Courier Company Speedy Buys an IT Company for BGN 3.9 Million

After Speedy courier company received permission to merge with its competitive company Rapida Express and Logistics in the beginning of 2019, the company announced a new deal. From the official announcement of "Speedy" to the Bulgarian Stock Exchange (BSE) it is clear that the company has acquired 100% of the software company "OMG Mobile". It states that the value of the deal, which was finally closed on January 2, is EUR 2 million or just over BGN 3.9 million. OMG Mobile Ltd. develops software for "Speedy" from 2012, and in the period 2015 - 2017 were put into operation entirely new applications, serving the main activity of Speedy in Bulgaria, Romania and Greece, "said in the announcement.

"Up to now, the applications were licensed and the intellectual property is owned by Speedy and the apps will not be available to third parties until the transaction is structured with a payment for 5 years and 75% that the key developers remain working for the company in this period, "the company added.

"OMG Mobile" is engaged in the development of technology products and mobile applications. The company is more popular with its TaxiStars taxi service, which is available in Sofia, Varna, Burgas, Plovdiv, Ruse and in several other cities in the country. TaxiStars' official website makes it clear that over 4 million orders per year go through the app, with services in over 20 cities. Last October, the Commission for the Protection of Competition (CPC) approved the previous transaction of Speedy for the merger with Rapid Express and Logistics. The deal was announced in May, when it became clear that the transaction value was between 6 and 12 million euros. The combined companies are in second place after Econt on the share of revenues from the shipments market in...