Taylor Corp. Buys Mobile App Developer MentorMate
Mankato-based Taylor Corporation is adding to its diverse business portfolio with the addition of MentorMate, a local app developer.
Taylor Corporation has more than 80 subsidiaries and provides a variety of interactive, printing, and marketing services. The company is led by Minnesota billionaire Glen Taylor, who recently made headlines when he acquired the Star Tribune.
When announcing the latest acquisition, MentorMate said that the deal is part of Taylor’s long-term plan to “accelerate its mobile technology strategy.” Financial terms of the deal were not disclosed.
MentorMate was founded in 2001 and today employs more than 200 people at five offices in the United States and Europe. It specializes in custom mobile and Web software, user experience (UX) design, backend integration, data analytics, and consulting services focused on mobile technology. In recent years, the company has been recognized for its fast-paced growth.
This isn't Taylor Corporation's first foray into mobile, or into local tech companies, for that matter. Just last summer it acquired Red Stamp, a Minneapolis-based company that makes apps for sending digital cards and other customized communications. Taylor Corporation also recently invested in Sport Ngin, a Minneapolis-based sports software firm.
Following the latest acquisition, MentorMate’s management will stay in place, and CEO BjÃ¶rn Stansvik will remain at the helm. In a blog post, Stansvik said his company has had about 70 prospective investors and potential suitors approach him during the past couple of years, but he's declined them all. Taylor was unique, however, in part because the company will “keep our great team in place” and the two firms “share the same core values.”
Taylor Corporation said MentorMate “will bring transformational technology to our companies,” adding that “their proven success in delivering simple, beautiful and meaningful mobile and Web solutions to small and large businesses will play a key role in helping our customers communicate their messages while maintaining and enhancing their brand.” Taylor counts 275 Fortune 500 companies, as well as thousands of smaller companies, among its clients.