Top Tech Exits in Estonia (2024)

Estonia’s Standout Startup Acquisitions in a Challenging Market

Despite a broader downturn in startup exits across Europe, Estonia has proven its resilience with a handful of notable acquisitions in 2024. While economic uncertainty and shifting investor sentiment have slowed deal activity, some Estonian startups have successfully navigated the challenging landscape, securing strategic acquisitions that highlight their innovation and market strength. From fintech to construction tech, these exits demonstrate that even in a cooling market, Estonia’s startup ecosystem continues to attract interest from global players.

Klaus

Klaus, an AI-powered quality management platform founded in 2018 in Tallinn, Estonia, provides advanced quality assurance (QA) solutions that analyze 100% of customer interactions to enhance agent performance and customer satisfaction. In 2024, the company was acquired by Zendesk, a global customer experience software provider, in a deal aimed at strengthening Zendesk’s workforce engagement management (WEM) solutions. The acquisition, expected to close in Q1 2024, will integrate Klaus' AI-driven QA capabilities with Zendesk AI, enabling businesses to deliver consistent, high-quality service across human and digital agents.

Avalanche

Avalanche Laboratory OÜ, a software company owned solely by Rain Kirjanen, had been exploring ways to expand into the European and North American markets before deciding on a full acquisition. In 2024, the company was acquired by Swedish IT firm Insuro Technologies after initial discussions about partnership evolved into a realization that a complete sale was the best path forward. The transaction was advised by COBALT’s legal teams across Estonia, Latvia, and Lithuania, ensuring a smooth process for the seller.

Outl1ne

Outl1ne, a Tallinn-based digital product company specializing in UI/UX design, software development, and language model implementation, was founded in 2012 by Olari Tõnison and Allan Tatter. In 2024, the company was acquired by Net Group, an internationally operating business and software development firm, for an undisclosed amount, with Outl1ne continuing to operate as its subsidiary. The acquisition strengthens Net Group’s expertise in artificial intelligence and large language models while allowing Outl1ne’s founders to remain in leadership roles.

Geneto

Geneto, a health tech startup founded in 2016 by Jaak Sarv, specializes in nutrition and exercise supplements based on genetic testing. In 2024, the company merged with FitQ, a video training platform, with Sarv becoming co-founder and product manager of the combined entity. The merger aims to integrate their services into a comprehensive health solution, making genetic testing more accessible and positioning the company for future growth, including a planned €1 million fundraising round.

Cybers

Security Software OÜ, a cybersecurity company operating under the Cybers brand since its founding in 2010, provides a range of offensive and defensive cyber solutions, including strategic consulting and risk regulation. In 2024, the company was acquired by French cybersecurity group Neverhack SAS, which purchased 100% of its shares to strengthen its presence in the Baltics and Nordic markets while accelerating Cybers’ expansion across Europe. The acquisition will reinforce Neverhack’s position as a leading cyber hub and enable Cybers to offer expanded services under its new ownership.

Trinidad Wiseman

Trinidad Wiseman, a onsulting, design, and software development company with a turnover of €16.9 million in 2023, serves clients like SEB Pank, Telia, and various EU institutions. In 2024, the company was acquired by Helmes, a Tallinn-based software development firm, which purchased a 75% stake to enhance its international market presence and service offerings. Following the acquisition, Trinidad Wiseman will continue operating under its own name with its existing management, pending approval from the Estonian Competition Authority.

Stebby

Stebby, an employee wellness benefit platform with 180,000 users across the Baltics, provides companies with a software solution to manage employee wellness benefits. In 2024, the company was acquired by Up Group, a French rewards and benefits provider, marking an exit for Livonia Partners, which had invested in Stebby in 2022. While the deal amount remains undisclosed, Stebby’s current management will continue to lead the company in partnership with Up Group.

Paywerk

Paywerk, a intech startup specializing in cross-border BNPL solutions, developed a platform connecting European e-shops with multiple financiers to enhance e-commerce transactions. In 2024, the company was fully acquired by Swedbank, which also purchased a 21% stake from Inbank Ventures OÜ, marking a strategic move to strengthen its BNPL capabilities. While the deal amount remains undisclosed, Paywerk’s management board members will step down as the transition concludes, and Swedbank plans to integrate its technology to expand its reach across Europe.

Bauhub

Founded in 2016, Bauhub provides cloud-based construction software for project collaboration, task management, and document storage, serving over 300 customers and 30,000 users across the industry. In 2024, the company was acquired by Admicom Group, a leading Nordic construction software provider, in a move aimed at accelerating Bauhub’s development with additional resources and expertise. All 13 team members, including the founders, will join Admicom, ensuring continuity while integrating new functionalities and expanding capabilities within the broader construction tech ecosystem.

While the European tech exit landscape has faced a slowdown, Estonia's startup scene has continued to defy the odds with strategic acquisitions across key industries. These deals not only underscore the strength of Estonia’s entrepreneurial ecosystem but also signal that well-positioned startups can thrive even in uncertain times. As the market recalibrates, these success stories serve as a reminder that resilience, innovation, and strategic partnerships remain the driving forces behind meaningful exits.