Estonian mobile payment solutions company Fortumo has been sold to London-based Boku for around €40 million
On June 18, 2020 Boku, a global direct carrier billing company, announced that it has conditionally acquired Fortumo, an Estonian headquartered mobile payment solutions provider.
The transaction constitutes a rare bright flash in the Estonian mergers and takeovers sky this year. Only GrabCAD and Skype have fetched more money in the history of Estonian tech companies.
One of the founders and CEO of Fortumo Martin Koppel said that the company will continue as an independent unit in the Boku group. This means that the company’s trademark, activities and management will remain the same, with only its supervisory board to see changes.
Mobi Solutions, Rain Rannu and Veljo Otsason, the founders and shareholders of Fortumo, were advised on the exit by a team led by Ellex Counsel Antti Perli.