Latest US market deal announced by Tietoevry;
Tietoevry has acquired MentorMate, a digital engineering company headquartered in Minneapolis, US, from its current owner Taylor Corporation. MentorMate plays a key role in driving customers’ digital agenda with its strategy, design, and engineering capabilities. MentorMate employs more than 1000 employees in Bulgaria, Paraguay, and the US, providing advanced digital engineering services, human-centered design, data, and AI capabilities to its customers in North America and Europe. MentorMate is one of the leading technology employers in Bulgaria with ~900 employees. In 2022 MentorMate revenues were USD 65 million, growing at ~40% and profitability accretive to Tietoevry Create.
The acquisition accelerates Tietoevry’s strategy with a focus on software and digital engineering services. MentorMate will be part of the Tietoevry Create business, supporting its ambition to be a leading digital engineering player globally. The combination significantly strengthens Tietoevry Create’s current North American customer base and global digital talent further increasing the addressable market.
MentorMate brings a strong North American customer base, with a track record of proven high-quality deliveries and industry expertise to large enterprises in the US market. The combination of Tietoevry Create and MentorMate brings the ability to capture generative AI opportunities in the market. The acquisition also supports Tietoevry Create’s 2025 financial ambition, as communicated on 2022 Capital Markets Day.
“I warmly welcome MentorMate to the Tietoevry Create family. With great talent and customers, MentorMate plays a key role in our path to building a leading global digital engineering business. It enhances our North American business and creates a presence in the attractive talent markets of Bulgaria and Paraguay. It unlocks growth opportunities for Tietoevry Create, by bringing additional scale to serve our combined North American and European customer bases,” said Christian Pedersen, Managing Director of Tietoevry Create.
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