Asesoft Distribution, one of the leading providers of computer-based services in Romania agreed to buy 51% stake in eMag, Romania’s biggest online retailer, the two companies announced. This is the second largest acquisition Asesoft made in a resounding move in the technology industry, after buying the distribution division of Flamingo International, a month earlier.
“eMag’s plan after the takeover is to be a thriving business. We haven’t yet materialized it in numbers, but we see the company as a solid brand. To eMag, Asesoft is a strategic investor and to us it’s a business opportunity, maybe the best opportunity in Romanian online retail marketplace”, Iulian Stanciu (photo), Managing Director of Asesoft told Wall-Street.
He added that the market is headed toward the peak of retail crisis, which can be translated into sluggish sales. “There is only one direction the market is headed in: upwards”, Stanciu continued.
The need to attract an investor to recapitalize eMag appeared last year, but after repeated negotiations with various financial investors, shareholders have unanimously reached the decision to resort to a strategic investment solution, reads the press release remitted by eMag.
“Over the past year we have been searching for a strategic investor, but it was impossible for the company to stay afloat on its own revenues, like it did 7 years ago. eMag’s strategy and business will remain unchanged, and our main strategy is to stay diversified”, Apostolescu told Wall-Street.
He explained that the agreement with the two companies was strictly financial. Each player will independently follow their own business lines and stay focused on the markets: Asesoft on distribution and eMag on online retailing.
The logistic synergies between eMag and Asesoft which will strengthen now will pave the way to the construction of eMag’s online retailing platform accessible to any distributer and retailer, following the pattern of Amazon.com. eMag’s vision will stay intact and onward focused on client’s needs enabling access to a broader pool of products, services and information, representatives of the two companies said.
“We will not favor eMag as one of Asesoft’s client. We will continue to shore up all Asesoft’s partners. eMag contributes with roughly 10% to Asesoft’s sales. eMag sells over 15,000 products from around 500 manufacturers while Asesoft sells nearly 2,000 products from 50 producers”, said Razvan Ziemba, Asesoft’s CEO.
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