TEXTMAGIC Company Announcement TextMagic AS acquires a website-building platform Voog
TextMagic AS has signed an agreement to acquire Voog, a website and e-commerce management platform, for nearly €1.1 million.
Information
The acquisition includes 100% purchase of Edicy OÜ's shares from 16 shareholders. TextMagic AS will use the free cash flow from its business operations to finance the acquisition. The acquisition is scheduled to be executed on June 1, 2023.
Some of the shareholders are current employees, who had just received shares through the stock option program. All eight of Voog's team members will retain their existing positions. TextMagic AS offers stock options to all of them.
Henn Runnel will continue to lead Voog, drawing upon the existing experienced team at Voog, with plans to recruit additional developers, marketers and product specialists to support further growth.
About VOOG
Voog (voog.com) is a premium website building platform enabling businesses to design unique, customized online experiences. Voog originated from Fraktal, a company with a background in UX and digital design services. In 2011, the web management platform Voog separated into a company Edicy OÜ, founded by Tõnu Runnel, Märt Kelder, Priit Haamer and Toivo Annus. By prioritizing simplicity and usability, Voog has democratized web creation for a wide spectrum of users, from small businesses to large enterprises. With over five thousand paying customers, Voog customers facilitated more than 90 thousand transactions through its e-shops last year. Voog's business operations are profitable and sales revenue for 2022 totaled about 600 thousand euros, with nearly 90% of sales originating from Estonia and 10% globally.
Priit Vaikmaa, CEO of TextMagic AS comments:
"This is the first acquisition transaction as part of the TextMagic group's growth strategy to strengthen its market position in the US. The Voo platform is known for its user-friendly interface and intuitive websites and e-commerce functionality. The acquisition of Voog will give the opportunity to expand our portfolio of software products for companies in different business areas. With this transaction, we aim to create value for our customers, employees and shareholders."
For more information:
Priit Vaikmaa
TextMagic AS, CEO
investor@textmagic.biz
https://www.textmagic.com
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TextMagic AS published this content on 29 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 May 2023 06:34:05 UTC.
