According to recent reports, Swedish companies namely Instabox and Budbee are planning to merge in a $1.7 billion deal. Go through the whole article to learn more about this interesting piece of news.
About the deal
Both the companies, Instabox and Budbbee offer their services to many big firms in the market which include the popular clothing store, H&M. Their services include timely delivery and logistics. They operate in various countries like Sweden, Denmark, Netherlands among others. Together their values come out to be 1.7 billion as Instabox recently reached the valuation of 1 billion whereas Budbee is valued at 700 million. So together, their value comes out to be 1.7 billion. This company will be named Instabee after the merger takes place. Fredrik Hamilton who is the co-founder of Budbee will be given the position of CEO whereas Alexis Priftis who is the co-founder of Instabox will be becoming the Executive Chairman of the board.“I have been long-term in my plans since the start, and this move is an amazing opportunity to create something truly substantial,” Hamilton said in a statement. “I have of course followed Instabox closely during the years, and I’m impressed by their journey.”Priftis added that he saw this move as a “great fit between two companies that share a lot of common values.”
About Instabox
Instabox is a delivery service company and its job is to deliver delivery boxes 7 days a week. Therefore, all the company does is ensure that your box of happiness is delivered on time. Alexis Priftis is the co-founder of the company and is currently serving as the CEO of the company. This company came into existence in the year 2015 with the help of his work and that of Staffan Gabrielsson and Johan Lunden. This company’s services are being used by some of the biggest firms in the market that includes Ikea, Boozt, etc.
About Budbee
Budbee is also a delivery service company that aims to satisfy its customers through its exceptional services. It offers a number of services like tracking, and instant chatting so that the customers face no trouble while their order is getting delivered. This company makes shopping a convenient and hassle-free experience for the customers as they do not have to go through the trouble of standing in queues to pay and collect their order. They can easily place their order from the comfort of their homes and wait for it to arrive on time.
