M&A advisory services in Lithuania

Lithuania is producing a growing pipeline of founder-led exits across marketplace commerce, cybersecurity and fintech, with international PE and strategic buyers increasingly running competitive processes for Lithuanian assets.

Vinted's valuation trajectory, the continued growth of Nord Security and Tesonet, and the international reach of Eneba and PVcase have all contributed to Lithuania's rising M&A profile in the eyes of global corporate development teams.

Flow advises both bootstrapped and venture-backed Lithuanian 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 for the most competitive sale outcome.

Lithuania tech M&A deals in the last 12 months

Lithuania median tech M&A valuation

Lithuania median tech M&A revenue multiple

Lithuania biggest tech acquisition in the last 12 months

Selling your tech company in Lithuania

Lithuanian M&A follows European mid-market conventions with country-specific overlays around the participation exemption, the EU-aligned FDI screening regime and the favourable corporate tax structure for retained-earnings reinvestment.

Locked-box and completion accounts

Lithuanian 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 Lithuanian 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

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

Capital gains for founders

Lithuanian individuals are taxed on share disposal gains at 15% (with a personal allowance), with reduced rates for holdings above specific thresholds. Holding-company structures used to defer or reshape the tax bill - worth planning ahead of a sale.

Corporate participation exemption

Sales of subsidiary shares by a Lithuanian corporate seller can benefit from the participation exemption - typically requires 10%+ holding for two years and the subsidiary being a qualifying EU/EEA entity. Often drives whether a transaction is share or asset-structured.

Merger control

Lithuanian Competition Council reviews transactions where parties' combined Lithuanian turnover exceeds €20M and at least two parties each have €2M+ Lithuanian turnover. Most tech deals don't trigger.

Recently acquired tech companies in Lithuania

Disclosed M&A deals in Lithuania in the last twelve months, ranked by valuation.

See all M&A deals in Lithuania

		Description	Buyer
Mar-26	Brolis Semiconductors	Brolis Semiconductors is a photonics company specializing in electro-optical systems and sensor technologies across Europe. It operates facilities in Vilnius, Lithuania for III-V semiconductors, Ghent, Belgium for integrated photonics R&D, and Larne, Northern Ireland for defense systems assembly. The firm develops non-invasive medical sensors for blood monitoring, targeting glucose, lactates, urea, and other molecules using custom laser-based photonic integrated circuits. Vilnius-headquartered with over 40 employees, it holds 14 patents and serves defense and digital health markets.	ETNA Capital	-	-
Mar-26	Oxipit	Oxipit is a Vilnius-based AI company developing software for chest X-ray analysis in radiology. Its flagship product, ChestLink, received FDA clearance in 2021 and detects 12 thoracic pathologies with sensitivity above 95 percent. The platform addresses radiologist shortages by automating triage in hospitals across Europe and the US. Oxipit partners with institutions like Royal Free London NHS and supplies tools to over 50 healthcare providers, focusing on tuberculosis screening and COVID-19 detection modules.	Sectra	-	-
Jan-26	Blue EMI	Blue EMI is a fintech provider offering secure payment processing and financing solutions customized for crowdfunding platforms and e-commerce merchants.	Checkout.com	-	-
Jan-26	Fjord Bank	Fjord Bank is a fully digital consumer finance institution licensed in Lithuania that offers personal loans, credit lines, and deposit accounts through its mobile app and online platform. Operating across the European Economic Area, the bank provides instant loan approvals, competitive interest rates, and seamless digital banking experiences without physical branches. It focuses on underserved segments with quick application processes and flexible repayment options.	Zilch	-	-

Who is buying tech companies in Lithuania?

Checkout.com, Zilch and ETNA Capital are the most active acquirers in Lithuania.

See all acquirers in Lithuania

	Description	Key acquisitions
Checkout.com	Checkout.com is a global payment processor supporting transactions in over 150 currencies through a unified API. It delivers in-country acquiring across more than 50 countries, advanced fraud detection powered by machine learning, and comprehensive reporting dashboards. The platform accepts all major credit and debit cards alongside local methods such as iDEAL, Alipay, and Klarna. Checkout.com maintains offices in London, New York, Singapore, and 16 other locations worldwide. Launched in 2012, it serves enterprises like Sony, Revolut, and McDonald's with scalable infrastructure for high-volume payments.	Blue EMIUbble.aiIcefire+1	1
Zilch	Zilch is a London-headquartered payments network offering buy-now-pay-later services with 0% APR over six weeks and no fees for UK consumers. Launched in 2020, it processes transactions for retailers like ASOS and Nike, generating revenue through advertising while serving 2 million users via its app.	Fjord BankNepFin	1
ETNA Capital	ETNA Capital manages a Copenhagen-based private equity fund targeting European defence investments.	Brolis Semiconductors	1
Sectra	Sectra AB develops IT solutions and services for storing, viewing, and working with medical images. The operating business segments are Imaging IT Solutions, Secure Communications, Business Innovation, and Other Operations. It generates maximum revenue from the Imaging IT Solutions segment. The company also offers maintenance in the form of support, system monitoring, and consulting services related to integration, system design, data migration, and business development. Geographically, it derives a majority of its revenue from the United States, followed by Sweden, the United Kingdom, the Netherlands, the Rest of Europe, and the Rest of the world.	OxipitRxEyeEXP Analytics+1	1
Musti Group	Musti Group PLC is an operator of omnichannel which caters to the needs of pets and their parents. The group provides pet wellbeing services in some of its stores, as well as veterinary services in Sweden, Norway, Estonia, Latvia and Lithuania. It generates revenue through sales of pet products, food, and accessories. It also offers services such as grooming, training, and veterinary services. The company's reporting segments are based on geographical regions which are Finland, Sweden, and Norway.	PetCityZU	1
MoonPay	MoonPay is a London-headquartered financial technology company enabling fiat-to-crypto purchases worldwide. The non-custodial platform processes payments via credit cards, bank transfers, Apple Pay, and Google Pay for cryptocurrencies and NFTs. Supporting over 160 countries since its 2019 founding, MoonPay integrates with wallets like MetaMask and Phantom, powering onramps for exchanges and dApps.	IronDawn LabsDFlow+2	1
Fyntechnical Innovations	Fyntechnical Innovations Inc through its wholly owned subsidiary, markets a software-as-a-service (SaaS) proprietary platform for Certified Public Accountants (CPAs), Financial Institutions, and Registered Investment Advisors (RIAs). The Platform’s IQ Engine enables the user to see changes occurring on the underlying indexes daily and provides alternatives based on machine learning (ML), and artificial intelligence (AI), which the user can incorporate into the decision-making process.	FlaXbitBateau Asset Management CompanyChaintrade	1
stp.one	stp.one is a German legal tech firm offering integrated platforms for law firms, insolvency administrators, and departments. Based in Hamburg, it provides workflow automation, AI document management, ERP systems, data analytics, and outsourcing services to digitize legal processes across Europe.	Amberlo	1
AppsFlyer	AppsFlyer is a Tel Aviv-headquartered mobile marketing analytics firm that provides attribution, fraud prevention, deep linking, and privacy-focused data tools to over 10,000 technology partners. Thousands of brands utilize its platform for customer journey measurement, data clean rooms, and engagement automation across iOS and Android ecosystems. Supporting GDPR and CCPA compliance, AppsFlyer processes billions of events daily to safeguard ad spend and enhance user experiences via www.appsflyer.com.	DevtodevooloYodas.com	1
Enghouse Systems	Enghouse Systems Ltd is a Canada-based provider of software and services to a variety of end markets. The firm's operations are organized in two segments, namely, the Interactive Management Group (IMG) and the Asset Management Group (AMG). It earns the majority of its revenue from Interactive Management Group. IMG specializes in contact center and video software and services designed to enhance customer service by increasing efficiency and managing customer communications across multiple types of interactions, including voice, email, social channels, web chats, text, and videos. The firm has operations in Canada, the United States, the United Kingdom, Europe, excluding Scandinavia, Germany, Asia-Pacific, and other regions, with maximum revenue from the USA.	TrafiSixbell (telecommunications unit)Margento+1	1

Public tech companies in Lithuania

Baltic Classifieds Group is Lithuania's largest publicly listed tech company, with a market cap of $1.1B.

See all public companies in Lithuania

Logo		Description	Sectors
	Baltic Classifieds Group	Baltic Classifieds Group PLC is an online classifieds group in the Baltics which owns and operates various vertical and generalist online classifieds portals in Estonia, Latvia, and Lithuania. Its online classifieds portfolio comprises vertical online classifieds portals, including vertical portals for automotive, real estate, and jobs and services, and a few generalist portals, offering a wide line of products. The main focus of the Group is operating online classifieds platforms for automotive, real estate, jobs and services, and general merchandise in the Baltics. lt generates revenue from fees for service packages based on the number of job ad postings; fees for short-term services including job ad promotion, job ads, and access to the resume database.	Horizontal MarketplacesConsumer Marketplaces+1	$2.55	-47.0%	$1.1B	$1.1B	11x
	NEO Finance	NEO Finance AB is engaged in providing financial services. It owns and operates a Peer-to-peer lending platform under the brand name Paskolu Klubas that enables retail lenders to lend money directly to retail borrowers. Revenue from this business is generated in two main ways: an intermediary fee charged from borrowers on installments made and interest earned by co-investing with lenders. In addition, through Neopay (e-money), the company operates as a payment service provider in the Baltic and other regions, and through Finomark, a crowdfunding platform, it offers fundraising and investment solutions for both companies and investors, by offering loans to small and medium-sized businesses. A majority of the company's revenue is generated from its peer-to-peer lending business in Lithuania.	Online Lending	$2.56	+0.7%	$11M	-$13M	-

Why Flow Partners as your M&A advisor

We operate across four fundamental principles that over the years enabled us to successfully advise many Lithuanian 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 Lithuania and beyond

Sector expertise

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

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 Lithuania

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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VC fundraising in Lithuania

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 Lithuania