ADON legal advises on acquisition of electronic money institution IBS Lithuania
ADON legal is pleased to announce the successful completion of the acquisition of the electronic money institution UAB IBS Lithuania. The acquisition was carried out by Czech-based companies Alphaduct a.s. and Open Sky Finance, a.s. ADON legal provided legal assistance throughout the process, facilitating the negotiation of the transaction and obtaining necessary regulatory approvals, including that from the Bank of Lithuania.
UAB IBS Lithuania, licensed as an electronic money institution since 2017, had its operational scope expanded in 2019. Post-acquisition, UAB IBS Lithuania is set to continue providing its high-quality financial services to EU-based businesses.
The Czech companies “Open Sky Finance”, a.s. and Alphaduct, a.s. acquired 100% shares of “IBS Lithuania”. The new shareholders own the crowdfunding platform and since 1996 operate the credit union in the Czech Republic, specializing in domestic and international money transfer and currency conversion services. Following this transaction, “IBS Lithuania” will continue to focus on providing financial services to EU companies, while the know-how of the new shareholders will help to expand its markets and jointly develop new financial solutions for new and existing clients. There will be no changes in the business model and the management of “IBS Lithuania” following the closing of the transaction. Artūras Tamulynas will continue as CEO, while other department heads and employees will continue the cooperation in their positions. The new shareholders will fully ensure the business continuity of “IBS Lithuania’s” business and the company’s strategy will follow sustainable organic growth in markets and customers.