Staria was acquired by Vaaka Partners

Staria, a Helsinki, Finland-based software developer of products for accounting, HR and payroll services and Robotic Process Automation, announced getting into an investment agreement with Finnish private equity compay Vaaka Partners for adding it as shareholder in the company.

Through the transaction, the fund managed by Vaaka Partners will become the majority shareholder of Staria. The founder and CEO, Juha Tommila and Chairman of Board, Mikko Saari will continue in their current roles and as significant shareholders.

In connection with the investment, Staria’s Board of Directors will also be renewed. Mikko Saari, who has had a big role in the growth and success of Staria, will continue as the Chairman of the Board. In addition, the Board will include Markus Huttunen, the founder and former CEO of the digital consulting agency Magenta Advisory and Mika Sutinen, who built the international success of Musti Group as the CEO.

Staria, founded in 2003 and led by CEO Juha Tommila, develops and sells cloud-based SAAS for accounting services, with products including NetSuite ERP, Accounting services, HR and Payroll and UiPath RPA. Staria’s turnover in 2019 was €18.3 million and estimated revenue for 2020 is €24 million, with clients including Wolt, Supercell, RELEX and NoHo Partners, rely on Staria’s services.