Banqup announces the completion of the divestment of its Baltic companies to Fitek Oü

Core Insights - Banqup Group has successfully completed the divestment of its operational Baltic companies to Fitek Oü, following a Share Purchase Agreement signed in January 2026 and receiving necessary approvals from competition authorities in Estonia, Latvia, and Lithuania [1][4]. Group 1: Transaction Details - The final purchase price for the divestment is based on an enterprise value of €9.5 million on a cash and debt-free basis, subject to customary adjustments reflecting the net financial position as of December 31, 2025 [5]. - The Baltic operations include three entities, generating €0.3 million in digital revenue, €4.0 million in digital legacy revenue, and €10.0 million from print-related services, with an annual EBITDA of €1.3 million [5]. Group 2: Strategic Partnership - Concurrently with the sale, Banqup and Fitek are discussing a strategic partnership where Fitek will become the exclusive reseller of Banqup's product suite across the Baltic States, ensuring business continuity for existing clients [3]. - This partnership allows Banqup to maintain its technological presence and expand its digital services in the region without the burden of direct operational management [3]. Group 3: Strategic Transformation - The divestment is part of Banqup's strategic transformation, allowing the company to focus resources on high-growth digital SaaS services and capitalize on regulatory trends driving e-invoicing adoption in Europe [4]. - The cash proceeds from the transaction will be used to strengthen the Group's balance sheet, optimize working capital, and fund the rollout of the Banqup platform in key European markets, particularly in preparation for the September 2026 B2B e-invoicing mandate in France [5]. Group 4: Company Overview - Banqup Group provides integrated cloud-based SaaS solutions that streamline business transactions, including e-invoicing and e-payments, unifying various financial processes into a secure platform [7].