Civinity, one of the largest building maintenance and engineering solutions groups in the Baltics, has successfully acquired a 9.99% stake in Mobilly, Latvia’s leading mobile payments company, according to Labs of Latvia. The transaction, whose value remains undisclosed, also saw Mobilly’s management team, including Valdis Bergs and Ģirts Slaviņš, acquire a controlling interest in the company. Shares were purchased from the founders, Normunds Bergs and Janis Bergs, as well as venture capital firm ZGI Capital, Citadele banka, and the charity and support fund Vītolu fonds. The change in shareholders has received approval from all relevant supervisory authorities, including the Bank of Latvia.
Civinity’s CEO, Virgė Jackaitė, highlighted the strategic importance of this acquisition, noting that it aligns with the company’s vision of developing a Smart Green City ecosystem. This ecosystem aims to integrate essential services for citizens, including building maintenance and mobility solutions. Jackaitė also emphasized the potential for collaboration between Civinity and Mobilly, which could enhance and expand the services offered to customers, thereby improving overall service quality.
Despite the change in ownership, Mobilly will continue to be led by its current management team. The focus will remain on attracting new users, expanding the range of services available through its app, and driving business development across the Baltics and beyond.
To partially finance the transaction, Mobilly announced in July that it raised EUR 5.7 million through a private placement, backed by INVL Bridge Finance, the private debt fund of the Baltic asset management group Invalda INVL.
Mobilly is a prominent player in Latvia’s technology sector, with over 400,000 unique users relying on its mobile application for various payment services, including parking, electric car charging, and public transport tickets.
Civinity, which oversees more than 10 million square meters of residential and commercial property, operates in Lithuania, Latvia, and the UK, generating EUR 87.7 million in revenue and EUR 7.12 million in EBITDA in 2023.