Vaaka Partners accelerated Lyyti’s growth in a challenging market
When private equity firm Vaaka Partners invested in event software company Lyyti in the summer of 2019, the ambition was clear: to turn the Finnish SaaS company into a European market leader.
Only a few months later, the world shut down.
The COVID-19 pandemic brought the event industry to an almost complete halt overnight. Physical events were canceled globally, and no one knew how long the disruption would last.
Even so, Lyyti chose to continue investing in growth.
Today, Lyyti’s platform is used annually by around 40 million event participants in more than 140 countries. Reaching this point, however, was far from straightforward.
Even before the private equity investor came on board, Lyyti had established a strong position in the Finnish market. The company developed a SaaS-based platform for event management and event marketing, enabling businesses to manage events, invitations, participant communications, and event data in one centralized system.
For many years, the company was built entirely without external funding, relying instead on the founders’ own investments and operating cash flow.
“Lyyti had built its business firmly around customer needs. This was particularly evident in its highly satisfied customer base,” says Panu Vuorela, Partner at Vaaka Partners.
By 2019, Lyyti had grown into a clear market leader in Finland. The company generated approximately €4.5 million in revenue and employed around 45 people.
As the business expanded, the demand for leadership increased rapidly as well.
The founders began to feel that the next stage of growth and international expansion would require additional experience, expertise, and resources. At the same time, Vaaka Partners recognized a significant market opportunity.
The European market for event management software was highly fragmented: many local players operated across different countries, but no clear European market leader had emerged.
“We believed there was an opportunity to build a Nordic — or even European — market leader,” Vuorela explains.
Buyout investors typically become involved when established growth companies are preparing for their next phase of expansion and are looking for an active owner to support growth, internationalization, and business development.
In Lyyti’s case, active ownership became visible from the very beginning of the partnership.
Vaaka Partners actively participated in building the organization, recruiting talent, and shaping the company’s international expansion strategy. The company hired experienced senior-level professionals, and the board was strengthened with individuals who had expertise in international growth and scaling software businesses.
“We were able to bring perspective on the kind of expertise required for the next phase of growth and the experience needed in different roles,” Vuorela says.
In addition, the company carried out systematic market research across Europe for the first time in order to strategically target the right markets for international expansion.
However, the growth plans soon took a completely unexpected turn.
When the pandemic brought the event industry to a standstill, many companies in the sector froze investments or scaled down their operations. Lyyti made the opposite decision.
“Even though the market practically stopped for a while, we decided to continue investing in product development instead of pulling the plug. We believed the event market would eventually recover,” Vuorela says.
Despite the challenging market conditions, international expansion continued. Operations in Sweden were strengthened with a local team, and a new business organization was established in France. At the same time, product development continued throughout the pandemic.
According to Vuorela, the value of an active owner becomes especially evident during times of crisis.
“Money alone does not solve difficult situations. You need experience in operating under uncertainty and the courage to make long-term decisions even when the market looks weak.”
Despite the pandemic, Lyyti achieved significant growth during Vaaka Partners’ ownership period. Revenue doubled to approximately €9 million, and by the end of the investment period around one-third of the company’s business came from outside Finland. Headcount increased from around 45 employees to just over 50.
In 2025, Vaaka Partners exited its investment in Lyyti. Although the pandemic significantly altered the journey, the company ultimately progressed in many ways according to the original vision.
According to Vuorela, the core of private equity investing lies in the ability to build companies over the long term amid changing circumstances.
“Things rarely unfold exactly as envisioned at the time of investment. What matters most is being able to continue developing the company over the long term, even amid uncertainty.”
This growth story is part of the buyout and growth success stories published by Finnish Venture Capital Association, highlighting the impact of active ownership on company growth and development. The story was written based on an interview with Panu Vuorela.
***
Additional information:
Panu Vuorela
Vaaka Partners, Partner
panu.vuorela@vaakapartners.fi
+358 40 5100952
About Buyout and Growth Investors
Finnish buyout and growth investors invest in established growth companies with revenues ranging from a few million euros to several hundred million euros. These companies already have a proven business model and market position, but the next stages of growth require additional capital and further development.
Private equity investors support growth through active ownership, for example by helping companies expand internationally, execute mergers and acquisitions, and develop their operational capabilities.