Employees of Estonian IT services firm Nortal bought out 50 percent stake the investment funds held in the company for 15 million euros, and now the firm is fully-owned by staff.

Enterprise Investors EVF I bought into Nortal in 2010 and LHV Pension Funds in 2012.

“We have used the additional resources to expand to new geographies and we have increased our revenue by three times. The company is increasingly profitable with a strong order backlog” said Nortal co-founder and CEO Priit Alamäe, whose also the largest shareholder of the company.

The transaction was financed by a combination of own funds and leverage, the company said.

Nortal’s turnover in 2015 was 45 million euros. It operates in nearly 20 countries and employs 530 people in Europe, Middle East and Africa.