Business

Brazil's Méliuz acquires e-commerce platform Picodi.com for BRL 120 million

With this acquisition, the first after its IPO, Méliuz aims to expand its scope globally

Photo: Méliuz website/Screenshot
  • Picodi connects more than 12,000 online stores to 4 million users each month;
  • With this acquisition – the first after the IPO -, the company expands its scope globally.

Brazilian Méliuz, a technology company that offers digital solutions through an integrated marketplace and financial services platform, announced that it has closed an agreement to acquire 51.2% of the representative shares of Picodi.com. The deal moved approximately BRL 120 million. It is the Méliuz first acquisition after its IPO.

Founded in 2010, Picodi.com is an international e-commerce platform that brings together discount coupons and promotional codes. It operates in all five continents, in more than 40 countries and 19 different languages.

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“We started our relationship with Picodi entrepreneurs in December 2017. During this period, we had the opportunity to get to know the team better and make sure that we have similar cultures, and that they would have the necessary ingredients to execute our internationalization strategy,” said Israel Salmen, CEO, and founder of Méliuz, in a press statement.

Picodi connects more than 12,000 online stores to 4 million users each month, which guarantees a solid relationship with the global online market. Its site has around 68 million visits per year, 71% of which comes from organic traffic and is composed of qualified users, which contributes to a low cost of customer acquisition.

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The platform had net revenue of more than BRL 30 million, between December 2019 and November 2020. It is a profitable company, with positive cash generation and no debt, according to Méliuz.

With a great experience in internationalization, Picodi has 94 employees located in Kraków, Poland.

With this acquisition – the first after the IPO -, the company expands its scope globally, diversifying not only the geographical revenue but also increasing the range of partners and the avenues for growth.

“We are going to combine our know-how with Picodi’s international presence and scalable technology, taking advantage of the qualified base they have to develop a successful and sustainable business model, just as we do in Brazil,” adds Salmen.

According to Méliuz, its focus on Brazil remain unchanged, such as accelerating the growth of the Marketplace and Méliuz Card, besides tests and launches of other financial services. Of the current team of 178 people, only two, who are partners in the company, will now focus on Picodi’s operation.

The acquisition agreement will still be submitted for validation by the company’s shareholders. Méliuz also agreed to purchase the remaining 48.8% of Picodi’s shares with the company’s current shareholders. They will be acquired from the fulfillment of the operational objectives, agreed between the companies.

“Today, more than ever, we reinforce our feeling that the IPO was our ‘Day One’ and that we’re just getting started. The acquisition of Picodi opens a new avenue for us, complementary to the plan we have dedicated to expanding our presence in Brazil, which will allow us to grow for the next 10 to 20 years,” said Méliuz’s CEO.

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