The name Tesonet is now associated not only with IT businesses or start-up investments, but also with banking, basketball and media. The group’s Head of Investments, Eglė Eidimtaitė, told LRT.lt that the consolidated revenues of all their companies exceeded €1 billion last year.
“We are very proud of that,” she said.
Another source of pride for Tesonet’s leadership is that the group operates from Lithuania. Eglė Eidimtaitė has no doubt this will remain the case.
“The children have grown up together, we’ve celebrated all the weddings together. No one’s planning to move away,” she explained.
In the interview, she outlines Tesonet’s current structure – composed of several “boxes”, as she describes them – and comments on investments in Artea (formerly Šiaulių Bankas), Cyber City, 15min, and Žalgiris.
“Žalgiris is our team’s favourite investment. […] It’s not just an organisation, it’s the most recognisable brand in Lithuania. There’s no other that everyone knows: from child to parent to grandparent,” she said.
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– You’ve worked at Tesonet for more than five years and now lead the investments team. Could you tell us a bit about what the job entails, how you came into it, and what your daily routine looks like?
– I first joined the finance team at Nord Security five years ago, when Tesonet wasn’t yet a particularly active investor. As our major products – Nord Security, Surfshark, Oxylabs, and others – grew in identity and international visibility, this catalysed Tesonet’s transformation into a tech business accelerator and more proactive investor, while still nurturing our internal ecosystem of ventures.
I came from Nord Security to what was then called Tesonet Global. I remember we were preparing to raise capital – bringing in partners, bankers, reworking internal structures and procedures. Until then, the company had operated for ten years without outside investment. All the focus had been on growth and product development; no one had given much thought to internal governance or policies needed to attract external capital.
I had previous experience in the start-up community, having worked with Antanas Guoga, helping manage investments. At the time, the founders – Tomas Okmanas and Eimantas Sabaliauskas – were receiving a flood of emails from start-ups seeking support. As their time became more limited, I got increasingly involved in investment analysis and opportunity sourcing.
At Nord Security, I gradually moved into investment activities and, once the Tesonet Global team formed, I joined it – first as head of business development, and a year ago, following Nord Security’s capital raise, I became Head of Investments.
As for daily work, I lead the Tesonet Global team, which consists of ten people working directly with shareholders. For years, we debated what we actually are – an accelerator or a VC fund. Today, we say we’re closest to a founder’s office, an extension of the founders themselves.
Almost everyone on the team joined five or even ten years ago and has worked across different functions in the group. For example, my colleague Justina Bruzgulytė is our head of legal affairs. We’ve invested in the London Lions basketball team, and she oversees its formation, budgeting, etc. So our roles go far beyond direct investment work. Evelina Žvinytė, who historically handled procurement and all major acquisitions, now manages our Cyber City in Vilnius and is leading similar developments in Kaunas.
Every day looks different. We engage with all four boxes of Tesonet, so the work is diverse. Essentially, Tesonet Global is the first point of contact when the founders bring a new idea, challenge or problem. From there, we reach into our community of nearly 4,000 people to develop those ideas, find solutions, etc.
– What are the four boxes you mentioned?
– The first contains our own companies: Nord Security (with Surfshark), Oxylabs, the Mediatech group, and our newest product, Nexos.ai. Notably, Nexos.ai is our first entirely new company in around five years. Nord Security launches new products every year – like Saily, Nord Protect, and others – but Nexos was built from scratch after a gap.
The second box contains our strategic investments – companies where we hold significant capital (30-35%) or have made a sizeable investment. We work closely with them, aiming for returns. This includes Hostinger (sometimes considered part of the first box due to our early involvement), the Žalgiris group, sports tech start-up FPRO, and Artea bank.
The third box covers our venture capital investments – more than 15 start-ups where we hold smaller stakes, like the gaming marketplace Eneba and analytics platform Whatagraph. We supported them early on, and though they now operate independently, we remain open to helping.
The fourth is our treasury arm, still a learning ground for us, where we aim to invest in private equity and VC funds.
– The first Tesonet company (Oxylabs) was founded in 2008. What was your impression of the group before joining, and has that changed?
– It hasn’t changed. I’ve always seen Tesonet as a forward-looking tech group in Lithuania. It’s constantly growing, constantly learning. Creating Nexos.ai from scratch is just the latest example. The group is expanding, and we’re leveraging learnings from one area in another, making everything more efficient.
Of course, there are mistakes along the way – not everything we do succeeds.
By the way, another strength of this group is that even the companies we ourselves have established are incredibly diverse.
– Which company is the most important in the group?
– They’re all very different. Nord Security and Surfshark are the largest in terms of revenue. Nord Security has unicorn status, the most employees, and launches the most new products annually.
Indeed, speaking about that first Tesonet box, this year has been very successful. Yes, we grow every year, but we’re talking about 40% growth – and in some companies, even 130%. That’s an incredible acceleration.
Speaking of Oxylabs, it was founded many years ago and has gradually built its foundation, and today it stands at the very epicentre of the artificial intelligence boom. All the world’s major AI companies are now its clients. We’re seeing exponential growth there, and more broadly, we’re observing what’s happening in the market through our clients.
We also have a company called CyberCare, which focuses on customer support. It’s our best training ground – we hire the most students there, and around 20% of the people from that team go on to work in our other companies. By responding to customer inquiries, they gain a clear understanding of how everything works – how the products function – and from there, they move on to roles in marketing, legal, and other departments.
Our Mediatech group includes Cybernews, WellnessPulse, and Investors Observer. It’s the largest publisher in the Baltics, employing around 300 people. They’re moving into their fourth building in Cyber City.
Each business carries its own unique identity. That’s exciting, and it fosters a natural, healthy internal competition. Founders and managers work shoulder-to-shoulder with everyone else. First and foremost, we’re friends – and that lifts us all.
– Could you outline what proportion of Tesonet Group’s total revenues comes from the core businesses and how much stems from your investments?
– A year ago, companies in our first box accounted for 95 percent of revenue. I would now say that’s closer to 90 percent, but the vast majority of income still comes from the businesses we’ve founded ourselves.
In truth, we asked ourselves that question – not merely in financial terms, but in prioritising Tesonet Global’s focus. We realised that we no longer have sufficient time to engage with all stakeholders within our portfolio.
Confronted with the figures (95 percent), we adjusted how we allocate our time accordingly. Of course, over the long term, that should shift. We’re working on it and planning to expand our investments team.
– You now also serve as Head of Development for Nexos.ai, an AI optimisation platform. How is the company faring? Did you manage to jump on the AI train in time? Do you believe it is a technology that will change humanity’s future?
– We believe that 100 percent. We’re losing sleep over this technology. It emerged from the scale and varied contexts within our group. Sitting in board meetings repeatedly, we saw the same issue arise: procurement teams consistently requesting AI tools. Large sums were being spent; everyone was experimenting.
The idea occurred to Tomas as he climbed the stairs in this office. He sketched out the entire logic of Nexos.ai on the whiteboard, and our team began executing it. We did it with people and knowledge right here. Indeed, it was relatively straightforward to gather the optimal team already present in these buildings.
The product was born with astonishing speed, and we quickly secured funding. Unlike with our other businesses, here we opted for a venture capital route, bringing in external investors simply to try something new. The rest of the world – including Estonians – is doing this; perhaps we needed to, too. Success, I believe, owes much to the simple AI acronym – and the fact that our founders had already built other successful major companies.
Today, the company is roughly ten months old. The product is advancing at a breathtaking pace; we handle many client calls to determine needs. The entire group uses Nexos. Some 65 per cent of Nord Security employees use it — making it a top platform for testing what works and what doesn’t.
In short, we genuinely feel we hold a competitive advantage over everyone else. The market is full of competitors; something new emerges every day.
– What services does Nexos.ai offer? Who are your clients?
– It’s a platform designed for businesses to manage multiple AI tools. Instead of installing various large language models (LLMs) separately in your company, you use one Nexos through which we integrate them all (for example, ChatGPT, Gemini, Claude – ultimately, we aim to support them all).
It also provides added benefits such as security, cost‑efficiency and more. If you need a simple query, there’s no need to use the priciest LLM – you can route the request more cheaply via our platform.
Yes, it’s aimed at corporations – not individual consumers, like NordVPN users.
– Nord Security and Surfshark both offer VPN services. Don’t they compete with each other?
– Today, it’s no longer just about VPNs. Of course, that remains the core product in both companies, but the landscape is changing: we now offer comprehensive cybersecurity suites.
For instance, Nord Security includes Nord Protect (identity theft protection), NordPass (password manager), NordLocker (data storage), and even insurance. We also operate Incogni, a tool for removing personal data online, rapidly expanding in the USA. Recently, we launched Saily, an electronic SIM‑card service.
I can say that Nord Security and Surfshark have very different audiences. The former is preferred by tech enthusiasts, advanced users. When its original tech was developed, few worldwide could use it – one had to build their own network.
By contrast, Surfshark was intended for everyone – including non‑tech users. Ultimately, it’s not the same technology, just a different interface. Users perceive that, so they don’t compete directly.
In fact, the finance team is the only shared structure between the two; otherwise, they’re very distinct operations.
– What do people typically use VPNs for?
– For security. Every day, we learn of identity theft, stolen credit cards, fraudulent loans. We have never been a free VPN provider. Our audience has always been young and security‑aware — mainly travellers and remote workers.
– How is Saily doing?
– Very well. It reached its first million users in nine months. It was exciting to see that, and the entire team is highly motivated. Thanks to Nord Security’s prior experience, we managed this very quickly. From idea to launch, the product took just three months.
We’re very familiar with the user journey and sales channels. The typical Saily user resembles a VPN customer. We’re now the third most popular eSIM brand globally.
– Let’s talk about Tesonet’s investments outside the tech sector, starting with banking. The former Šiaulių Bankas, now Artea. What motivates that? And given the rise in its share price over the past year, I assume you’re satisfied with the investment?
– That was our first external and significant investment. We were actively involved. Tomas still sits on its supervisory board.
Beyond financial returns, the investment was about learning. Artea is the only publicly listed company in our portfolio. We found that dynamic very intriguing and have strong faith in the bank. Like our investment in 15min, we moved away from investing only in so-called meaningful technologies and began backing market leaders.
At the time, Šiaulių Bankas was the largest remaining Lithuanian bank. We saw potential to help modernise it technologically – and our team participated in its rebranding.
Regarding share price, yes – it’s a profitable and liquid investment. That outcome wasn’t overnight or without effort. The bank’s internal policies evolved. Three new substantial shareholders joined (including Invalda and Willgrow). I wouldn’t claim it was solely our influence.
– Real estate. We’re in Naujamiestis, Vilnius, in the recently built Cyber City. From what I’ve observed, Tesonet employees are very satisfied with both the location and the workspace. Was this an investment in employee well-being?
– Absolutely. Previously, we had 17 different offices across Vilnius. The group had grown so large that we wanted to have everything in one place. Even Nord Security, when I joined, had different departments working in separate locations. It wasn’t nearly as efficient as it is now.
So the need didn’t stem from a desire to invest in real estate, but from the desire to have a home of our own.
By the way, we did this with partners, since we had no prior experience in construction it was unfamiliar territory for us. But again, that’s our mindset. Evelina learned everything, and now in Kaunas, without experienced real estate partners, we’ve bought land ourselves and will build a similar campus.
Our employees are very happy and satisfied, and we enjoy hosting plenty of community events. We’re building a sense of togetherness, we’re open. For example, in Building B we rent out spaces for events. There’s always something happening. We also invested in the Sparta bar downstairs – no one really believed in just opening it; they thought there was no business model. But we found partners and made it happen. It’s more of a symbolic gesture – you can come downstairs after work and there’ll always be someone you know. It’s a great feeling.
– Sports. First it was Žalgiris, then London Lions. What’s the purpose of these investments? Are they more like toys? Or do you use them for the group’s marketing?
– We don’t invest in toys. I can confidently say that Žalgiris is our team’s favourite investment. Although I’m from Mažeikiai, I remember taking the bus to Žalgiris games. Tomas is from Vilnius, but still – Žalgiris is close to the heart.
Žalgiris isn’t just an organisation; it’s the most recognisable brand in Lithuania. There’s no other that everyone knows: from child to parent to grandparent. We saw a huge opportunity here and have contributed a lot.
Putting the sports aspect aside, our team has done significant work on the business side. The club’s performance has improved. We introduced basic business practices – for example, a few years ago we carried out a full rebranding.
With London Lions, it’s a bit different. We thought we could replicate what we did with Žalgiris, but we faced a completely different cultural environment. London Lions are not the same as Žalgiris in Lithuania. That’s true both in terms of the fan base and the players, as well as the financials.
We realised that a basketball club needs its own arena if it wants to be self-sustaining – like Žalgiris now. Usually, clubs are supported by sponsors and shareholders. So we took the initiative and began discussions with the Mayor of London about building an arena. That’ll be another completely new experience for us. It’s not easy, but it’s very exciting for everyone.
When it comes to beloved investments, lots of ideas have already come up – for instance, how to apply AI in basketball. When Tesonet began looking for volunteers to explore AI applications in Žalgiris, hundreds of people showed up. Everyone wants to get involved because they genuinely love the club.
– Do you take part in decisions like which players to sign? After all, that’s a business decision too – how much to invest in a high-priced international player.
– No, we don’t get involved in areas where we lack expertise. We do participate in budget discussions, but that’s just one component within the broader organisation. We definitely don’t have the competence to talk about the detailed aspects.
– Finally, media. It started with the specialized portal Cybernews (and the whole Mediatech group), and now includes the 15min Group, which encompasses not only a news portal but also radio, a magazine, and a news agency. What is the purpose of these investments? Are you seeking financial return or influence in Lithuania’s public sphere?
– No one is trying to exert influence – absolutely not. Over all these years of the group’s growth, I hope we’ve shown the public that we’re not the kind of investor who puts their feet up and tries to interfere.
I’d compare the investment in 15min most closely to the one in Žalgiris, where we leave the business core intact. No one goes in telling people what to write, which journalists to hire, or how much to pay them. It’s more about leveraging the knowledge from Mediatech, specifically the affiliate marketing business model – which no other media outlet in Lithuania has applied.
We managed to build a large business out of it. Our goal is to help them by sharing this know-how and enabling an additional revenue stream so that media in Lithuania can remain independent and free – so journalists can enjoy their work and fulfill their role. In a small country like Lithuania, given our history, if we can help support that, then that’s our mission.
– There are still many Tesonet investments left unmentioned. Do you even remember them all? And which one, in your opinion, is perhaps under-the-radar but interesting and worth highlighting?
– I could list them. Some were made before I joined, and some have already been written off. What I can say is that we’re significantly shifting our investment strategy. As we searched for our identity, we realized we’re still learning how to invest. Every year we adjust what we invest in, how much, and how deeply we want to get involved with the businesses.
If I had to pick one, I’d highlight FPRO, a company focused on football training. I remember the three founders came in, and each of them knew absolutely everything. Usually, when a team comes in, one marketing person speaks while the others sit quietly and nod. This was the opposite – they all passionately pitched every idea. That really resonated with our approach.
Moreover, the company already had a validated business model. They were selling their product globally, meaning people actually needed it. They had already encountered real-world challenges – deciding which marketing channels to invest in, calculating ROI, etc. These are things we’ve already learned. Now their team members are working in our offices, learning specific skills – some come for three months, learn, and move on. That’s our thing – we’re not just a financial investor.
We haven’t invested much in Lithuanian startups, even though our position is strong – people want Tesonet to invest in them. Now we’re increasingly getting inbound from international startups. For example, we’ve already invested in a Finnish AI startup called Lovable, as well as ventures in other European countries.
People want Tesonet to invest in them.
– What will Tesonet look like in five or ten years? Will you stay in Lithuania?
– That’s a question we get often, and the whole leadership team has always said – we’re definitely staying in Lithuania. This is our home – our children, their schools.
Interestingly, most of the management across Tesonet-founded companies have been working here for at least eight years. Their kids have grown up together; we’ve celebrated all the weddings together. No one plans to relocate. And there have already been plenty of opportunities – especially for Nord Security, during various funding rounds and more – but we’ve always stood by our decision to stay here. I believe that will continue.
Speaking of Lithuania, I can also mention the Tesonet Foundation. It’s still early days, but we’ve realized that when it comes to charitable giving, it’s more effective to donate larger amounts strategically. We’re proud to be in Lithuania – we’re true patriots.
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