Brief history

MINDWARE as a company was established in 2003 on the basis of a private capital initiative for development and maintenance of tailor made systems. Our first project - Estonian Genome Project worked out successfully and later on we focused for many years on project based software development for the public and financial sector.

Our mission was to help companies to ensure their competitiveness by applying IT solutions to the management of business processes. We always wanted to co-operate with companies that value quality, reliability, competence and long-term collaboration.

Because of Mindware's strong background within project management, analyzing of business processes as well as the designing of IT systems, a good basis for cooperation with Business IT Partner was established. The cooperation enabled a solid and cost efficient solution for project implementation, IT and business consultancy as well as application maintenance on a long-term basis.

Mindware and Business IT Partner were merged in 2009 and a common focus on the financial sector was taken.

The history of Business IT Partner goes back to the year 2000 when a company called SEB IT Partner was founded. SEB’s expansion in the Baltic countries created a new range of activities covering their need for additional IT developers in Sweden.

Since SEB IT Partner’s customer base was heavily dependent on SEB’s internal market they lost almost all their customers/ orders when the Swedish recession started at the end of 2001. The company turned around successfully with the help of cooperation with Mindware in the Estonian market outside of the SEB Group and created a solid customer base in Estonia. When SEB realized in 2006 that focusing on an external IT market is not a bank’s business it initiated the idea to create a spin-off company targeting customers outside the SEB Group. In 2006, the company Business IT Partner was founded which inherited the customer base and a team with the experience in building financial systems.

Based on almost 10 years of experience building up different financial systems a new focus on product development was taken in 2009. Mindware moved from a service-oriented company to a product development company. We started building of our own core financial system MIND-xQ that could be the basis of different financial systems for small and medium sized banks as well as financial startups, credit or leasing organizations, short term consumer credit companies etc.

European Regional Development Fund has subsidized the Core Financial System – MIND-xQ project in 2010.

The framework of MIND-xQ is based on the following projects today:

  • Danske Bank Estonian Filial Leasing System
  • Baltic Shared Services (Credit Cooperatives in Estonia)
  • Eurex Capital

Our current aim is to expand internationally and build up to 45 financial systems based on the MIND-xQ framework by 2016.

Mindware’s strength lies in our long-time experience and the very good professional qualifications of our key experts, excellent knowledge of contemporary technologies and the financial domain, ongoing training of our experts and a young, enthusiastic and goal-oriented team.