Finnish technology company Tietoevry is expanding its North American reach with the acquisition of MentorMate, a Minneapolis-based custom software design and development company, from the Taylor Corp.
Finnish tech company buys Minneapolis-based software developer MentorMate from Taylor Corp.
MentorMate, which has grown to more than 1,000 employees in four countries, will remain headquartered in Minneapolis.
July 21, 2023 at 7:10PM
MentorMate's operations will remain based in Minneapolis.
"Nothing changes. We'll continue to remain focused our core business," said Jay Miller, president of MentorMate. "The vast majority of our clients are in the Midwest."
Miller said MentorMate had revenue of $65 million in 2022, a 40% increase from the year before. "We had an incredible year last year," he said.
MentorMate, which has more than 1,000 employees, including 60 in Minneapolis, has a large global reach. It has five offices in Bulgaria, where it is a leading technology employer with a workforce of about 900 people. It also has a consulting partnership in Sweden.
"Most of our employees are global," Miller said.
MentorMate expanded to Latin America this year with its acquisition of Paraguay-based Software Natura, another software development company.
Taylor Corp. acquired MentorMate in 2014. Miller said the business tripled in size under Taylor's ownership.
"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," Glen Taylor, chair of Taylor Corp., said in a statement. Taylor, who also owns the Star Tribune, was unavailable for further comment.
MentorMate began in 2001 by developing a PalmPilot language-learning app. The firm has consistently grown by evolving and pivoting to meet the digital needs of its clients.
The company has customers in the health care, manufacturing, education, finance and agriculture industries.
"Being part of Tietoevry Create accelerates our long-term goal to become one of the world's top digital engineering providers," Miller said. "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."
Terms of the sale, which closed Thursday, were not disclosed.
Tietoevry has more than 24,000 employees globally and annual sales of more than $3.3 billion.
"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," Tietoevry CEO Kimmo Alkio said in a statement.
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