One thing I noticed working across Estonia, Latvia, and Lithuania.

Estonia's e-Business Register is, by most measures, one of the best-run public company registries in the world. Real-time filings, full balance sheets, director history — all queryable, all free. Latvia's Lursoft and Lithuania's Registrų Centras aren't far behind.

But transparency and usability are different things. A registry that publishes everything still requires someone to check it, interpret a filing, and decide whether it matters. A new director appointment might be routine. It might also signal a company preparing for an acquisition, a market exit, or a shift in strategic direction.

What we kept running into, building Arikaart, is that the raw filings are rarely the bottleneck — the bottleneck is turning a filing into a signal that means something for a specific commercial question. That's the gap between 'the data is public' and 'the data is useful.'