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  5. Otello Acquires AB Fjord Bank

M&A Deal Summary

Otello Acquires AB Fjord Bank

On July 9, 2020, Otello acquired financial services company AB Fjord Bank

Acquisition Highlights
  • This is Otello’s 1st transaction in the Financial Services sector.
  • This is Otello’s 1st transaction in Lithuania.

M&A Deal Summary
Date 2020-07-09
Target AB Fjord Bank
Sector Financial Services
Buyer(s) Otello
Deal Type Add-on Acquisition

Target

AB Fjord Bank

Vilnius, Lithuania
Fjord Bank is a full-digital consumer finance bank that was founded in March 2017 by Norwegian and Swedish investors Svein Øvrebø, Joakim Mandorsson, and Stig R. Myrseth. The bank has more than 40 shareholders, mostly private investors from Norway. In December 2019, it was granted a specialized bank license by the European Central Bank, following the assessment and proposal of the Bank of Lithuania. AB Fjord Bank’s head office is in Vilnius, Lithuania.

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Buyer(S) 1

Buyer

Otello

Olso, Norway
Category Company
Founded 1995
Sector Software
Employees3
Revenue 259M USD (2020)
DESCRIPTION

Otello is a browser company develops mobile advertising and apps & games, creating a broad platform of business opportunities, including fully-owned subsidiaries and ownership of leading technology for mobile data compression. Otello was founded in 1995 and is based in Olso, Norway.

DEAL STATS #
Overall 8 of 9
Sector: Financial Services M&A 1 of 1
Type: Add-on Acquisition M&A Deals 7 of 7
Country: Lithuania M&A 1 of 1
Year: 2020 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-06 SurfEasy

Toronto, Ontario, Canada

SurfEasy, Inc. is a software company offers an "easy to use" VPN solution. SurfEasy is based in Toronto, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-20 YoYo Games

Richmond, United Kingdom

YoYo Games Ltd. is a cross-platform games development technology. YoYo Games is a manufacture of GameMaker Studio game development software. YoYo Games was founded in 2007 and is based in Richmond, United Kingdom.

Buy $10M
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