MentorMate, a Minneapolis company that says it has had explosive growth through mobile technology, has been acquired by Mankato-based Taylor Corp. Terms of the cash deal were not disclosed.
Bjorn Stansvik, 40, who founded the firm in 2001, said the company has grown from $1 million to $12 million in revenue over the last several years thanks to a combination of good software and the rapid growth since 2009 of mobile-device communications.
"For a long time we weren't growing that fast, but we retooled the company around software development and … serving key clients and by 2009, mobile became the big thing and it gave us a certain credibility," Stansvik said in an interview Wednesday. "We had [key customers] who took a chance on us. "We executed and stayed humble. Taylor Corp is transforming its business from print to web and mobile, and they felt we could accelerate the movement. They have 275 of the Fortune 500 companies as clients and thousands of small-to-medium-sized clients.
"We're excited to be a change agent for them."
Stansvik said he and his management team will remain with Taylor Corp. and work across the company.
Stansvik said he owned the company with about 30 key employees who were given stock over the years.
Taylor Corp. said in a statement: "As an award-winning mobile and web strategy, design and development firm, MentorMate will bring transformational technology to our companies. Their proven success in delivering simple, beautiful and meaningful mobile and web solutions to small and large businesses will play a key role in helping our customers communicate."
MentorMate has more than 200 employees in five offices in the U.S. and Europe.
Neal St. Anthony