Romanian affiliate marketing company 2Performant acquires Profitshare, partners with eMAG owner
2Performant, a Romanian technology and affiliate marketing solutions company, announced on Monday, September 9, at the Bucharest Stock Exchange, that it intends to acquire the Profitshare affiliate networks in Romania and Bulgaria from Conversion Marketing. At the same time, Dante International, the owner of eMAG, will become a shareholder in 2Performant.
On September 6, 2Performant's Board of Directors concluded a preliminary agreement to acquire the Profitshare.ro and Profitshare.bg affiliate networks owned by Conversion Marketing S.R.L. and Conversion Marketing EOOD. The agreement outlines the principles of the transaction and is not legally binding, according to the company press cited by Economedia.
The operation involves the transfer of the Profitshare business lines from Conversion Marketing S.R.L. and Conversion Marketing EOOD (as sellers) to 2Performant (as the buyer). Dante International S.A. (majority shareholder of Conversion Marketing S.R.L.) will be part of the business transfer contract as a guarantor.
"Once the Profitshare transaction is completed, we will expand our current capacity and diversify our client portfolio in both Romania and Bulgaria. We still have a few important steps to complete, but I am confident that the teams involved in the transaction on both sides will manage to complete them efficiently. We will announce our post-acquisition plans after finalizing the purchase according to the final contract," said Dorin Boerescu, CEO and Co-Founder of 2Performant Network.
The transaction price is RON 4.3 million, and will be paid 55% in cash and 45% in 2Performant shares through a capital increase.
"2Performant is a young and dynamic company with values that resonate with us. We expect that, after the transaction is finalized, the Profitshare business combined with 2Performant will deliver greater value to its clients," said Tudor Manea, General Manager of Dante International SA.
2Performant also notes that several steps remain to complete and finalize the transaction, such as the successful completion of the due diligence analysis by 2Performant.
Profitshare was launched in 2012 and currently has a portfolio of 250 affiliate programs (including the eMAG group) in Romania and Bulgaria.
(Photo source: the company)
