Boozt pays $1M for acquiring the Danish software developer Touchlogic.

Boozt, a Stockholm, Sweden-based fashion retailer, announced in a press release the acquisition of the Danish mobile developer, Touchlogic.

The agreement was made for all the shares for around SEK 10 million ($1M), that includes a three year earn-out, and will be financed through cash. Touchlogic offices in central Copenhagen will serve as the office for setting up Boozt Innovation Lab.

Touchlogic, founded in 2011 by CEO Andreas Juul Hirszhorn, is an app developer which employs 11 people and had about DKK 4.7M ($700k) in sales in 2018.

Boozt, led by CEO Hermann Haraldsson, is a Nordic company operating an ecommerce operation selling fashion online as it offers its customers a curated and contemporary selection of fashion brands. The Group generated net sales amounting to SEK 2.8bn ($290M) in 2018.