Mail.ru Group will sell 100% of the MAPS.ME map service for 1.6 billion rubles. (equivalent to $20.5 million)
The buyer is Daegu Limited, a member of the Parity.com group (a global instant money transfer system that provides services to corporate clients in insurance, tourism, e-commerce, finance, etc.). The headquarters of the Parity.com Group is located in Switzerland.
The sale of MAPS.ME is a part of Mail.ru Group’s strategy to focus on the development of core assets, where the service is perceived as non-core.
Mail.ru Group acquired MAPS.ME in 2014 for $6.9 million. The service has surpassed the mark of 140 million installs and 10 million monthly active users. In 2019 MAPS.ME revenue amounted to $2 million.
Eugene Lisovsky, CEO of MAPS.ME