Mergewave

What Mergewave does

Mergewave Capital is a privately held, founder-led M&A and capital advisory boutique founded in 2017 and domiciled in Estonia (Tallinn), with operational roots in the Ukrainian and broader CEE technology ecosystem. The firm advises founders, boards, and investors on cross-border technology transactions, offering seven core service lines: sell-side M&A advisory, buy-side acquisition strategy, capital raising and investment structuring, private capital advisory (including secondaries and GP-led restructurings), strategic growth advisory, business brokerage, and MilTech & Defense advisory. Sector coverage spans IT, FinTech, SaaS, AI, Healthcare, and MilTech/defense. The team is led by co-founders Pavlo Karapinka and Taras Bachynskyi, alongside Investment Director Kateryna Mykhaylova and a dedicated Partner for Defence, operating with a senior-advisor-only engagement model and no junior handoffs.

The firm does not operate a proprietary technology platform, software product, or API. Its 'products' are advisory engagements, with the underlying 'technology' being the firm's deal process, network, and senior-advisor know-how. Value creation is driven by dual-side M&A experience (the firm has acted for both acquirers and targets), seller-side positioning, valuation optimization, cross-border buyer access, and specialized handling of regulated transactions — particularly in defense and dual-use technology. The firm publishes extensive market analytics and sector insights as thought leadership, and markets directly through Calendly-scheduled confidential consultations and LinkedIn.

The business model is pure professional services: quote-based, project-by-project advisory fees established in individual Service Agreements or Engagement Letters, denominated in EUR by default, with multi-year engagements. The firm claims 70+ completed M&A and capital advisory engagements and 400+ sell-side companies guided across 15+ countries, with disclosed transaction value in client portfolios exceeding $2B. Notable publicly disclosed mandates include advisory on Euvic Group's acquisition of Artkai, Diya, and Exoft, on the Asseco/ASEE Group merger with Askep.net, and on Globaldev Group's acquisition of IDAP Group. The firm is privately funded by its founders with no disclosed institutional investors, parent company, or public listing.

Name

Mergewave

Legal name

MergeWave Capital

Website

https://mergewave.capital

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Mergewave Capital is a privately held Estonian-domiciled M&A and capital advisory boutique founded in 2017, advising founders, boards, and investors on cross-border technology transactions across IT, FinTech, SaaS, AI, Healthcare, and MilTech/Defense sectors via senior-advisor-led, project-based engagements.

Ownership category

akta.pro rank

Product category

M&A Advisory Services

NAICS

Portfolio Management and Investment Advice (523940), Miscellaneous Intermediation (523910)

SIC

Services-Management Consulting Services (8742), Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG), Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE)

Keywords

• M&A advisory services
• Capital raising advisory
• Defense technology advisory
• Cross-border transactions
• Boutique investment banking

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Advisory Services Fees: Fees for consulting and investment services are not fixed and are determined on a contractual basis. Final pricing is established individually for each project and formally documented in a separate Service Agreement or Engagement Letter.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Mergewave Capital provides boutique M&A advisory and capital strategy services to technology and MilTech companies and their investors. Core engagements include sell-side advisory, buy-side advisory, capital raising, and strategic growth advisory, executed via a research-driven, founder-aligned process, with complementary proprietary platforms such as Helix (deal-sourcing technology), the Deal Stream, and the Founders Index.

Product overview

Mergewave Capital is an M&A advisory firm offering a portfolio of specialized advisory services rather than a unified software product. The core offering consists of sell-side and buy-side M&A advisory services, supplemented by capital raising, private capital advisory, strategic growth, and business brokerage services. Sector-specific practices cover IT, FinTech, SaaS, AI, Healthcare, and MilTech/Defense industries. All services are advisory-based consulting engagements managed by senior advisors from valuation to close, with no standalone software product, API, or technology platform offered.

Differentiator

Problem solved

Functional benefit

Products and services

• Sell-side M&A Advisory

Quantifiable outcome

• Guided 400+ sell-side companies across 15+ countries
• +3 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Lincoln International: Global mid-market M&A advisory firm with strong technology and cross-border practices. Comparable as a direct competitor for mid-market tech sell-side and buy-side mandates, particularly cross-border deals where local bulge-bracket presence is limited.
• Clipperton: European tech M&A advisory boutique specializing in SaaS, FinTech, AI, and digital services transactions. Directly comparable in boutique scale, sector specialization, and cross-border European deal execution.
• Progress Partners: Boutique M&A and capital advisory focused on technology, media, and digital services companies. Comparable in founder-led boutique model and sector-specific advisory approach.
• Drake Star Partners: Technology, media, and telecoms-focused M&A advisory with strong presence in Europe and cross-border execution. Comparable as a direct competitor for SaaS, FinTech, and digital services mandates in the European mid-market.
• Hampleton Partners: Tech-focused M&A advisory boutique covering SaaS, AI, FinTech, and digital commerce across Europe and North America. Directly comparable in sector focus (technology verticals), boutique scale, and cross-border execution model.
• GP Bullhound: Technology-focused advisory and investment firm advising on M&A, IPOs, and growth capital across SaaS, FinTech, AI, and digital services. Closely comparable in sector specialization, founder-led boutique model, and cross-border European tech mandate focus.
• Woodside Capital Partners: Technology-focused M&A advisory firm covering SaaS, AI, cybersecurity, and digital health across the U.S. and Europe. Comparable in sector specialization and mid-market tech mandate focus.
• Acuity Advisors: Technology-focused M&A advisory firm serving SaaS, FinTech, and digital services companies across Europe. Comparable in boutique scale, sector specialization, and founder/board-level engagement model.

Broad incumbents

• Houlihan Lokey: Global investment bank with large technology M&A practice. Comparable in providing M&A advisory services to technology companies but operates at much larger scale and broader sector coverage; competes for larger mandates Mergewave cannot staff.
• Deloitte M&A Advisory: Big Four advisory with significant technology M&A and corporate finance practice across Europe. Comparable as a broader incumbent offering M&A advisory to technology companies, though with much wider sector coverage and institutional scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/mergewave-capital
• Xx.com/mergewave

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mergewave