Lyyti sells the company to Vaaka Partners.
Lyyti, a Turku, Finland-based developer of web-based event management software, announced that it entered into an investment agreement for selling the shareholding majority ownership to the Finnish private equity company Vaaka Partners.
Financial details of the deal remained undisclosed. Lyyti's founders, Petri Hollmén and Rami Peltonen, will continue in their operative roles and as very significant shareholders.
In connection with the investment, the company's Board of Directors will be joined by Hannu Vaajoensuu, one of the Basware PLC founders, Olli Sirkiä, one of the founders of LeadDesk PLC, and Markus Huttunen, former CEO of Magenta Advisory.
Lyyti, founded in 2007 and led by CEO Petri Hollmén, developed an event management software product used for event management, event marketing and measuring the success of an event. According to the company, its software solution was used in over 65,000 events and processed personal data of more than 15 million people.
During 2018 Lyyti Oy’s revenues were about €4M ($4.6M). The company has 50 employees based in offices in Turku, Helsinki, Stockholm, Paris and Amsterdam.