus Kink, Taavi Must, Margus ErnitsEnergy Impact Partners (US), Paladin Capital Group (US), Trind Ventures (Est), and Cisco Investments (USA), Contriber Ventures (Est)€15,000,000https://digipro.geenius.ee/rubriik/uudis/rangeforce-muudi-maha-iisraeli-juurtega-konkurendile/
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September 2025AMBCrypto (Hardfork Media OÜ)Acquired by Dubai GroupHimanshu Kumar, Jeevan Reji Thomashttps://www.theblock.co/press-releases/371285/estonian-crypto-startup-ambcrypto-sold-to-dubai-group-for-7-figures
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May 2025ClevonAcquired by Indigo Technologieshttps://digipro.geenius.ee/rubriik/uudis/usa-firma-ostis-ara-raskesse-seisu-joudnud-clevoni-juht-iseseisvalt-poleks-olnud-voimalik-jatkata/
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April 2025Video Game InsightsAcquired by Sensor TowerKarl Kontus and Harry Nõmmannhttps://parnu.postimees.ee/8227007/kahe-parnumaalase-loodud-iduettevotte-ostis-ara-usa-suurfirma
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March 2025RidangoAcquired by Bregal MilestoneBaltcaphttps://digipro.geenius.ee/rubriik/uudis/suurtehing-rahvusvahelise-haardega-erakapitali-fond-ostis-ridango-baltcapi-kaest-ara/
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March 2025AdactAcquired by OptimoveStartup Wise guys, angels€625,000https://www.foundme.io/uudised/2025/03/03/exit-nimeka-eesti-idu-ostja-nende-tehnoloogia-vastab-koige-paremini-meie-visioonile
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February 2025FiizyAcquired by ClarMärt Vooglaid, Rami Ryhänen, Andrew Prozes€2,000,000https://blazetrends.com/clar-acquires-fintech-firm-fiizy-expanding-digital-brokerage-leadership/?amp=1
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February 2025ParcelseaAcquired by JetbeepSuperangel, United Angels, Opus11 VC€935,000https://digipro.geenius.ee/rubriik/uudis/pakiautomaatide-idu-parcelsea-muudi-maha-ukraina-koostoopartnerile/
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January 2025PromotyAcquired by Modashhttps://www.linkedin.com/feed/update/urn:li:activity:7287407874245320708/
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December 2024SaltoXAcquired by Cakehttps://www.saltox.co/resources/articles/salto-x-joins-forces-with-cake-equity
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December 2024BauhubAcquired for cash by AdmicomHenri Trees, Teet Parts, Marko Leek, Otto Täht6,000,000
https://investors.admicom.fi/releases-and-reports/#/embedded/release/70727434/insider-information-admicom-has-signed-an-agreement-to-acquire-estonian-bauhub-ou-enabling-stronger-focus-on-international-expansion-and-unique-project-management-suite-for-construction?publisherId=69819444&lang=en&widget=true
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Oktoober 2024Monese.comAcquired by PockitNorris Koppel Arengufond? HSBC€121,000,000£100https://www.aripaev.ee/uudised/2024/10/10/eesti-juurtega-monese-leidis-uue-omaniku
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2024YummyMerged with Ruokaboksi
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September 2024WisnioAcquired by Assessio GroupAlo Arro, Tõnis Arro?, Others?Black Pearl (lead), Jaan Tallinn, UK and EE angels - Martin Tajur€1,922,500??https://investinestonia.com/ai-powered-estonian-hr-tech-wisnio-acquired-by-assessio-accelerating-global-ambitions/
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August 2024PaywerkAcquired by Swedbankhttps://arcticstartup.com/paywerk-acquired-by-swedbank/
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July 2024TaxScoutsAcquired by Taxfix (DE)Mart Abramov, Kaupo Kõrv, Daniel KargerSeedcamp, Finch Capital, Speedinvest, Octopus Ventures€10,700,000https://tech.eu/2024/07/02/german-digital-tax-platform-taxfix-enters-uk-market-with-taxscouts-acquisition/
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April 2024Cybers (Security Software OÜ)Acquired by Neverhack SAS (FRA)https://www.aripaev.ee/uudised/2024/04/30/prantsuse-ettevote-ostab-eesti-kuberfirma-ootame-suurt-rahvusvahelist-kasvu
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January 2024KlausAcquired by Zendesk (USA)€18,500,000https://www.zendesk.com/newsroom/articles/klaus-acquisition24/
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2023GuardtimeAcquired by an investment firm associated with the royal family of the United Arab EmiratesAhto Buldas, Märt Saarepera18,000,000https://digipro.geenius.ee/rubriik/uudis/radari-alt-labi-lainud-suurtehing-uhendemiraatide-firma-ostis-guardtimei-18-miljoni-euroga/
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June 2023Voog.comAcquired by TextMagic (OMXT: MAGIC)Tõnu Runneli, Priit Haamer, Märt Kelder ja Toivo Annus200,000 ?1,100,000https://digipro.geenius.ee/rubriik/uudis/uus-omanik-viib-voo-ameerikasse-ja-tostis-tootajate-palkasid-pidime-tostma-sest-tahame-inimesi-hoida/
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May 2023ParcelseaAssets acquired by Omniva (700 smart mailbox)https://www.omniva.ee/meie/uudised/koik_uudised/news/omniva-ostis-parcelsea-nutipostkastide-vorgustiku
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May 2023Snackable AIAcquired by Amazon (NASDAQ: AMZN)Mari Joller€2,900,000https://techcrunch.com/2023/05/05/amazon-quietly-acquired-audio-content-discovery-engine-snackable-ai-to-boost-its-podcast-projects
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April 2023Fanvestory + FairmusMerger of equalshttps://arcticstartup.com/fairmus-and-fanvestory-merge/
https://www.sorainen.com/deals/fairmus-and-fanvestory-are-merging/
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February 2023Milrem RoboticsMajority stake sold to EDGE Group (UAE)70,000,000https://milremrobotics.com/edge-acquires-majority-stake-in-milrem-robotics-europes-leading-developer-of-robotics-and-autonomous-systems/
https://www.sorainen.com/deals/milrem-robotics-sells-majority-stake-to-edge-group/
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February 2023Ignium.ioAcquired by CoinmetroCrowdfunded€900,0004,000,000https://coinmetro.com/blog/coinmetro-welcomes-ignium
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February 2023AmplerMajority acquired via additional equity investment and a share-swap agreementhttps://www.koumobility.com/blog/ampler-joins-kou-mobility-group
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??BrainbaseAcquired by JonasRumors of recap prior to exit so not sure who remained investors in the end. Bessemer, Tera etc€8,240,000https://jonassoftware.com/jonas-software-acquires-brainbasee
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August 2022GuestJoyAcquired by Siteminder (Australia)Alar ja Annika ÜlemEstban Syndicate340,000?5,000,000
https://newsnreleases.com/2022/08/23/siteminder-to-acquire-guestjoy-for-upto-e5-0-million/
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02556537-2A1392473?access_token=83ff96335c2d45a094df02a206a39ff4
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May 2022StebbyManagement buyout + Livonia PartnersMarti SoosaarFunderbeam syndicates545,5006,000,000https://www.aripaev.ee/borsiuudised/2022/05/31/stebby-teeb-funderbeamist-eduka-exiti
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May 2022SupervaisorAcquhire(?) by MotiveSilver KeskkülaTaavet Hinrikus, Jaan Tallinn, Andy Chung, Philipp Moehring, Shin Iwata, Sten Tamkivi, United Angels VC, Taavi Kotka1,200,000https://medium.com/supervaisor/supervaisor-is-motive-913233f7b74b
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Mar 2022EveryPayAcquired by LHV.ee8,000,000https://www.aripaev.ee/borsiuudised/2022/03/04/lhv-group-ostab-8-miljoni-euro-eest-makseplatvormi
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Dec 2021AlphaChatAcquired by Zurich Insurance Group (SWX: ZURN)Indrek Vainu, Hendrik LuukBootstrapped and founder owned.0
https://www.zurich.com/media/news-releases/2021/2021-1216-01?fbclid=IwAR2maJPH9iB4xpgb9b6mI7rXrKS-L0wWgKVuDaivOSCX5mR-UuUeXb1h_EM
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Sep 2021SpectXAcquired by Dynatrace (NYSE: DT)Jüri Shamov-Liiver, Mihhail Meshkov, Renee Trisberg (combined 57% ownership)Karma Ventureshttps://www.spectx.com/articles/spectx-joins-dynatrace
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https://www.dynatrace.com/news/blog/dynatrace-accelerates-the-convergence-of-observability-and-security-with-the-acquisition-of-spectx/
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https://www.dynatrace.com/news/press-release/dynatrace-acquires-spectx/
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Jun 2021IcefireAcquired by Checkout.comVilve Vene (26.5%), Jan Lakspere (22%), Heiki Kübbar (15%), Jüri Kirme (15%), Liivi Kompus (10%), Rivo Uibo (10%)https://www.checkout.com/newsroom/news/checkout-acquires-estonian-software-development-firm-icefire
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https://arileht.delfi.ee/artikkel/93749433/margiline-tehing-pika-ajalooga-eesti-it-ettevote-muuakse-globaalse-haardega-makseplatvormile
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Feb 2021Paw.cloudAcquired by RapidAPI (R Software)Micha Mazaherihttps://siliconangle.com/2021/02/10/rapidapi-acquires-paw-integrate-api-design-platform/
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Nov 2020DropsAcquired by Kahoot! (Oslo Merkur Market: KAHOOT-ME)Daniel Farkas, Mark Aron SzulyovszkyDaniel Farkas + Mark Aron Szulyovszky = Planb Labs OÜ (91%), Game Founders accelerator 5%42,000,000https://kahoot.com/press/2020/11/24/kahoot-acquires-drops-to-make-language-learning-awesome/
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https://kahoot.com/blog/2020/11/24/kahoot-acquires-drops-to-make-language-learning-awesome/
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https://languagedrops.com/blog/kahoot-acquires-drops
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https://majandus24.postimees.ee/7117972/kahoot-ostab-kuni-50-miljoni-dollariga-eestis-asutatud-idufirma
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Nov 2020Coolbet.comGAN Limited, US gaming SaaS aquiredJan SvendsenMorten Klein8 vs 29M ?149,000,000https://www.businesswire.com/news/home/20201116005989/en/GAN-Limited-Announced-Agreement-to-Acquire-Coolbet
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Nov 2020PipedrivePrivate equity majority stakeTimo Rein, Urmas Purde, Ragnar Sass, Martin Tajur, Martin HenkAtomico, Bessemer, etc70M1,300,000,000https://techcrunch.com/2020/11/12/european-unicorns-are-no-longer-a-pipe-dream/
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Nov 2020RidangoPrivate equity majority stake + MBO Erki LipreAin Järv, Herty Tammo. Later joiner Erki LiprePoohtech (Annus + Tammo)012,500,000https://majandus24.postimees.ee/7100180/edukas-piletimuugifirma-vahetab-omanikku?_ga
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https://www.foundme.io/uudised/2020/12/22/baltcap-ostis-ridango-mis-sai-ka-uue-juhi-ja-noukogu
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Oct 2020PlumbrAcquired by Splunk (NASDAQ: SPLK)Nikita Salnikov-Tarnovski, Priit Potter, Vladimir Šor, Ivo MägiMatt Arnold, Mobi Solutions, Sten Tamkivi, Marek Kiisa, Indrek Kasela, Karma Ventures1.382.000 + unknown € from Karma12,000,000
https://www.splunk.com/en_us/newsroom/press-releases/2020/splunk-to-acquire-plumbr-and-rigor-expanding-the-worlds-most-comprehensive-observability-portfolio.html

https://digipro.geenius.ee/rubriik/uudis/hiigelsuur-usa-ettevote-ostis-saba-ja-sarvedega-eesti-idufirma-plumbr-ning-rajab-siia-arenduskeskuse/
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Jun 2020FortumoAcquired by Boku (AIM: BOKU)Rain Rannu, Veljo Otsason, Martin KoppelIntel Capital, Greycroft Partners5,150,00040,000,000https://polaris.brighterir.com/public/boku/news/rns_19/story/rdzvg9w

https://www.finextra.com/pressarticle/82951/mobile-payments-outfit-boku-to-buy-fortumo

https://www.aripaev.ee/uudised/2020/06/18/eestlaste-mobiilimaksete-platvorm-fortumo-muudud
Transaction value: at a maximum enterprise value (EV) of $41 million
Maximum consideration of $45 million = $41 m USD EV + $4 m of net working capital
Deal structure:
* Cash: $37.6 million
* Stock: $2 m in Restricted Stock Units payable to the selling equity holders of Fortumo
* + further consideration of up to approximately $5.4 million in cash, representing 12% of the Total Maximum Consideration, which is to be held in escrow subject to certain EBITDA earn-out, working capital and indemnity conditions being satisfied
Cobalt
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2020Stigo.eePartially acquired by Bolt567,000Share exchange dealhttps://digipro.geenius.ee/rubriik/uudis/tehing-millest-keegi-ei-taha-raakida-bolt-vottis-ule-osa-stigost-maksis-osalusega/Tänavu veebruaris omandas Bolt osaliselt Eesti idufirma Stigo vara.
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2020PocosysAcquired by OperaIndrek Neivelt, Linnar Viik jt??4,000,000https://investor.opera.com/news-releases/news-release-details/opera-acquires-european-banking-service-company-pocosys
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https://majandus24.postimees.ee/6882275/usa-borsifirma-ostis-indrek-neiveltiga-seotud-eesti-idufirma
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https://www.err.ee/1028530/neivelt-muus-oma-finantsteenuste-ettevotted-norra-operale
Norras peakontorit omav USA börsifirma Opera ostis Eesti firma Pocosys, samuti teatas ettevõte soovist osta selle sõsarettevõte Pocopay, millel on makseasutuse litsents ja mis pakub finantsteenuseid Euroopa Liidus. Mõlemad on tihedalt seotud Indrek Neiveltiga, kellele kuulub pea 56% ettevõtetest.
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2019ShipitwiseMerged with SpeysAleksander Gansen, Olari Miiter, Sander GansenStartup Wise Guys, Funderbeam, Jaan Tallinn + other angels540,000Share exchange dealhttps://tech.eu/brief/speys-and-shipitwise-join-forces-to-lead-digitalisation-of-the-logistics-market/Soomes peakontorit omav startup Speys ja Eesti startup Shipitwise ühinesid, et üheskoos sama missiooni jätkata nign logistikat digitaliseerida. Kõik asutajad ja kogu IT tiim jätkavad Speysi meeskonna osana.Hedman
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2019Baltic Classifieds GroupAcquired by Apax PartnersMultipleUPi.ee?140https://arileht.delfi.ee/news/uudised/linnamae-kuulutustearide-tehingu-hind-kuundis-sadadesse-miljonitesse-eurodesse?id=87109827Autoplius.lt, Aruodas.lt, Skelbiu.lt, CVBankas.lt, KV.ee, City24.ee, City24.lv, Osta.ee ja Soov.ee (total +50M visits/mo)
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2019MatchMySoundAsset acquisition by a clientMargus Niitsoo, Kristo Käo002M--
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2018Ecofleet.comAcquired by Fleet Complete (CA)ASI.ee4-5M13https://www.prnewswire.com/news-releases/fleet-complete-acquires-ecofleet-advancing-its-expansion-in-europe-671875213.html
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https://majandus24.postimees.ee/6733973/skype-i-asutajad-soetasid-eesti-metsafirma
Founded 1997, venture capital in at around 2005, pivoted from HW focus to Saas few years later. Acquired number of smaller service providers and merged with DK based company along the way. CobaltLoe lähemalt: https://majandus24.postimees.ee/6882275/usa-borsifirma-ostis-indrek-neiveltiga-seotud-eesti-idufirma
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2018Weps.eeSmall acquisitionJorma Jürisaar, Juhan Kaarma?150-200K?https://geenius.ee/uudis/veebimajutus-ostis-ara-idufirma-mis-loob-juturobotiga-kodulehti/
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2017PalleterAcquired by TPGMärt Kelder, Tõnu Runnel, Priit Haamer, Magnus HiieTechstars110,000http://press.tpg.com/phoenix.zhtml?c=254315&p=irol-newsArticle&ID=2319420Hedman
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2017TeleportAcquired by MOVE GuidesSten Tamkivi, Silver Keskküla, Balaji SrinivasanAndreessen Horowitz, SV Angel, Seedcamp + angels: https://angel.co/teleport-31,950,000~0.1%Share exchange dealhttps://teleport.org/blog/2017/04/teleport-a-move-guides-company/Cobalt
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2017PlanetOSAcquired by IntertrustRainer Sternfeld, Kalle Kägi, André Karpištšenko ja Raido PikkarIntertrust + angels + https://www.crunchbase.com/organization/marinexplore#/entityShare exchange deal?https://medium.com/planet-os/next-episode-planet-os-has-been-acquired-by-intertrust-5fd7020a398e
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2017ZeroturnaroundAcquired by Rogue Wave SoftwareJevgeni Kabanov, Tomas RömerBain18,993,333some29Mhttps://geenius.ee/uudis/eesti-uks-edukamaid-startupe-zeroturnaround-osteti-ameeriklaste-poolt-ara/
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https://www.aripaev.ee/uudised/2019/08/02/selgus-mitme-miljoniga-muudi-zeroturnaround
Raidla
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2016Nutiteq.eeAcquired by CartoJaak LainesteMobi Solutionshttp://tech.eu/brief/location-intelligence-company-cartodb-acquires-estonia-based-nutiteq-gain-mobile-know/Eversheds Ots & Co + (Buyer side: Hedman)
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2016Vitalfields.comAcquired by The Climate Corporation (subsidiary of Monsanto)Martin Rand, Vahur MeusSmartcap, Arvi Tavast, Riivo Anton, Gerri Kodres, Ahti Heinla, Andres Kull, TMT Investments1,856,00010-15Mhttp://www.businesswire.com/news/home/20161121005281/en/Climate-Corporation-Acquires-VitalFields-Expand-Digital-AgricultureEversheds Ots & Co
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2015SmartAD.ee100% bought by TV3Rando Rannus, Priit Kivinurm, Dag AinsooHerty Tammo, Riivo Anton, Gerri Kodres & other angels1-2Mhttp://majandus24.postimees.ee/3133305/tv3-ostis-internetireklaami-ettevotteTV3 is part of Modern Times Group (www.mtg.com) - one of the biggest media groups in Scandinavia & the BalticsEversheds Ots & Co
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2015Fits.mefull M&A by RakutenHeikki Haldre, Paul PällinArengufond, Conor Venture Partners, Entrepreneurs Fund, Tera Ventures €20,000,0002,800,00010-15Mtechcrunch.com/2015/07/12/rakuten-buys-virtual-fitting-room-startup-fits-me-in-a-fashion-commerce-play/Also under failures
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2015DigisilmAcquired by TKM
no outside investors0 ? https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=668030&messageId=832034
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2015Nowinnovations.comAcquired by Infra ParkLess than investedhttp://www.nowinnovations.com/about-now/news/infra-park-acquires-technology-and-assets-from-estonian-now-innovations
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2014Grabcad.comFull cash acquisitionHardi Meybaum, Indrek NaruskArengufond, Marek Kiisa/Astrec Baltic, Charles River Ventures, David Sacks, Atlas Venture, NextView Ventures, Matrix Partners#REF!77M?http://techcrunch.com/2014/09/16/3d-printing-company-stratasys-is-buying-grabcad-for-around-100m/
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https://www.err.ee/520220/eesti-start-up-grabcad-muudi-vaidetavalt-100-miljoni-dollari-eest
http://investors.stratasys.com/releasedetail.cfm?ReleaseID=871027Eversheds Ots & Co
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2014Angel.co/decider-lab?Lauri Illisson, ...?http://www.estban.ee/news/vivalte-decider-lab
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2012Pipfrog.eemajority stake sold to Soprano OyBruno Lill, othersno external funding (?)500Khttp://www.compiler.fi/idankaupan/uutisia/uutisarkisto/uutisarkisto2012/01tammikuu2012/01.2012-cn06.html51% of shares bought for 250K
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2012Modesat.comacquisition by XilinxTarmo Pihl, 3 BelorussiansAmbient Sound Investments, Caplia, Arengufondhttp://www.eetimes.com/electronics-news/4396405/-Xilinx-acquires-Estonian-wireless-backhaul-IP-company
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2012margn.comtalent acqu ? full acq?Taavi Hõbejõgi, Sigmar MuugaERPLY (?)0 ?100K?http://www.e24.ee/1007562/erply-ja-margn-panid-seljad-kokkuErply usually does not aquire, they "take over". Would guess 100K acquision + 200K further investment; Unsure if the acq was done by ERPLY itself
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2010Cleveron Package Boxes Networkoperations in EE sold to ItellaON24.ee spinoff?WNB Projekt (Siimar, Kundla), Arengufondhttp://www.cleveron.eu/en/about/history
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2008Moonfish Media (osta.ee hydra.ee kv.ee etc)staged cash acquisitionRaivo Hein, Erko Kundla, LHV20M?http://www.aripaev.ee/?PublicationId=b9ccb63a-728c-4f46-aec5-af43d0840668
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2007auto24.eeacquired by Sanoma groupMarko Milius, Elmo Sarapuuno external funding (?)07M ?http://www.sanoma.com/en/news/ilta-sanomat-acquires-majority-estonian-car-portal-auto24Step-by-step acquisition over several years. Valuation is rough estimate, no specific figure published.
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2007Cvkeskus.eeDST, Tiger Global ja Bexley InternationalRaivo Hein, Erko Kundla?9M for 75%http://majandus24.postimees.ee/1731395/eestlased-muusid-cv-keskuse-valismaalasteleSold 75% of shares for 9M EUR in Oct '2007
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2006Playtech.comlisted on AIM
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2006Rate.eemajority stake sold to EMTAndrei Korobeinik5M 51% of the estonian subsidiary sold for alleged 2.5MEUR to EMT; Andrei has since (y2012) bought it back.
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2004Privadorasset acquisition by IT GruppCresco
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2004Delfi.eeacquired by Findexa Microlink5MFlipped to Eesti Ekspress 3 yrs later for 54MEUR
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