M&A advisory services in Estonia
Estonia's exit market is mature for its size, with global PE firms and strategic buyers actively tracking Estonian software, fintech and deeptech companies as acquisition targets.
Pipedrive's acquisition by Vista Equity Partners at an implied valuation of over $1.5bn established a clear benchmark for Estonian SaaS exits, and Veriff, Glia and Starship have continued to attract sustained international buyer interest.
Flow advises both bootstrapped and venture-backed Estonian founders through their exit - bringing a strong network of PE and strategic acquirers, a lean end-to-end advisory process and KPI-driven preparation that positions the business to achieve the best possible outcome.
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Estonia tech M&A deals in the last 12 months
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Estonia median tech M&A valuation
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Estonia median tech M&A revenue multiple
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Estonia biggest tech acquisition in the last 12 months
Selling your tech company in Estonia
Estonian M&A follows European mid-market conventions with country-specific overlays around the deferred corporate tax system, the digital-first commercial register and a relatively light tax burden on share disposals.
Locked-box and completion accounts
Estonian private M&A uses both locked-box and completion accounts. Locked-box is common in tech and PE-led processes; completion accounts remain frequent in traditional sectors and smaller deals.
W&I insurance is growing
Warranty & indemnity insurance is becoming more common in Estonian deals above roughly €15M. Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow as the primary protection mechanism.
FDI screening
Estonia's FDI screening regime requires notification of acquisitions giving control over Estonian companies in sensitive sectors - defence, dual-use, critical infrastructure. Adds notification time and conditions to scoped transactions involving non-EU acquirers.
Capital gains for founders
Estonian individuals are generally taxed on share disposal gains at 20% (rising to 22% in 2025) as capital income. Specific exemptions and reinvestment relief mechanisms apply in some cases - worth checking the current rules well ahead of any sale.
Corporate exit via dividend
The Estonian deferred corporate tax system means that even after a sale by the corporate seller, the founder must still pay 20-22% on dividends extracted from any successor holding company. Holding structures and timing can shape the effective tax bill - worth modelling 12+ months ahead of a sale.
Merger control and digital closings
Estonian Competition Authority reviews transactions where parties' combined Estonian turnover exceeds €6M and at least two parties each have €2M+ Estonian turnover. Most tech deals don't trigger. Estonia's digital-first infrastructure makes closings unusually efficient compared to other European markets.
Recently acquired tech companies in Estonia
Disclosed M&A deals in Estonia in the last twelve months, ranked by valuation.
See all M&A deals in Estonia| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
May-26 | Glocalzone | | Glocalzone is a global shopping platform headquartered in Dubai that facilitates purchases from any country via travelers acting as personal shoppers. Users request products from locations like Tokyo or Paris, and verified travelers fulfill orders during trips, handling customs and shipping. The platform supports categories from fashion to electronics and includes social features for discovering deals. Operating since 2017, Glocalzone connects buyers in over 100 countries with couriers worldwide, enabling access to duty-free items and limited-edition goods. | MovitOn | - | - | |
Feb-26 | K | Kasiino-boonus.ee | | Kasiino-boonus.ee is an established Estonian platform comparing casino bonuses with strong visibility in local search results for gaming incentives. | Boonuspart.ee | - | - |
Feb-26 | Reconeyez | | Reconeyez is an Estonian developer of AI-enhanced wireless security systems for smart surveillance and threat detection. | Vosker | - | - | |
Feb-26 | Vespia | | Vespia is an AI-powered platform for rapid business verification, onboarding, and digital identity management across DeFi, CeFi, metaverses, and fintech. | Veriff | - | - | |
Feb-26 | Blii Delivery App | | Blii Delivery App is a multi-service platform delivering food, groceries, parcels, and rides. Operating in select markets, it connects users with local providers for on-demand logistics. | Camcorp | - | - | |
Jan-26 | Evocon | | Evocon develops monitoring software enhancing overall equipment effectiveness and production visibility for manufacturers. | SYSPRO | - | - | |
Jan-26 | Stakin | | Stakin is a Turkey-based staking-as-a-service provider for proof-of-stake blockchains, enabling token holders to earn rewards through professional node operations across multiple networks. | The TIE | - | - | |
Dec-25 | Liikluslab | | Liikluslab Baltic runs a traffic education platform delivering learning materials and services to individuals and driving schools across Estonia. | Ekspress Grupp | - | - | |
Dec-25 | Ready Player Me | | Ready Player Me is a cross-platform avatar creation service for games and virtual worlds. The platform generates photorealistic 3D avatars from selfies, compatible with Unity, Unreal Engine, and other tools. Used by developers for Fortnite, VRChat, and Spatial, it supports facial animations and clothing customization. Headquartered in Tallinn, Estonia, Ready Player Me operates via readyplayer.me. | Netflix | - | - | |
Nov-25 | Usetiful | | Usetiful is a Prague-based digital adoption platform emphasizing user onboarding and self-service. The no-code tool creates interactive walkthroughs, tooltips, and analytics for web apps, serving 1,000 customers worldwide. Compatible with Intercom and Segment, Usetiful boosts feature adoption by 40 percent. Launched in 2020, it offers plans starting at $99 monthly for startups to enterprises. | FullStory | - | - | |
Oct-25 | Airwave OÜ | | Airwave OÜ is an Estonian importer and wholesaler of heating, ventilation, air conditioning, and refrigeration equipment. Tallinn-headquartered, the company distributes products from leading manufacturers to installers and contractors throughout the Baltic region. Its portfolio includes air handling units, heat pumps, chillers, and ventilation systems for residential, commercial, and industrial applications. With a focus on energy-efficient HVAC solutions, Airwave OÜ supports construction projects and building upgrades across Estonia. | Beijer Ref | - | - | |
Oct-25 | Striga | | Striga is a Malta-headquartered fintech platform delivering APIs for compliant crypto services across more than 30 European Union countries. The service enables businesses to integrate user onboarding, digital asset custody, spot trading, IBAN account issuance, and virtual card programs without obtaining MiCA or EMI licenses. Developers access modular APIs for seamless embedding into apps, supporting fiat on-ramps via SEPA and handling KYC/AML compliance automatically. Striga powers white-label solutions for neobanks and trading platforms. | Lightspark | - | - | |
Jul-25 | DLTPAY | | DLTPAY is a Techstars-accelerated fintech building a non-custodial Web3 payment platform on Arbitrum layer-2. Launched in 2023 from Lisbon, it offers stablecoin invoicing, cross-chain swaps via 1inch, staking pools yielding 5 percent APY, and payroll in USDC for SMEs. The platform processes $10 million monthly volume for 1,000 enterprise users. | Fumbi Network | - | - | |
Jul-25 | Cone Center | | Cone Center is a Tallinn-based IT firm delivering custom web applications and terminal management systems for multimodal cargo transportation. It develops software for container terminals, RoRo facilities, bulk depots, and automotive logistics hubs used by shipping lines, forwarders, and carriers in the Baltic region. Cone Center's TOS platforms handle vessel berthing, cargo tracking, and EDI integrations with partners like Navis and Tideworks. Operating since 1997 in Estonia, the company supports 20 ports across Northern Europe. | Brightmoat | - | - | |
Jul-25 | Õhtuleht Kirjastus | | Õhtuleht Kirjastus is an Estonian media publisher producing the daily newspaper Õhtuleht, weekly magazines such as Anne&Stiina and Maakond, and digital portals ohtuleht.ee with over 1.5 million monthly visitors. The company also distributes crossword puzzle books and operates printing services from Tallinn. As part of Ekspress Meedia group since 2005, it covers news, lifestyle, sports, and entertainment across print and online platforms reaching 70% of Estonia's population weekly. | Ekspress Grupp | - | - |
Who is buying tech companies in Estonia?
Ekspress Grupp, Lightspark and Boonuspart.ee are the most active acquirers in Estonia.
See all acquirers in Estonia| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Ekspress Grupp | | AS Ekspress Grupp is a media company whose key activities include web media content production as well as the publishing of newspapers, magazines, and books. The business activities of the group function through the Media segment. The media segment comprises the operations of online news portals and classified portals, advertising sales in own portals in the Baltic, publishing of newspapers, magazines, customer and advertising fliers, publishing, and publication of books, as well as the sale of digital outdoor advertising in Estonia and Latvia. The media operations of the company include online, newspaper, magazine, and book publishing, home delivery, and other media-related activities. | LiikluslabÕhtuleht Kirjastuslrytas.lt | 2 | |
Lightspark | | Lightspark is a payments infrastructure provider connecting businesses to a global network powered by Bitcoin's decentralized protocol. The platform enables instant cross-border transactions with low costs, eliminating intermediaries, delays, and hidden fees. Lightspark bridges legacy financial systems to modern blockchain capabilities for reliable, always-on money movement akin to internet data flows. | Striga | 1 | |
Boonuspart.ee | | Boonuspart.ee is a Tallinn-based online portal delivering casino bonuses, iGaming comparisons, and tailored content for Estonian players seeking online gambling promotions. | Kasiino-boonus.ee | 1 | |
Inbank AS | | Inbank AS is a Tallinn-headquartered digital bank holding an EU credit institution license, offering consumer loans, leasing, and savings products in Estonia, Latvia, Lithuania, Finland, Poland, Spain, and Australia. The bank provides online personal finance services through its app and website, emphasizing quick approvals and installment plans for purchases. | Inbank VenturesMobire Eesti | 1 | |
Vosker | | Vosker is a Victoriaville-headquartered supplier of solar-powered 4G LTE security cameras for off-grid surveillance. Founded in 2018, models like the Bear and Lynx provide motion detection, two-way audio, and cloud storage for construction sites, farms, and remote properties across Canada and the United States. | Reconeyez | 1 | |
Kognitiv | | Kognitiv is a Newton-headquartered provider of Workday implementation and support services across industries like finance and manufacturing. The firm deploys certified consultants to expand client Workday ecosystems, optimizing human capital management and financial modules. Founded in 2016, Kognitiv focuses on integrations that boost operational efficiency and user adoption through customized training programs. It maintains partnerships with Workday to deliver end-to-end solutions from deployment to ongoing maintenance. | ClouDevOps | 1 | |
Netflix | | Netflix’s relatively simple business model involves only one business, its streaming service. It has the biggest television entertainment subscriber base in both the United States and the collective international market, with more than 300 million subscribers globally. Netflix has exposure to nearly the entire global population outside of China. The firm has traditionally avoided a regular slate of live programming or sports content, instead focusing on on-demand access to episodic television, movies, and documentaries. The firm introduced ad-supported subscription plans in 2022, giving the firm exposure to the advertising market in addition to the subscription fees that have historically accounted for nearly all its revenue. | Ready Player MeInterPositiveSpry Fox+1 | 1 | |
FullStory | | FullStory is an Atlanta-headquartered digital experience analytics platform founded in 2014. The SaaS tool records 100 percent of user sessions across web and mobile apps, delivering rage-click detection, frustration signals, and custom funnels for teams at companies like Atlassian, JetBlue, and New Relic. It processes petabytes of behavioral data to pinpoint drop-offs and optimize conversions without sampling. | Usetiful | 1 | |
Brightmoat | | Brightmoat is a software platform offering B2B SaaS products for operational efficiency in sales, marketing, and customer success. Based in Tel Aviv, the company provides tools for pipeline management, lead scoring, and performance analytics designed for mid-market enterprises. Clients in SaaS and tech sectors use Brightmoat to streamline workflows and boost revenue growth through integrated dashboards and automation features. | Cone Center | 1 | |
indiGO Tech | | indiGO Tech is a Woburn-headquartered developer of electric mobility solutions including the Indigo Ride in-wheel electric vehicle motors. The company engineers axial-flux motors and energy storage systems for urban transportation, aiming to replace traditional drivetrains in passenger vehicles and delivery fleets. From indigotech.com, it advances compact, efficient powertrains for crowded cities. | Clevon | 1 |
Public tech companies in Estonia
Ekspress Grupp is Estonia's largest publicly listed tech company, with a market cap of $45M.
See all public companies in Estonia| Logo | Description | Sectors | ||||||
|---|---|---|---|---|---|---|---|---|
Ekspress Grupp | AS Ekspress Grupp is a media company whose key activities include web media content production as well as the publishing of newspapers, magazines, and books. The business activities of the group function through the Media segment. The media segment comprises the operations of online news portals and classified portals, advertising sales in own portals in the Baltic, publishing of newspapers, magazines, customer and advertising fliers, publishing, and publication of books, as well as the sale of digital outdoor advertising in Estonia and Latvia. The media operations of the company include online, newspaper, magazine, and book publishing, home delivery, and other media-related activities. | $1.46 | +16.5% | $45M | $62M | 0.7x | ||
TextMagic | TextMagic AS is a text messaging company that helps businesses to engage with customers. The activity of the group is the management and development of software products. The company operates mainly in the U.S., the U.K., Canada, and Australia. TextMagic enables companies to transform customer experiences through its text messaging marketing software, which can be used for sending notifications, alerts, reminders, confirmations, and SMS marketing campaigns anytime, anywhere. The majority of revenue is derived from the United States and Canada. The company generates the majority of its revenue from the development and management of the TextMagic platform. The company also generates a small portion of its total revenue from the Voog and Edicy platforms. | $1.94 | - | $17M | $12M | - | ||
Nordic Unmanned | Nordic Unmanned ASA is a provider of drone systems and services. The products help in emissions monitoring, oil spill monitoring, logistics and robotization, defence and security, power line inspection, and insurance inspections. Also, the company provides software solutions, spare parts, and consulting services. The group's business segments are as follows; Flight Services, AirRobot, and DroneMatrix. Maximum revenue is generated from its Flight Services segment which is a technology-agnostic flight services operator providing time-critical actionable data to large corporate and governmental customers. Geographically, the company generates maximum revenue from Estonia and the rest from Spain, Great Britain, Germany, Norway, and other countries. | $0.075 | - | $9.3M | $25M | - |
Why Flow Partners as your M&A advisor
Access to relevant buyers
We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.
No corporate red tape
We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.
Thorough preparation
KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.
Optimize value, not valuation
Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.
We provide M&A advisory services across Estonia and beyond
Sector expertise
Explore our M&A advisory offering across a variety of tech sectors in Estonia.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've closed sell-side and buy-side transactions across European, US and emerging-market tech.
Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
Recently completed M&A advisory projects
Selected M&A transactions and prior deal experience.
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