Baltic firm Livonia Partners has taken a controlling stake in the Latvian and Lithuanian operations of Baltic IT security business Santa Monica Networks. Management will retain a significant minority stake.
Santa Monica Networks provides a range of technology-related services, with a particular emphasis on security. Its Latvian and Lithuanian businesses employ 52 people and had revenues of €23.4m last year.
The investment is the third from Livonia’s first fund, which reached a first close at €70m in 2015. It follows investments in Estonian sauna components manufacturer Ha Serv and home and garden centre brand Hortes.
In a related transaction, Finnish telecommunications business Elisa will pay €28m for Santa Monica Networks’ Finnish and Estonian operations, which have 106 employees and turnover of around €44m.