Finnish Labyrintti snapped up by Norwegian Link
Labyrintti Group has entered into an agreement with Norway-based Link Mobility Group on the acquisition of the Finnish mobile messaging service provider’s business.
Link will acquire all the shares of Labyrintti, which will be obtained from the founders of the company Juha Miettinen and Teemu Lång.
The two companies agreed to set the enterprise value of Labyrintti at 11 million euros.
“Together with Link we will get a great opportunity to expand into new markets,” the duo underlines. “Furthermore, by combining the technologies, services and R&D capacities of Link and Labyrintti we will become the innovative force of this business.”
At present, the Finnish company holds more than a 40 per cent market share in the mobile messaging market in Finland.
“We really look forward for Labyrintti to join the Link Group of companies, and I am 100 per cent sure that Labyrintti will continue to develop the Finnish market strongly and contribute to the continued successful development of the Link Group,” summarises Arild E. Hustad, CEO of Link Mobility Group.
Labyrintti, established in 2001, has an office in Tampere, Finland and a fully owned R&D company in Sofia, Bulgaria. In 2015, the company reported a revenue of 5.5 million euros.