Emakina acquires Turkish digital agency WittyCommerce
Regulatory and privileged information – free translation –
Brussels, Izmir – EMBARGO 18.15 CET -
Emakina Group SA (ALEMK:BBK) announces the acquisition of WittyCommerce. This Turkish digital agency based in Izmir and Istanbul is an e-commerce expert with an excellent track record in engineering solutions and IT services.
The new acquisition allows Emakina to further strengthen its position in Turkey.
Emakina Group SA announces the acquisition of 100% of the shares of WittyCommerce, through its Turkish subsidiary Emakina.TR in Izmir. The Turkish digital agency WittyCommerce already was a structural partner of Emakina, and the two companies’ skills complement each other very well.
Since 2016, the 30 experts from WittyCommerce have shared their advanced experience in strategy and online commerce implementation with their colleagues of Emakina, adding their high value-added capacity for a range of e-commerce technologies to the service offering.
The integration of WittyCommerce in the group paves the way for new opportunities to further develop the portfolio of international customers, in search of a trustworthy digital partner. The acquisition once more confirms the ambitions of Emakina Group in Turkey, and perfectly illustrates its aspiration to play a leading role as a solid partner in omnichannel commerce and digital business transformation projects.
The initial purchase price amounts to EUR 1,000,000 in cash. The final purchase price of the transaction will be based on the operating results recorded by WittyCommerce until 2022. The additional potential balance will be paid partly in the form of securities and in cash.
The annual turnover of WittyCommerce in 2017 amounts to almost 7 million Turkish lira, while its EBITDA (earnings before interest, taxes and depreciation) in the same year amounts to more than 1 million Turkish lira, on the basis of the accounting rules applied by the group.
WittyCommerce will have a positive financial impact on the revenues and consolidated EBITDA of Emakina Group for 2018.
