ESPOO, Finland, July 21, 2023 /PRNewswire/ -- Tietoevry has acquired MentorMate, a digital engineering company headquartered in Minneapolis, US, from its current owner Taylor Corporation. MentorMate plays a key role in driving customers' digital agenda with its strategy, design, and engineering capabilities. MentorMate employs more than 1000 employees in Bulgaria, Paraguay, and the US, providing advanced digital engineering services, human-centered design, data, and AI capabilities to its customers in North America and Europe. MentorMate is one of the leading technology employers in Bulgaria with ~900 employees. In 2022 MentorMate revenues were USD 65 million, growing at ~40% and profitability accretive to Tietoevry Create.
The acquisition accelerates Tietoevry's strategy with a focus on software and digital engineering services. MentorMate will be part of the Tietoevry Create business, supporting its ambition to be a leading digital engineering player globally. The combination significantly strengthens Tietoevry Create's current North American customer base and global digital talent further increasing the addressable market. MentorMate brings a strong North American customer base, with a track record of proven high-quality deliveries and industry expertise to large enterprises in the US market. The combination of Tietoevry Create and MentorMate brings the ability to capture generative AI opportunities in the market. The acquisition also supports Tietoevry Create's 2025 financial ambition, as communicated on 2022 Capital Markets Day.
"I warmly welcome MentorMate to the Tietoevry Create family. 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," said Christian Pedersen, Managing Director of Tietoevry Create.
"The acquisition of MentorMate advances our specialization strategy with a high focus on software and digital engineering - a concrete step to accelerate our strategy execution and value creation," said Kimmo Alkio, CEO of Tietoevry.
"We are extremely proud of how MentorMate's management has grown the business under our ownership and are confident Tietoevry is a good home for the employees and clients in the future," said Glen Taylor, Chairman and Founder of Taylor Corporation.
"Being part of Tietroevry Create accelerates our long-term goal to become one of the world's top digital engineering providers," said Jay Miller, MentorMate President. "For our team members, it means access to global career and growth opportunities, while our clients will benefit from Tietoevry's breadth of services and competencies."
The value and the terms of the transaction are confidential.
For further information, please contact:
Tietoevry Communications, tel. +358 40 570 4072, news@tietoevry.com
Tietoevry creates purposeful technology that reinvents the world for good. We are a leading technology company with a strong Nordic heritage and global capabilities. Based on our core values of openness, trust, and diversity, we work with our customers to develop digital futures where businesses, societies, and humanity thrive.
Our 24 000 experts globally specialize in cloud, data, and software, serving thousands of enterprise and public-sector customers in more than 90 countries. Tietoevry's annual turnover is approximately EUR 3 billion and the company's shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs. www.tietoevry.com
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