US-based venture capital firm Bain Capital Ventures has bought out the stake in Estonia-based Java software developer ZeroTurnaround held by Estonia-based software development company Webmedia Group, as well as holdings held by minority shareholders. Terms were undisclosed.
Founded in 2007 as a spin-off from a Webmedia development team, ZeroTurnaround became an independent company in 2009. The Estonian financial newspaper Äripäev reported the size of the stake obtained by Bain as 47.5%.
The move comes as ZeroTurnaround continues to grow, with chief executive David Booth citing 300% growth during last year. ZeroTurnaround (ZT) will use the capital to expand its operations in other countries including the US.
Taavi Kotka, Estonian business line manager at Webmedia, said: "It is an intoxicating and exciting feeling to witness the birth of a new invention and see its progress towards conquering the world. At the same time, we do realize that ZT needs different partners to reach the next level."