The courier services provider Speedy acquired the software developer OMG Mobile, according to a letter sent to the Bulgarian Stock Exchange, where the shares of Speedy are being traded. The deal was finalized on 2 January 2019 and the payment will be deferred within 5 years with 75% of the price paid on the condition that the key personnel will remain in the company during this period.
OMG has been developing а software for Speedy since 2012. In the 2015-2017 period, OMG has released brand new applications serving the main activity of the courier company in Bulgaria, Romania, and Greece. Prior to the acquisition, the applications were used under licensed regimen and after the transaction the intellectual property will be acquired by Speedy and will no longer be available to third parties. With the deal, Speedy aims to achieve operational independence at a software level.
By acquiring OMG Mobile, Speedy makes another investment in the process of development and growth of the company and its activities. The deal comes just months after the Commission for Protection of Competition gave official permission to Speedy to acquire the courier company with strong positions in online marketing – Rapido Express Logistics.
Speedy ranks second after Econt Express in the courier services sector with its €54 M revenue and €4.2 M profit in 2017.