in july 2010, the estonian development fund (majority shareholder in smartpost) sold its share to the finnish postal service and logistics company itella. raivo vare, head of the estonian development fund commented on the sale, saying: "risk investment is a field where there are few success stories, but smartpost is definitely one of them. sale of smartpost is even better than it looks." the estonian development fund reportedly earned €1.3 million from sale of smartpost.