German relocation platform Movinga has acquired a significant share of its main competitor Move24, which filed for bankruptcy last month.
Deutsche-Startups.de reported on the anticipated acquisition yesterday (in German).
The Rocket Internet-backed startup will assume trademark rights, internet domains and a few of Move24’s remaining 200 employees. “We look forward to new growth opportunities arising from the acquisition of Move24 assets,” founder Finn Hänsel (LinkedIn profile) said. He declined to disclose the purchase price, but said the portal will expand to Sweden next. It currently operates in Germany and France.
Movinga told Gruenderszene.de (in German) that it and Move24 each had revenue of €20 million ($24.6 million U.S.) in FY2017.
Move24, which launched in 2015 (just before Movinga), started bankruptcy proceedings in February after apparently overspending in its efforts to compete with its rival.