The Lithuanian tech company Tesonet Global has acquired Star Dome, the operator of the Twinsbet Arena in Vilnius (capital of Lithuania), in a move aimed at testing the innovative event technology ahead of a major international project in London (UK).
‘lrt.lt’ stated that the deal was announced recently. The financial terms of the deal were not disclosed. The Star Dome is indirectly owned by Gediminas Žiemelis, the Lithuanian businessman behind the Avia Solutions Group aviation conglomerate (a global provider of aviation services).
The above deal has a two-pronged objective – the Twinsbet Arena will be used as a tech test bed – a kind of prelude to a proposed arena project in London.
Vilnius (Lithuania)-based Tesonet Global is one of the largest and fastest-growing venture builders and investors in the Baltic States (Estonia, Latvia and Lithuania). Its portfolio includes globally recognized companies such as the joint cybersecurity powerhouse and Lithuania’s second-ever unicorn, the Nord Security and Surfshark, a market-leading Web intelligence collection platform Oxylabs, the fastest-growing brand among hosting providers Hostinger, and their newest addition nexos.ai – an AI orchestration platform, and others. Having a solid track record from cybersecurity to AI their interests go beyond any single industry, field, or market.
Tesonet leverage this broad expertise and decades of experience to empower the ventures to build and scale globally.
The 13,500-capacity Twinsbet Arena, located in the Southern part of the Verkiai elderate of Vilnius, is the largest arena in Vilnius and the second-largest in Lithuania. It generally hosts basketball games as well as concerts. The arena opened on October 30th, 2004.
‘lrt.lt’ further stated that the acquisition will be finalized pending approval from Lithuania’s Competition Council, Tesonet said in a statement.
Informed Evelina Žvinytė, Head of Strategic Projects, Tesonet Global, “This acquisition is a key part of our strategy: By investing in the arena we can pilot advanced technological solutions and organizational innovations in a smaller market. If successful, these solutions will be applied later to a larger international project in London.”
The Twinsbet Arena, located in the Lithuanian capital, has a capacity to hold up to 13,500 spectators and hosts sports, music and cultural events.
The Tesonet Global had previously announced plans to build a state-of-the-art arena in London (UK) primarily designed for basketball and the entertainment events. In 2023, the Tesonet Co-Founder Tomas Okmanas acquired the London Lions, a professional basketball team based in London, as part of the company’s growing sports and entertainment portfolio.
Tesonet also holds a 45 percent stake in the Žalgiris Club (a sports club based in Kaunas, Lithuania) which manages the Kaunas Žalgiris basketball team through the Žalgiris Basketball Centre (a large multifunctional arena located in Kaunas).
A prominent player in Lithuania’s tech ecosystem, Tesonet is a startup accelerator and investor that have backed companies including the NordSecurity – the country’s second company to reach valuation of one billion US dollars – as well as the Surfshark and Oxylabs, a global leader in online data collection tools.
Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.
Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at coliseum-online.com/alliance and make use of the 365Coliseum Business.