Civinity expands in Latvia: acquires a stake in Mobilly, the leader in mobile payments in Latvia

Civinity expands in Latvia: acquires a stake in Mobilly, the leader in mobile payments in Latvia

Civinity expands in Latvia: acquires a stake in Mobilly, the leader in mobile payments in Latvia

Civinity, one of the largest building maintenance and engineering solutions groups in the Baltics, has completed a transaction in which it and its management bought out the shares of Mobilly, a leader in mobile payments in Latvia, from its existing shareholders. In this transaction, Civinity acquired a 9.99% stake in the company. The total value of the transaction is not disclosed.

In addition to Civinity, the new shareholders of Mobilly are its managers Valdis Bergs and Ģirts Slaviņš, who will hold a controlling stake.

The company’s shares were bought back from founders Normunds Bergs and Janis Bergs, as well as from venture capital firm ZGI Capital, Citadele banka and charity and support fund Vītolu fonds.

All Mobilly’s supervisory authorities, including the Bank of Latvia, have approved the change of shareholders.

According to Virgė Jackaitė, CEO of Civinity, the acquisition of Mobilly shares is a strategic step in the implementation of the company’s vision:

“With this investment, we are taking a serious step towards creating a Smart Green City ecosystem that combines the essential services that citizens need to live, work and receive services in buildings, as well as mobility when travelling between buildings. In addition, we see many opportunities for cooperation between Civinity and Mobilly, which will help us to both expand the range of services available to our customers and improve the quality of the services we provide,” says V. Jackaitė.

Following the change of shareholders, Mobilly will be led by the same management team, which will continue to focus on attracting new users and expanding the services offered through the app, as well as focusing on business development in the Baltics and beyond.

Baltic Partners advised the company on the transaction and Vilgerts advised the company on legal matters.

The company announced in July that it had partly financed the transaction with a private placement of EUR 5.7 million nominal value, which was bought back by INVL Bridge Finance, the private debt fund of the Baltic asset management group Invalda INVL.

Mobilly is a Latvian technology company developing a mobile application for payments for parking, electric car charging, public transport tickets, mobile communications and other services. The company is considered to be the market leader in mobile payments in Latvia and has more than 400,000 unique mobile app users.

Civinity is one of the largest building maintenance and engineering solutions groups in the Baltics. The company brings together more than 30 companies that maintain 10 million sqm of residential and commercial buildings and have installed hundreds of engineering systems in different European cities. In 2023, the Civinity team had over 1,500 employees in Lithuania, Latvia and the UK, with revenues of EUR 87.7 million and EBITDA of EUR 7.12 million.