Acquisitions in Latvia

Xoriant, a ChrysCapital-owned global engineering and technology services company, acquired Latvia-headquartered software quality engineering firm TestDevLab. The deal expands Xoriant’s European delivery footprint (including the Baltics and Macedonia) and strengthens its AI-driven quality engineering capabilities, adding 500+ specialized engineers and proprietary tools such as Loadero and the AI-driven Barko agent.

Printful and Printify announced a merger as equal partners, combining their production-on-demand and eCommerce enablement capabilities to broaden product selection, geographic reach, and fulfillment solutions. The transaction received full shareholder support and regulatory approval, and has been completed, with both Printful and Printify continuing to operate as separate brands under a newly forming holding company.

Renta Group Oy has agreed to acquire SIA Uprent Group, a specialized pumping rental company providing dewatering and bypass solutions across the Baltics and Poland. The deal expands Renta into the specialized pumping niche and strengthens its geographic presence in Poland while adding entry into the Baltic markets. Uprent will continue operating under its existing local business model following the acquisition.

Tech Mahindra announced the 100% acquisition of Com Tec Co IT Ltd (CTC) for €310 million (including earnouts and synergy-linked payouts) to strengthen its digital engineering and nearshore delivery capabilities in Europe for insurance and financial services clients. In conjunction with the deal, Tech Mahindra is also investing a cumulative €20 million to acquire 25% stakes in two related InsurTech ventures, SWFT and Surance, funded by the same founding group as CTC.

Rho, a full-service contract research organization (CRO), acquired Dokumeds, a privately held European CRO headquartered in Riga, Latvia. The deal expands Rho’s global reach and clinical development capabilities; financial terms were not disclosed.

AE Industrial Partners, LP (AEI) acquired UAV Factory, a Riga, Latvia-based designer and manufacturer of tactical unmanned aerial vehicles and ISR technology. UAV Factory will serve as a new standalone unmanned technology platform for AEI as it invests further in the growing UAV market; financial terms were not disclosed.

Pipedrive, a CRM software company, announced that it has acquired Mailigen, an email marketing automation platform. The acquisition is intended to expand Pipedrive’s marketing toolkit and enable tighter integration of email marketing capabilities for lead generation and customer nurturing. Deal terms were not disclosed, and Mailigen will continue operations from its Riga, Latvia hub.