A record sales transaction on the Polish fintech market. MCI.EuroVentures (MCI Group, MCI, The Fund) and Saltus TUW have signed a contract for the sale of one of the Polish leaders in the e-payment market – Dotpay/eCard (Dotcard) were sold for PLN 315m to a strategic investor - Nets, the digital leader in the Nordic markets.
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MCI.TechVentures Fund (Fund, MCI.TV) sold its shares in iZettle as part of one of the largest European acquisitions of technology companies in the last decade. The shares were purchased by US-based PayPal.
- The acquisition of iZettle by PayPal for USD 2.2 billion makes iZettle one of the European unicorns.
- The Fund sold its shares in iZettle for about USD 44 million to achieve 3.5x CoC return with Gross IRR above 70%.
- MCI.TV has been one of the investors in the company since 2015, together with such global VC/PE funds as Index Ventures, Intel Capital, 83 North, Northzone or Creandum.
- The management team of MCI.TV plans to use the earned money to continue their strategy of supporting regional and global leaders of digital economy.
• Including additional payoffs, which will be executed in the future, the realised Internal Rate of Return (IRR) will be 22%,
• The Fund became company’s investor in mid-2015. It sold all its assets to strategic investor –Investindustrial,
• After the transaction, MCI.EuroVentures Fund has additional liquidity, which may be dedicated for its current operational activity, as well as new investments, also in healthtech sector.
• The Company recorded a return on investment of PLN 72.6 million, and a net profit of PLN 67.6 million – both of these quarterly results account for over half of annual results in 2017,
• The Company paid PLN 64.3 million out of the MCI funds. The NAV per share reached PLN 21.89 after it grew by over 6% compared to the end of 2017,
• The Company keeps its debt at a low level and it is preparing to diversify its sources of financing.
Michał Staszkiewicz joins MCI Group. He will take the position of Vice-President of Private Equity Managers S.A. and join the MCI Capital TFI team. Previously, he worked for Franklin Templeton.