Apax Partners’ growth equity vehicle The Apax Digital Fund has acquired a majority stake in Finnish digital transformation company Solita from Vaaka Partners.
As part of the transaction, Solita’s management team will acquire a minority stake in the business.
Solita helps businesses with their digital transformation through its data and human insights. It offers solutions such as strategic consulting, service design, AI, analytics, and managed cloud services.
The company’s technology is used by a range of industries including finance, retail and sport. One of its use cases includes Finland-based public administration company Vero.fi, which used the platform to improve its tax management services and user interface.
With this investment, Solita hopes to boost its growth in Finland, as well as its international expansion efforts. It hopes to achieve this through both organic growth and strategic acquisitions.
Vaaka Partners initially backed Solita in 2013 for an undisclosed amount, acquiring a 75 per cent stake in the company.
Apax Digital managing director Mark Beith said, “We are hugely excited to partner with Solita, the leader in digital transformation in Finland, and support Jari and his talented team in developing a pan-Nordic champion.
“Solita has an outstanding end-to-end offering, with worldclass, cross-functional teams helping customers all the way – from crafting their strategy and designing their architecture to developing cutting-edge software and integrating best-in-class data and analytics.”
Earlier in the week, fellow Finland-based FinTech company Sharetribe surpassed its initial €500,000 target for its crowdfund. The company provides organisations with a solution to build an online P2P marketplace for buying, selling and renting.
Last year, payments and remittances companies dominated the funding in Finland’s FinTech space, according to data by FinTech Global.
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