Market Tech buys stake at Glipsa for €32m

16th Mar 2015 14:29

Market Tech Holdings acquired a controlling stake in Glispa, a Berlin-based mobile marketing business, for €32m.The Camden Market owner acquired 75% of Glispa and said it will invest a further €20m to invest in Glispa.Chief executive Charles Butler said: "Glispa's market-leading technologies and team will add significant value to Camden Market and our business."Its digital capabilities will take us one step closer to becoming a full service solution provider and support the reinvigoration of Camden markets, where we are already making significant progress, enabling us to bring the markets to a global audience."Last month, Market Tech announced three property deals in the north London borough with large frontages along the Regents Canal.On 27 February the company, which floated in December, said it had agreed a £125m unsecured acquisition facility with its major shareholder to buy the Associated Press's Interchange Building on Oval Road and Camden Wharf, together with a deal to secure the entire freehold of Camden Lock Market.Shore Capital analysts said: "Within eCommerce, mCommerce is growing at a rapid rate and the Glispa acquisition is a clear indication of Market Tech's ambitions, not just for Camden Market, but in eCommerce more broadly, notably at an international level."We believe that Market Tech should be good for Glispa's growth and expansion and that Glispa will be important in enabling Market Tech's to deliver the substantial eCommerce it envisages."Shares in Market Tech were up 3.77% to 248p on Monday at 14:04.