Tax advisors of PwC Estonia helped Boku, a listed company that acquired Fortumo, in performing buyer’s due diligence
Boku, a company listed on London Stock Exchange, acquired full ownership in Fortumo, a company providing mobile payment solutions. The deal is worth §45 million. Fortumo, together with its existing management and team, will continue as an independent entity in Boku Group.
Hannes Lentsius and Maris Tamp, tax advisors of PwC Estonia, led by PwC’s UK branch, advised Boku in performing the buyer’s due diligence.
Fortumo platform allows digital services companies to collect online payments and run marketing campaigns together with mobile operators. In 2019, Fortumo processed client payments worth €164 million, making a profit of €2.2 million. Fortumo has offices in Tallinn, Tartu, Delhi, Jakarta, Madrid, Singapur and Hanoi. Fortumo was established in 2007 as a daughter company of Mobi Solutions. Fortumo was cofounded by Rain Rannu, Veljo Otsason and Martin Koppel. The company has been making a profit since 2009. In 2013, the company involved Intel Capital and Greycroft Partners, two venture capital funds, as their strategic investors and new shareholders.
Boku is a global leader in mobile payments. Their clients include, inter alia, Apple, Microsoft, Google, Facebook, Sony, Netflix and Spotify. The company’s headquarters are in San Francisco. In 2019, Boku processed client payments worth over €5 billion and made a profit of €9.5 million.
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