After securing financing from more than 30 Latvian investors, Merito Management Target Fund II managed by investment company Merito Partners has acquired a controlling interest in fast-growing international e-commerce company Adaptive Media.
Adaptive Media was founded in Latvia in 2014 and operates in export markets throughout the world, including the United Arab Emirates, Italy, France, the Netherlands, Brazil and Mexico. It creates digital content marketing projects and assists consumers world-wide in purchasing products online.
Tech giants like Google, Microsoft and Amazon are Adaptive Media‘s most important strategic partners. Adaptive Media had a turnover of more than EUR 4 million, with EUR 1 million profit last year.
Nauris Skride, Adaptive Media’s CEO: “We are certain that Merito Partners‘ professional experience in international markets will allow us not only to grow in existing markets, but also develop elsewhere in the world. An important part of our strategy is to strengthen collaboration with our global e-commerce partners and help them thrive in challenging markets like Asia and South America.”
Merito Partners, in collaboration with the founders of Adaptive Media, will be investing in the further development of the company, including technology and the strengthening of the professional team.
“Adaptive Media is local success story– in ten years, expanding from local projects and an office in the attic of the founder’s home, into a global business. Latvian investors’ capital and confidence in the company’s management team, will allow the Adaptive Media to expand more rapidly. This investment is an important addition to Merito Partners portfolio, alongside Box Storage, the largest self storage network in the Baltics, which is actively continuing to fundraise, as well as portfolio of solar parks Latvia and a number of other companies,” says Mikus Janvars, Co-founder and Managing Partner of Merito Partners.
The sell-side leading financial advisers were Superia, legal adviser – VILGERTS.