Taylor Corp. Sells MentorMate to Finnish Tech Firm
Minnesota billionaire Glen Taylor has sold one of his companies to an overseas buyer. Late last week, Finland-based Tietoevry announced that it has acquired Minneapolis-based software firm MentorMate from Taylor Corp., the business magnate’s holding company.
In a news release, Tietoevry leaders said the acquisition is aimed at bolstering its North American presence. The Finnish company is folding MentorMate into its “Tietoevry Create” unit, one of its five specialized businesses. Though MentorMate is headquartered Minneapolis’ Uptown neighborhood, the company has hundreds of employees outside the U.S.
“With great talent and customers, MentorMate plays a key role in our path to building a leading global digital engineering business,” managing director of Tietoevry Create Christian Pedersen said in the release. “It enhances our North American business and creates a presence in the attractive talent markets of Bulgaria and Paraguay. It unlocks the growth opportunity for Tietoevry Create by bringing additional scale to serve our combined North American and European customer bases.”
Terms of the most recent acquisition were not disclosed. Taylor Corp. had purchased MentorMate back in 2014.
In an email to TCB, MentorMate president Jay Miller said the acquisition will help his company’s clients solve complex digital challenges and provide upward mobility for its global employees. Founded in 2001, MentorMate will remain headquartered in Minneapolis, said Miller, who joined the company in 2013 and became president earlier this year. He doesn’t expect any significant changes as a result of the acquisition, though MentorMate CEO Bjorn Stansvik is planning to leave to “explore new opportunities” after 22 years with the company.
Currently, only 55 of the company’s 1,051 employees are in Minnesota, Miller said. Most of the others work outside the U.S., including hundreds in Bulgaria.
In 2022, MentorMate’s revenue was $65 million, marking a 40% increase over the prior year. For its part, Tietoevry reported total revenue was about $3.32 billion last year.
Together, Tietoevry and MentorMate will have a total workforce of about 25,000 employees and serve customers in more than 90 countries.
“It’s always been our ambition to be one of the top digital engineering companies in the world,” Miller said. “With this agreement, we have arrived.”