BaltCap sells its 95% stake in Fitek Holding to UnifiedPost Group, one of Europe’s leading FinTech firms headquartered in Belgium.
Fitek is the market leader in financial automation processes: the company operates in Estonia, Latvia, Lithuania, the UK, Slovakia, the Czech Republic, Serbia and Bosnia & Herzegovina.
BaltCap’s investment fund BaltCap Private Equity Fund II acquired OpusCapita (part of Finnish Posti Group) Baltic businesses in 2015 and oversaw the transformation of three local players into a truly international group with a strong portfolio of digital platforms and services. In three years, the number of employees has increased from 107 to over 270.
The current transaction is the first exit for BaltCap Private Equity Fund II (“BPEF II”) as well as for the Baltic Innovation Fund (“BIF”), a fund-of-funds initiative supported by the Republic of Lithuania, the Republic of Latvia, the Republic of Estonia and the EIF. The BIF, advised by the EIF, is a significant investor in BPEF II.
“Combining efforts means not only the creation of a major FinTech player across Europe, but it is a great deal for our customers as well,” says Mait Sooaru, CEO of Fitek. “More specifically, a widened product portfolio to serve our customers’ e-invoicing and payment serviced needs.”
“Our investment in Fitek Group has been a resounding success,” said Kristjan Kalda, BaltCap’s partner. “We planned to remain a shareholder for a longer period. Though this happens sooner than expected, it is a perfect opportunity not only for shareholders, but also for customers and employees of Fitek and UnifiedPost Group. I would like to thank the fantastic team in Fitek, this strategic move is definitely a huge leap for the company.”
Hans Leybaert, CEO of UnifiedPost Group: “Our ambition is to grow internationally and to further strengthen our position as a leading player in the FinTech landscape. With both companies coming together, we not only expand our European footprint, but are also getting extra people with solid knowledge of the sector onboard. The growth strategy of UnifiedPost Group is reconfirmed with this acquisition.”
Mait Sooaru and Kaur Lohk will continue as shareholders and executive managers of Fitek. The seller was advised by law firm COBALT.
We are a leading FinTech group that helps businesses to digitize and optimize their financial value chain, in B2B(2C): from contract – over invoice – to payment, including alternative financial services.
We develop and manage platforms for electronic payment collection, invoice financing and more, starting from “transactional document processing”.
BaltCap Private Equity Fund II (BPEF II) established in 2014 makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF.
Kristjan Kalda Mait Sooaru
Partner, BaltCap CEO, Fitek Group
Phone: +372 665 0280 Phone: +372 501 9533
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