Qiwi, a major, NASDAQ-listed Russian electronic payment operator, is in the process of acquiring Flocktory.
Founded in Russia in 2012, this startup has developed a SaaS platform for customer lifecycle management and personalization, and operates internationally from its Moscow and Madrid offices.
Based on data collection and analysis, Flocktory’s automated marketing solutions are intended, in particular, for the e-commerce, financial, media and travel industries.
Qiwi has just made this deal public in its annual report. Under the terms of the share purchase agreement, the payment operator has agreed to pay immediately 832.8 million rubles (a little more than $14 million at the current exchange rate) in exchange for a 80% stake in the startup on a fully diluted basis. The remaining shares will remain with the founders and key employees of Flocktory.
The acquisition price corresponds to a total company valuation of $17 million, a source close to the deal confirmed in an exchange with East-West Digital News.
Flocktory initially attracted a $220,000 angel seed round shortly after its launch, in addition to some funding from its co-founders’ Simon Proekt and Ilja Eisen.
In 2013, the startup landed a $1.5 million Series A funding round from Digital Ventures, a fund with Russian roots.
“Flocktory’s founders have done an outstanding job managing growth in quite a challenging macro environment in Russia,” Victor Frumkin, Partner at Digital Ventures, told EWDN.
“I believe Qiwi now has a strong property to leverage their initiatives going forward,” he added.
