Sorainen and Kirkland & Ellis have advised Vista Equity Partners an unspecified investment in Estonia's Pipedrive, a cloud-based provider of customer relationship management services. Latham & Watkins reportedly advised Pipedrive on the deal.
Sorainen reported that “as a result of this deal, the Estonian-born startup is now valued at USD 1.5 billion and reaches unicorn status, being the fifth company in Estonia to do so.” In addition, the firm reported that “the deal at hand was Estonia’s second-biggest exit yet after Skype, which was acquired by eBay in 2005 for USD 2.6 billion.”
According to Sorainen, “Pipedrive’s existing investors Bessemer Venture Partners, Insight Partners, Atomico, DTCP, and Rembrandt Venture Partners will continue as minority investors in the company and will partner with Vista and the Pipedrive team to accelerate the company’s growth trajectory.” The firm also reported that Vista’s investment will help Pipedrive expand abroad, increase its customer base, and optimize its product portfolio.
Sorainen’s team consisted of, in Estonia, Partner Piret Jesse, Counsel Pirkko-Liis Harkmaa, Senior Associates Kaido Kunnapas, Tanel Molok, Robin Teever, Piibe Lehtsaar, and Maria Pihlak; and in Latvia, Managing Partner Eva Berlaus, Partner Janis Taukacs, Counsel Andis Burkevics, Senior Associate Aija Lasmane, and Legal Assistants Erika Buzinska and Kate Berlaua.
