Russian Qiwi, an electronic payments operator, is buying the Russian startup Flocktory, which produces SaaS software for customer management. Qiwi has agreed to pay 832.8 million rubles (around $14 million) in exchange for an 80 percent stake in the startup. The other 20 percent of the shares will continue to be held by the founders and key employees of Flocktory.
Flocktory has developed a SaaS platform for customer management and personalization to be used in digital marketing. The startup creates automated marketing solutions for the e-commerce, financial, media and travel industries using data collection and analysis. Founded in Russia in 2012 Flocktory operates internationally from its Moscow and Madrid offices. The startup had previously raised $220,000 in a Seed round, and landed a $1.5 million Series A funding round from Digital Ventures, a fund with Russian roots.
Qiwi, a major, NASDAQ-listed Russian electronic payment operator. Qiwi has just made this deal public in its annual report.