PRESS: QiwiТs co-founder Solonin buys event service for $10 mln - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

PRESS: QiwiТs co-founder Solonin buys event service for $10 mln

MOSCOW, Feb 16 (PRIME) -- Sergei Solonin, a co-founder of Russian payment system Qiwi, has purchased a service to manage events, called Timepad, from its founders and venture fund Target Global for about U.S. $10 million, business daily Vedomosti reported on Friday, citing participants of the deal.

The fund received slightly more than a half of the amount, while TimepadТs founders were paid in accordance with their stakes as of the moment of the transaction.

Solonin bought Timepad himself and the service will not be affiliated with other units of his business.

Timepad organizes and promotes events, which have been visited by more than 15.4 million people, according to the serviceТs own data. Timepad earns from commissions on sales of tickets to events and their advertisements. The service was created in 2008 by three founders jointly contributing several tens of thousands of U.S. dollars. In 2014, Target Global invested $1 million in the startup.

In 2016, Timepad sold tickets for 1 billion rubles, and revenue from commissions and advertisements was at 122.4 million rubles.

(56.5918 rubles Ц U.S. $1)

End

16.02.2018 12:04
 
 
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