Greek entrepreneur sells start-up company to Alibaba for 90 million euro

Greek entrepreneur sells start-up company to Alibaba for 90 million euro 2

Greek entrepreneur Kostas Tzoumas, the founder of German-based start-up Artisans GmbH, sold his company to Chinese multinational conglomerate Alibaba earlier this month for approximately 90 million euro.

The start-up was founded in 2014 by the Greek graduate of Athens’ Metsovio Polytechnic University and is the first German-based start-up to be bought out entirely by a Chinese company.

Speaking to Reuters, Tzoumas said Alibaba planned to invest in his company to develop “Apache Flink”, its open-source software which is able to process large volumes of data and also planned to expand into new business areas.

Before founding data Artisans, Kostas was a postdoctoral researcher at TU Berlin, with Microsoft Research, and Aalborg University.