Sberbank, the Russian state-controlled financial and technology giant, is extending its empire to mapping services with the acquisition of a 72% stake in 2GIS.
The deal, just announced, valued the company at 14.3 billion rubles ($205 million at the current exchange rate). Its approval by the antimonopoly authorities is expected in the third quarter of this year.
Founded in Novosibirsk in 2004, 2GIS defines itself as a free business listings with a city map. It is a global major in its field and one of the largest companies on the Russian internet. It claims to serve 486 cities in 11 countries with a monthly traffic of around 50 million users.
The deal also involves O2O Holding LLC – the foodtech and mobility JV between Sberbank and Mail.ru Group – which will get 3% of the company, while the founders and top managers will retain a 25% stake.
Baring Vostok and RTP Global will sell their entire stake in 2GIS. They had invested $40 million in the company in 2015.
Sberbank and 2GIS announced plans to “jointly develop the technological platform and products of the company, creating services that will greatly simplify the daily lives of users and help entrepreneurs run their businesses.”
Leveraging the O2O assets, the platform will allow users not only to receive information about an object and its location on the map: they will also be able to “choose the best and most convenient way to reach it using public, personal, and sharing mobility services (car, bicycles, scooters sharing and etc.), request rides and pay for them.”
2GIS plans to “become a marketplace” for both large companies and local businesses that do not work or are underrepresented online. They will get access to “a huge audience and new opportunities for business development, such as selling goods online and delivering them to consumers, providing convenient communication with customers and partners, as well as managing positioning in the media.”
Meanwhile, integration with 2GIS is expected to accelerate the development of Sberbank’s various businesses, including banking applications for individuals and corporate customers.
