We advised the Swedish IT company Insuro Technologies on acquiring the Estonian software company Avalanche Laboratory. Rain Kirjanen, the sole owner of Avalanche, will continue as its CEO and a minority shareholder in Insuro Group. By joining forces, both companies can leverage each other’s strengths to grow and create additional sales opportunities.
Exciting possibilities for collaboration
What started as a potential partnership or liaison evolved into a more comprehensive plan during negotiations. Both parties recognised the strategic value of a full acquisition of the Avalanche. The transaction fulfils Avalanche’s long-standing aspiration to break into the European or North American market while providing Insuro with a reliable development partner to enhance its products and expand its banking and insurance market clientele.
Strategic partnership
Insuro Technologies is an insurance software company operating in Sweden, Switzerland, Serbia, the UK, North Macedonia, and now Estonia, Latvia, and Lithuania. Since 2015, the company’s mission has been to bridge the gap between insurance providers and customers with data-driven solutions that mitigate risk and offer a personalized, relevant, and human-centric insurance experience.
Avalanche Laboratory operates in Tallinn, Riga, and Vilnius, providing customers with end-to-end support for developing software solutions. The company has been involved in major projects in Scandinavia and the Baltics in areas such as lending automation, regulatory reporting and calculations, integrations, governance, risk and compliance, Basel II/III, Stress Testing, and AML/KYC. With approximately 50 employees, Avalanche had over EUR 11 million turnover in 2023.
Avalanche will continue to work with its consultancy projects and customers as well as on Insuro’s products, while Insuro will continue to build and push sales of its products.
Our services and client team
We assisted the client throughout the transaction, including due diligence and preparation of transaction documents.
Our regional team was led by counsel Lauri Liivat and supported by partner Toomas Prangli, counsel Pirkko-Liis Harkmaa and associate Kristi Tammiku in Estonia, senior associate Jurgita Tekorienė, counsel Jonas Kiauleikis and associate Barbora Bernatonytė in Lithuania and partner Nauris Grigals, senior associate Zandra Frišfelde and associate Kate Berlaua in Latvia.
