Mail.ru Group, the LSE-listed Russian Internet giant, has just announced the completion of the sale MAPS.ME to Daegu Limited, a part of Parity.com Group. All company shares have been transferred for 1.56 billion (some $20 million at today’s exchange rate).
Mail.Ru presents the move as part of its “strategy to focus on development of core assets where international travel is perceived as non-core.”
Maps.me is a mobile mapping and navigation service based on OpenStreetMap data. The company was acquired by Mail.Ru in 2014 for 542 million rubles (around $14 million at that time).
Having surpassed 140 million installs, Maps.me currently claims 10 million monthly active users. In 2019, its revenue amounted to 159 million rubles ($2.5 million) with an EBITDA loss of 25 million rubles ($3.9 million).
Headquartered in Switzerland, Parity.com Group operates a global money transfer system for corporate clients. It was founded in 2018 by Viktor Mangazeyev and Alex Grebnev.
Sources: Mail.ru Group, Vedomosti
