The story
In 1928, the Nordell & Koskinen radio factory was founded in the Finnish town of Salo. The factory later changed its name to Salora and specialised in shortwave radios, televisions and radio-phones. In 1979, when Salora and Nokia founded a joint company named Mobira, the manufacturing of mobile phones started in Salo. After some time working with in conjunction with Nokia, Jorma Nieminen (who was at the time heading Nokia's mobile phone section) and two colleagues parted ways with Nokia, and decided to start their own company, called Benefon, in 1988.
In 2004, facing financial difficulties, Benefon entered bankruptcy protection and launched a re-organisation program. Benefon's efforts to create a niche market in GPS telematics had met with some success (especially in commercial security markets) but had not been enough for the company to remain viable. Benefon entered a financial partnership with Octagon Holdings LLC and other investors, involving tens of millions of euros of new investment. On June 21, 2005, Benefon CEO Tomi Raita announced that Benefon was out of bankruptcy protection, and that its re-organisation had successfully concluded. In 2006, Benefon launched a new line of mobile phones with inbuilt GPS navigation under the "Twig" brand, including the "Twig Discovery", the "Twig Discovery Pro" and the "Twig Locator".
Sale and management buyout
In 2007, GeoSolutions acquired Benefon, later changing its name to GeoSentric, OYJ. In December 2011, GeoSentric divested the Twig mobile handset business inherited from Benefon. Twig's management team reportedly acquired ownership for the price of one Euro. Twig Com Ltd acquired the Twig business from GeoSentric. A purchase agreement was signed on 10 January 2011. Twig Com Ltd. "assumed all the liabilities and obligations of the former Benefon's handset business with regards to the transferring business, including its employees and assets".
From Wikipedia’s article on Twig Com, shared under CC BY-SA 4.0.4