Yandex, the NASDAQ-listed Russian Internet giant, is acquiring K50. According to businesss daily Kommersant, this is a full acquisition and an exit for the company’s shareholders, which include the venture fund AddVenture Capital and the management.
As a result of the deal, K50 will be able to scale up its business while Yandex advertisers will use digital channels even more efficiently, a Yandex representative said in an exchange with Kommersant.
The amount of the deal was not disclosed, five year after the company was valued at $5 million as AddVenture invested in it.
In 2019 advertising accounted for two thirds of Yandex’s revenues, generating some 34 billion rubles ($533 million at the average exchange rate of that year).
In the second quarter of 2020, however, these revenues decreased by 15% year-on-year, according to company results cited by ICT Moscow.
