3rd Apr 2020 12:04
(Alliance News) - Bango PLC on Friday said South Korea's NHN Corp will be investing GBP6.5 million into the mobile commerce firm company.
The stock was up 11% at 122.75 pence at midday in London on Friday.
Seoul-based NHN operates in the financial, data, and advertising technology markets. Bango already has a strategic partnership with NHN which began in October last year.
The new investment is going into Bango's Audiens data platform, owned by Bango subsidiary Bango Deep Ltd. Following this, Bango will hold 40% of Bango Deep and NHN the rest.
The goal, Bango said, is for Audiens to become a world-leader in developing a platform allowing businesses to execute and analyse online marketing activity.
Audiens Chief Commercial Officer Jonathan Brech has been promoted to chief executive, with founder Marko Maras moving to product strategy & innovation.
On top of the Bango Deep investment, NHN has also agreed to take 3.5 million new shares for GBP3.2 million, giving it a 4.7% stake.
Bango co-founder & Executive Chair Ray Anderson said: "This is one of the most exciting milestones in the history of Bango. NHN is a hugely successful data, marketing and payments business based in South Korea, one of the most technologically advanced countries in the world.
"NHN has a fantastic growth story and a history of first-mover innovation which, coupled with the existing data platform know-how at Audiens, will enable us to create a powerful force for technology leadership in online commerce."
By George Collard; [email protected]
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