Tietoevry, a renowned player in the world of digital services and software, has made a strategic move to acquire MentorMate.
Based in Minneapolis, US, MentorMate is a prominent digital engineering company that previously belonged to the Taylor Corporation.
The purpose of the acquisition is multifold. Tietoevry aims to expand its North American customer base while enhancing the global digital engineering capabilities of its Create business. The financial specifics of the transaction remain undisclosed.
Tietoevry is a titan in digital services and software, offering a myriad of solutions that are custom-built to help businesses capitalise on the digital revolution. On the other hand, MentorMate is renowned for its role in pushing forward the digital agendas of various companies through its exceptional strategy, design, and engineering capabilities. With more than 1000 employees across the US, Bulgaria, and Paraguay, MentorMate is a leader in advanced digital engineering services, human-centred design, data, and AI capabilities, primarily catering to customers in North America and Europe. As of 2022, the company boasted revenues of $65m, indicating a growth rate of approximately 40%.
The acquisition is set to hasten Tietoevry’s existing strategy focusing on software and digital engineering services. MentorMate will soon integrate with Tietoevry’s Create business, augmenting its ambition to be a leading digital engineering player on the global stage. Furthermore, MentorMate brings a strong North American customer base to the table, with a proven record of high-quality deliveries and industry expertise. The merge of Tietoevry Create and MentorMate is also set to enable the capture of generative AI opportunities within the market. The acquisition aligns with Tietoevry Create’s 2025 financial ambition, as outlined in the 2022 Capital Markets Day.
Tietoevry Create Managing Director, Christian Pedersen, warmly welcomed MentorMate, stating, “With great talent and customers, MentorMate plays a key role in our path to building a leading global digital engineering business. It enhances our North American business and creates a presence in the attractive talent markets of Bulgaria and Paraguay. It unlocks growth opportunities for Tietoevry Create, by bringing additional scale to serve our combined North American and European customer bases.”
Kimmo Alkio, CEO of Tietoevry, praised the acquisition, saying, “The acquisition of MentorMate advances our specialisation strategy with a high focus on software and digital engineering – a concrete step to accelerate our strategy execution and value creation.”
Meanwhile, Glen Taylor, Chairman and Founder of Taylor Corporation, expressed confidence in the acquisition, while Jay Miller, MentorMate President, saw the move as an accelerator towards their goal of becoming one of the world’s top digital engineering providers.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
