Tartu-based startup Voog has been acquired by software company TextMagic AS in a deal worth approximately €1.1 million. The acquisition includes the purchase of all shares from 16 shareholders, some of whom are Voog’s own employees. Despite the change in ownership, Voog’s eight-member team will retain their positions within the company.
Voog, a website and e-commerce management platform, has gained recognition for its user-friendly interface and focus on simplicity and usability. It has enabled businesses of all sizes to create unique and customized online experiences. With over 5,000 paying customers, Voog facilitated more than 90,000 e-commerce transactions last year. The company’s profitable operations generated sales revenue of around €600,000 in 2022, with a majority of sales coming from Estonia.
Originated from Fraktal, a company with a background in UX and digital design services and separated into a company Edicy OÜ, founded by Tõnu Runnel, Märt Kelder, Priit Haamer and Toivo Annus, Voog plans to continue its growth trajectory by recruiting additional developers, marketers, and product specialists. The acquisition by TextMagic AS aligns with the company’s strategy to strengthen its market position, particularly in the United States. By expanding its software product portfolio, TextMagic AS aims to provide value to its customers, employees, and shareholders through this transaction.
Priit Vaikmaa, CEO of TextMagic AS comments, “This is the first acquisition transaction as part of the TextMagic group’s growth strategy to strengthen its market position in the US. The Voo platform is known for its user-friendly interface and intuitive websites and e-commerce functionality. The acquisition of Voog will give the opportunity to expand our portfolio of software products for companies in different business areas. With this transaction, we aim to create value for our customers, employees and shareholders.”