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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 shareholders 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.