Online store Fruugo merges with British DTL
fruugo.comFinnish online store Fruugo Ltd. and the British Directory Technologies Limited (DTL) will merge. The online store operating in multiple countries will continue its business under the name Fruugo.
According to the agreement signed by the two companies, Fruugo will purchase DTL with its own shares and raise long-term financing through a share issue. The merger is expected to be completed in September 2010.
– We are very excited to be expanding our current co-operation with DTL which has a strong track record in creating an attractive online store for its clientele. Fruugo will now have a chance of expand quickly in the UK, where ShoppingBank has a strong customer and merchant base. With this merger, we can combine the assets and skills of the two companies, creating opportunities for much faster growth than the two companies could have achieved on their own, says CEO of Fruugo Juha Usva.
Fruugo will continue operating in its current market areas in Finland, the Netherlands, Sweden and the UK. Fruugo is intending to expand its business operations during 2011.
MT
Comments (5)