EU – Baltic States, Good for Business, Innovations, Internet, Investments, Lithuania, Markets and Companies
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 16:13
Trustpilot to establish development team in Vilnius
In
the next two years, the company, which operates one of the world’s largest
online review communities, plans to build a team of approximately 40 software
system engineers in the Lithuanian capital. Initially, this team will be
responsible for the infrastructure of big data and authentication systems that
the Trustpilot platform is based on.
According
to Trustpilot’s Senior VP of Engineering, Ole Dallerup, the opportunity to both
support and tap into the talent on offer in Lithuania’s vibrant IT ecosystem
played a key role in the company’s decision. “We chose Lithuania for a
multitude of reasons,” explains Mr. Dallerup. “First, we know that there is a
pool of highly qualified software engineers here, and the universities are
prepared to constantly improve their training. Secondly, it is particularly
important for us that we can be an important player in the country’s
information technology ecosystem, not just benefitting from its advantages, but
also sharing our valuable experiences with others. Thirdly, the assistance of
Invest Lithuania contributed significantly to our decision.”
Trustpilot
develops and operates an online review platform that collects and analyses
customer reviews on a multitude of products and services. The platform uses big
data analytics and artificial intelligence to turn a huge flow of customer
feedback into helpful insights. These insights are used by companies - to help them
improve their offerings to customers - and by customers – to help them shop
smarter online.
Currently,
the Trustpilot platform contains almost 29 mln testimonials related to
around 165,000 different companies. This makes it the largest e-commerce rating
platform in the world.
For
Lithuania’s Economy Minister, Mindaugas Sinkevičius, the way Trustpilot
operates can provide useful lessons for Lithuania in terms of developing a
sustainable innovation ecosystem. “While half of the staff in the company’s Copenhagen
office are Danish, the other half are specialists from a range of other
countries,” the Minister points out. “This international talent is one of the
distinctive features of a sustainable innovation ecosystem. That is why
Lithuania should further liberalise its migration procedures, seeking to
attract a greater number of progressive companies that create exceptional
products for the global market. Decisions made by both the Ministry of Economy
and the Government in relation to migration will help ensure that our tech and
innovation ecosystem will be heading in the right direction,” Mr Sinkevičius
states.
“The
decision of Trustpilot, which is considered to be one of the most viable
companies in Denmark, to establish a product development division in Lithuania
is not a coincidence,” states Gediminas Koryzna, Director of the Business
Development Department at the foreign investment promotion agency, Invest
Lithuania. “Unity, another world-renowned Danish startup, has had a team in
Lithuania developing its platform for a number of years. Adform, which develops
innovative advertising technologies, is also operating here successfully. So, a
cluster of progressive and innovative Danish companies is being built in
Vilnius, and we see bright prospects for it to grow further,” says Mr Koryzna.
At
present, Trustpilot employs more than 500 people in its 6 international
offices, located in Copenhagen, New York, Denver, London, Melbourne, and
Berlin.
Founded
in 2007, Trustpilot has already attracted €124 mln in investment from risk
capital funds and private investors, and continues on the ambitious growth
journey to become a global market leader with a trusted and recognized brand.