M&A advisory services in Latvia

Latvia is generating increasing interest from PE and strategic buyers in e-commerce fulfilment, SaaS and fintech infrastructure - sectors where Latvian companies have built globally competitive positions.

Printful's growth into a globally recognised on-demand manufacturing platform and Mintos's development as Europe's leading P2P lending marketplace have raised the profile of Latvian tech exits among international acquirers.

Flow advises both bootstrapped and venture-backed Latvian founders through their exit - bringing a strong PE and strategic acquirer network, lean end-to-end process management and KPI-driven preparation that surfaces the right buyers and creates genuine competitive tension.

Latvia tech M&A deals in the last 12 months

$13M

Latvia median tech M&A valuation

3.0x

Latvia median tech M&A revenue multiple

$30M

Latvia biggest tech acquisition in the last 12 months

Selling your tech company in Latvia

Latvian M&A follows European mid-market conventions with country-specific overlays around the deferred corporate tax system, the participation exemption and the EU-aligned FDI screening regime.

Locked-box and completion accounts

Latvian private M&A uses both locked-box and completion accounts. Locked-box is growing in PE-led and tech deals; completion accounts remain frequent in traditional sectors.

W&I insurance is growing

Warranty & indemnity insurance is becoming more common in Latvian deals above roughly €15M. Premiums (around 1-1.5% of cover) typically split between buyer and seller, replacing traditional escrow.

FDI screening

Latvian FDI screening requires notification of acquisitions by non-EU investors of Latvian companies in sensitive sectors - defence, dual-use, AI, critical infrastructure. Adds notification time and conditions to scoped transactions.

Capital gains for founders

Latvian individuals are taxed on share disposal gains at 20% (capital income flat rate). The deferred corporate tax system shapes founder exit planning - worth modelling 12+ months ahead of a sale.

Corporate participation exemption

Sales of subsidiary shares by a Latvian corporate seller can benefit from the participation exemption - typically requires substantial holding and the subsidiary being a qualifying entity. Often drives whether a transaction is share or asset-structured.

Merger control

Latvian Competition Council (KP) reviews transactions where parties' combined Latvian turnover exceeds €30M and at least two parties each have €3M+ Latvian turnover. Most tech deals don't trigger.

Recently acquired tech companies in Latvia

Biggest M&A recently in Latvia was a $30M acquisition of TestDevLab by Xoriant in November 2025.

See all M&A deals in Latvia

	Logo		Description	Buyer
Nov-25		TestDevLab	TestDevLab is a Riga-headquartered software quality assurance firm founded in 2011. ISO 27001 certified with over 400 ISTQB-accredited testers, the company delivers functional, performance, security, and automation testing plus custom tools for startups and Fortune 500 clients globally. Services span fintech, healthcare, telecom, and e-commerce industries from offices in Latvia, Ukraine, and Poland.	Xoriant	$30M	1.0x
Dec-25		AppXite	AppXite powers a multi-cloud e-commerce platform for technology-as-a-service, integrating with hyperscalers for product management, billing, provisioning, and sales analytics.	Aries Global	$23M	4.6x
Jun-25		Ammunity	Ammunity is a manufacturer of small-caliber ammunition for civilian, law enforcement, and military applications in Latvia. Riga-based, the company produces 9mm, .22LR, and 5.56mm rounds using polymer-cased designs for reduced weight. Ammunity operates a 20,000-square-meter facility compliant with NATO standards. It exports to 25 European countries and supplies training ammo to Baltic defense forces. Founded in 2019, the firm has capacity for 100 million rounds annually.	Scandinavian Astor Gr	$3.0M	3.0x
Mar-26	A	AeroVictory Baltic	SIA AeroVictory Baltic develops and innovates unmanned aerial systems as a Latvian defense technology company. The firm, established in early 2026, transfers advanced battlefield technology to the European defense ecosystem.	Saf Tehnika	$500K	-
Apr-26		Credit Information Bureau	Credit Information Bureau is the first licensed credit information bureau in Latvia.	Creditinfo CEE	-	-

Who is buying tech companies in Latvia?

Creditinfo CEE, Saf Tehnika and Aries Global are the most active acquirers in Latvia.

See all acquirers in Latvia

	Description	Key acquisitions
Creditinfo CEE	Creditinfo CEE builds software for credit risk management.	Credit Information Bureau	1
Saf Tehnika	Saf Tehnika and its subsidiaries are engaged in the design, production, and distribution of microwave radio data transmission equipment thus offering an alternative to cable channels. The company offers products to mobile network operators, data service providers such as Internet service providers and telecommunications companies, as well as state institutions and private companies. The company also sells antennas, cables, OEM products, and other accessories purchased from other suppliers, as another structural unit. The company's segments are; CFIP, Integra, Spectrum, Compact, Aranet; and Other. It sells its product in Latvia, North and South America, Europe, CIS, Asia, Africa, and the Middle East, of which key sales revenue is generated from North and South America.	AeroVictory Baltic	1
Aries Global	Aries Global is a software developer creating an AI operating system tailored for business-to-business applications. Headquartered in Australia, the company builds platforms that automate workflows, integrate data sources, and enable intelligent decision-making for enterprises. Aries Global focuses on scalability for sectors like finance, logistics, and manufacturing.	AppXiteUppwise	1
Scandinavian Astor Gr	Scandinavian Astor Group AB is a prominent player in the defence industry, specialising in delivering high-quality products, services and technical solutions, in the defence sector and civil security, and other industrial segments. The Group is divided into three business areas: Astor Industry, Astor Tech and Astor Protect. The company generates revenues by selling customized products and services to the defense and security sectors, as well as civilian markets. Geographically, it operates in Sweden, Other EMEA, Americas, and Asia Pacific.	Ammunity	1
Xoriant	Xoriant is a product engineering and consulting services firm delivering full lifecycle software development. It supports technology companies with implementation and integration from global delivery centers in India and the United States. Sunnyvale-headquartered, Xoriant serves clients in software, telecom, healthcare, and finance sectors.	TestDevLabFexle Services Pvt. Ltd.MapleLabs+1	1
Cabinair Services	Cabinair Services is a United Kingdom-based aviation maintenance provider specializing in cabin interiors. The company refurbishes aircraft seats, galleys, sidewalls, carpets, and passenger service units for airlines including British Airways. Facilities in Manchester support narrowbody and widebody conversions with IFE system upgrades.	AeroKnow	1
CARGURU	CARGURU is a car-sharing platform operating in Latvia. The app connects vehicle owners with renters for peer-to-peer rentals of personal cars in Riga and surrounding areas. It offers insurance coverage, 24-hour roadside assistance, and secure payment processing for short-term and long-term bookings. CARGURU maintains a fleet of sedans, SUVs, and electric vehicles listed by local owners. Launched in 2019, the service emphasizes convenient urban mobility and expands to other Baltic cities.	OX Drive	1
Jakala	Jakala is a Milan-headquartered digital marketing agency delivering data-driven advertising, CRM, and e-commerce solutions to brands in Europe. Part of the Dentsu Aegis Network since 2019, it operates through platforms for customer data management and personalization, serving clients like Barilla, Pirelli, and Lavazza. Jakala provides services in performance marketing, loyalty programs, and Shopify implementations from offices in Italy and Romania.	RoiboxClaraVistaFFW	1
Sixt	Sixt SE provides automotive rental services mainly across Europe and the U.S. The company offers rental solutions from passenger vehicles, including sports utilities vehicles, electric vehicles, and luxury sports cars to vans and trucks. With its products SIXT rent, SIXT share, SIXT ride, and others, the company offers mobility services in the areas of car rental, car sharing, ride services, and car subscriptions. These products can be booked via a single app that also integrates the services of mobility partners.	Renti plus	1
Salling Group	Salling Group is an Aarhus-headquartered Danish retail conglomerate operating hypermarkets, supermarkets, discount chains, and specialty stores nationwide. It manages brands such as Bilka for large-format shopping, Føtex for everyday groceries, Netto for low-price discounters, and Brugsen cooperatives. The group serves all consumer segments with food, apparel, electronics, and household goods through over 1,300 locations, maintaining a dominant position in the Nordic retail market since its formation from the 2016 merger of Brugsen and Dagrofa.	RIMI Baltic	1

Public tech companies in Latvia

Rigas kugu buvetava is Latvia's largest publicly listed tech company, with a market cap of $4.5M.

See all public companies in Latvia

Logo		Description	Sectors
	Rigas kugu buvetava	AS Rigas kugu buvetava is a Latvia-based company. The company earns revenue through ship repairs and Leasing and managing owned or rented real estate. Geographically the company generates majority of its turnover in Latvia.	Defense Systems	$0.388	+205.9%	$4.5M	$7.6M	-

Why Flow Partners as your M&A advisor

We operate across four fundamental principles that over the years enabled us to successfully advise many Latvian companies.

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 Latvia and beyond

Sector expertise

Explore our M&A advisory offering across a variety of tech sectors in Latvia.

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.

See all case studies

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.

M&A

Polish publicly listed diversified industrial firm

M&A

German email marketing software platform

M&A

German software testing provider

M&A

Leading provider of testing, inspection, and certification services

M&A

Spanish neobanking platform for Gen Z and Millennials

M&A

Online price comparison and booking platform for rental cars

M&A

Digital testing, cybersecurity, content and digital forensics provider

M&A

Online casual dating platform for curious individuals

M&A

European DAM software provider

M&A

$3bn acquisition by Blackstone. Family of online dating brands (Badoo, Bumble, Chappy, Lumen).

M&A

€135m acquisition by Takeaway. Leading B2B online food delivery platform in Israel.

M&A

€80m acquisition by Zur Rose. Online e-commerce platform for pharmacy, beauty and wellness.

M&A

$200m acquisition by EMK. World's largest data collection and transformation platform.

M&A

Acquisition by ProSiebenSat.1 / General Atlantic. Online marketplace for household products and services.

M&A

€300m acquisition by Oakley Capital. Leading European online matchmaking platform.

M&A

Acquisition by Axel Springer. Leading Israeli online classifieds platform (jobs vertical).

M&A

$800m acquisition by Adobe. Marketplace for royalty-free images, graphics and HD videos.

M&A

€80m acquisition by Lifull. Spanish vertical search engine for real estate, cars and jobs.

M&A

Acquisition by Oakley Capital. Italy's largest online car insurance, gas and electricity brokerage.

Strategic Advisory

Strategic advisory. Cashless mobile taxi app connecting passengers to nearby taxis.

M&A

Acquisition by IAC. Digital social media platform for Q&A.

M&A

$228m acquisition by Axel Springer. Israel's leading classifieds and advertising portal.

M&A

Acquisition by Quant. Turkish membership-based daily deals site.

M&A

€320m acquisition by Bonnier. Pay television company across the Nordic region.

Minority Acquisition

€290m minority acquisition by News Corp. German direct broadcast satellite Pay TV (DACH).

M&A

€3.2bn acquisition by ProSiebenSat.1. European media group (TV, radio, print).

M&A

€3.1bn acquisition by KKR and Permira. German mass media and digital company.

Got questions?

Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.

Unlike traditional M&A advisors, we truly understand tech businesses and the unique challenges they face. Our investment banking background combined with deep sector expertise allows us to build compelling equity stories and navigate complex transactions.

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Fractional CFO in Latvia

We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.

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We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.

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M&A advisory services in Latvia