Frontu, a Lithuanian startup which is developing a field service management (FSM) platform, has been sold by its founders to Everfield. That is a European technology holding company that was established by the private equity firm Aquiline Capital Partners from the United States. The sum of the deal was not disclosed, the Verslo Zinios business news site reported on Wednesday.
Arunas Eitutis, CEO of the Kaunas-based startup, says that the European market for FSM products has seen a flurry of acquisition of small platforms, so if Frontu had not been sold off, it would have faced still competition. Eitutis added that the founders had been looking to sell their startup for the past two-and-a-half years.
The sale of Frontu marks the exit of the eighth founders from Lithuania’s startup ecosystem, Verslo Zinos reports.
Source: BNS
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