Up Group acquires Stebby, an Estonian employee benefit platform

The Tartu-based employee wellness benefit platform Stebby has just been acquired by the French rewards and benefits company Up Group. The transaction also marks an exit for Livonia Partners, which invested in Stebby in 2022. The deal amount is undisclosed.

  • Founded in 2012, Stebby provides a software service platform for companies to manage their employee wellness benefits and helps employees access these benefits conveniently. Stebby has 180 000 users and 48 employees across the Baltics. In 2020, Stebby entered Latvia and Lithuania.
  • In 2022, Livonia Partners, a pan-Baltic private equity investment firm, invested in Stebby. The firm is currently investing from €157 million Fund II, Livonia team works across Estonia, Latvia, and Lithuania. In addition to Stebby, other recent investments in Estonia include Bestair, Wildix, and Telema.

Stebby is a great example of Livonia supporting established management teams in buying companies. It has been a strong growth story and the employee wellness benefits market is still in its infancy in the Baltics, so we were thrilled for Up Group’s interest and vision,

Maarja Pärs, Investment Director at Livonia Partners, commented.

About Up Group

  • Up Group is an independent international group that connects individuals, businesses and regions to develop management, transaction and relationship platforms that contribute to well-being and performance. The company designs integrated solutions (vouchers, cards, mobile applications, web platform) for different aspect of people’s daily lives: meals, gifts, culture, leisure, holidays, personal services,training, education, health, social assistance business expenses.
  • Up has over 3 400 employees, generates €759 million revenues yearly and operates in over 23 countries.

Transaction details were not disclosed, but its known that the current management will continue to lead Stebby together with the new partner.