Market Tech Holdings (AIM: MKT), controlled by Teddy Sagi, through which he owns London's popular Camden Market, is expanding its electronic operations by acquiring a controlling stake in German company glispa for €32 million. Market Tech will invest an additional €20 million in digital marketing and mobile advertising company glispa to accelerate its growth. Glispa, which was founded six years ago, will also become part of the electronic trading operations of Camden market.
glispa will play a key role within Market Tech's digital strategy by becoming a full service solution provider for its own brands along with both current and future retailers. Market Tech recognizes glispa's growing global strength in mCommerce, which analyst firm Digi-Capital expects to will be the dominant business model creating over $516 billion in sales and driving more than 70% of all mobile internet revenue by 2017.
Headquartered in Berlin with offices in Beijing, Bangalore, San Francisco and Sao Paulo glispa employs a multinational team of 150 representing 39 nationalities speaking 24 languages that help 55 advertisers reach more than 2 billion people, mainly on mobile phones. Sources inform "Globes" that the company is considering opening offices in Israel.
After completion of the deal, glispa will open offices in Camden Market, which will also serve as an incubator for app developers.
When the deal is completed glispa founder and CEO Gary Lin will retain a 25% stake in the company with Sagi holding 75%. Lin will hold an option to sell his stake to Camden Market for €15 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2015
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