GetSwift Boosts Balance Sheet with Sale of 60% Stake in Logo d.o.o.
GetSwift Technologies Limited, a leading provider of last mile SaaS logistics technology and services, has agreed to sell its 60% ownership stake in Logo d.o.o. (‘Logo’), an Information and communications technology firm, a move that will remove significant risk to the firm, improve short-term cash flow and allow GetSwift to focus on its core business.
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“We have enjoyed our relationship with Logo but we are looking forward to directing 100% of our attention to the improvement and growth of our SaaS division”
The consideration consists of the forgiveness of debt obligations in the form of outstanding payments to Logo of EUR 3.75 million in share capital contributions and performance earn outs currently owed to Logo by GetSwift. Additionally, GetSwift will receive a cash payment of EUR 300,000.
GetSwift will also retain a call option to buy a 49% stake in Logo for EUR 3.75 million. That option expires on December 31, 2022.
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“We have enjoyed our relationship with Logo but we are looking forward to directing 100% of our attention to the improvement and growth of our SaaS division,” said Joel Macdonald, Interim CEO and Co-Founder of GetSwift.
GetSwift originally purchased the stake in Logo in 2020. The two companies offer complementary services, currently serving some common clients and partners that include multinational firms operating across diverse industries.
Logo was founded in 1990, and has built a track record of leading technical services to a range of enterprise and government clients. Logo’s specialties include network and communication systems, data centers, telecommunications infrastructure, Infosec and infrastructure safety systems, along with building automation systems.
