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Cobalt, Ellex Raidla, and Sorainen Advise on Sale of Fortumo to Boku

Cobalt, Ellex Raidla, and Sorainen Advise on Sale of Fortumo to Boku

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Cobalt advised Fortumo and Ellex Raidla advised the company's founders and sahreholders Mobi Solutions, Rain Rannu and Veljo Otsason on the sale of Fortumo to global mobile payments platform Boku. Sorainen advised Boku on the deal, which was valued at approximately USD 45 million.

According to Cobalt, "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 mobile payment company with the headquarters in San Francisco. Since 2017, the company has been listed on the London Stock Exchange. The company’s client base includes Apple, Microsoft, Google, Facebook, Sony, Netflix, and Spotify."

Ellex Raidla described the transaction as "constituting a rare bright flash in the Estonian mergers and takeovers sky this year," and reports that "one of the founders and CEO of Fortumo Martin Koppel said that the company will continue as an independent unit in the Boku group. This means that the company’s trademark, activities and management will remain the same, with only its supervisory board to see changes." 

Cobalt's team consisted of Partner Peeter Kutman, Specialist Counsels Ott Aava and Jesse Kivisaari, Senior Associate Tonu Kolts, Associate Liina Saaremets, and Assistant Lawyer Kerli Paasoja.

Ellex Raidla's team was led by Counsel Antti Perli.

Sorainen's team was led by Partner Toomas Prangli and Senior Associate Piret Lappert, and included Senior Associates Kaido Kunnapas, Kasper Endrikson, and Monika Tomberg, Associates Nele Suurmets and Kirsi Johanna Koistinen, and Legal Assistant Liisa Maria Kuuskmaa.

Estonian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.


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