Riga-based private equity fund Livonia Partners will invest in a Latvian provider of business software Digital Mind
Riga-based private equity fund Livonia Partners will invest in a Latvian provider of business process digitalization solutions for large and mid-sized organizations Digital Mind. The company will use this investment to acquire 100% of Polish company EIP Dynamics, which provides ERP (Microsoft enterprise resource planning) solutions. The amount of the deal is undisclosed.
Upd: Apart from the equity investment from Livonia Partners, Digital Mind received a €722K additional debt from Latvian investment firm Capitalia.
Founded in Riga in 2005, Digital Mind delivers business application solutions to large and mid-sized organizations in various sectors, including finance, insurance, logistics, retail, telecommunications, manufacturing, construction, public sector, and others. It helps companies implement and manage such business applications as Enterprise resource planning (ERP), Enterprise content management (ECM), and Intelligent process automation. Digital Mind has offices in Riga, Tallinn, Vilnius, and Warsaw. Among its clients are 250 enterprises. The CEO is Rinalds Sluckis.
With the acquisition of EIP Dynamics, Digital Mind expects to increase its capabilities to offer business solutions to a bigger amount of local and international clients. It will start to serve clients not only in the Baltics but also in Central European countries (CEE). In the future, Digital Mind expects to continue acquisitions in the CEE region.
Founded in 2013 in Warsaw, EIP Dynamics provides ERP (enterprise resource planning) software for small and medium-sized customers which helps manage business processes, such as labor management, financial management, and asset management. Financial management includes fixed assets management, general ledger, bank reconciliation, payment handling, multiple currencies, and many more. The company implements, integrates projects, and creates industry solutions based on Microsoft Dynamics technology.
EIP Dynamics serves clients across Europe, the United States, and Canada and employs 120 people. The CEO of the company is Paweł Prasuła.
Livonia Partners is a Riga-based private equity investment firm with a focus on buyouts and growth capital investments in Baltic small to mid-sized companies. The firm is currently investing from €157M Fund II. Among recent investments in Baltic startups are Estonian wellness service marketplace Stebby, a Lithuanian manufacturer of reusable non-woven carrier bags Bagfactory, and others. The founding partners of Livonia are Kristine Berzina and Mindaugas Utkevičius.
Founded in Riga in 2007 by Juris Grišins, Capitalia is a crowdfunding platform regulated by the Bank of Latvia. It provides businesses with loans for up to €2M to finance working capital or investment needs. Capitalia financed more than €65M of loans to over 900 companies in Latvia, Lithuania, and Estonia.
