COBALT advised Fortumo on selling its business to Boku

COBALT advised Estonian Fortumo on selling its business to London Stock-Exchange-listed leading global mobile payments platform Boku. The value of the deal is approximately USD 45 million.

Fortumo, founded in 2007 in Tartu, Estonia, provides mobile payment solutions to digital merchants including Google, Amazon, Spotify, Epic Games and Tencent.

Boku, founded in 2003 in the UK, is a leading mobile payment company with the headquarter in San Francisco. Since 2017, the company is listed in the London Stock Exchange. The company’s client base includes Apple, Microsoft, Google, Facebook, Sony, Netflix, and Spotify.

Our work comprised advising the client in all aspects related to the transaction. The client was advised by Specialist Counsels Ott Aava and Jesse Kivisaari, Partner Peeter Kutman, Senior Associate Tõnu Kolts, Associate Liina Saaremetsand Assistant Lawyer Kerli Paasoja.